militoyou.blogg.se - Fission uranium mines

They can own 100 per cent of an exploration company like Fission.įission’s PLS project is one of the best new uranium finds in Saskatchewan’s Athabasca Basin in decades. Foreign companies are not allowed to own more than 49 per cent of a uranium mine in Canada, unless they cannot find a Canadian partner or they get federal government approval. This investment would not violate the foreign investment restrictions on Canada’s uranium sector. No other country has more than nine reactors under construction. China currently has 21 nuclear reactors under construction and 43 more that are planned, according to the World Nuclear Association.

Denison, Fission see merger as unique opportunity in ‘depressed’ uranium marketĬhina is keen to source future uranium supplies, because the country is in the midst of a massive nuclear power build-out to support its economy.

Fission Uranium Corp, Denison Mines Corp terminate merger agreement.

Fission Uranium retail shareholder going ahead with proxy fight.

The Chinese tend to be very deliberate negotiators, and new anti-corruption laws also slowed the process down. Fission’s adviser, GMP Securities, warned the company that it would take a long time to get a deal done, according to Randhawa. The talks between Fission and CGN have gone on for a few years, but they began to heat up in the summer of 2014. Randhawa does not want to sell his company while the uranium market is so depressed, and this investment means he will not have to return to the market for cash over the next two or three years. Kelowna, B.C.-based Fission has said for months that it wants to get an investment from a Chinese partner. “You can’t pick a better partner on the world stage when it comes to utilities than CGN,” Randhawa said in an interview. The company raised US$3.2 billion in an initial public offering last year, and is involved in many clean energy ventures.

CGN announced the deal publicly on Monday, and it put the money in trust with Fission’s lawyers, he added.ĬGN is controlled by China General Nuclear Power Corp., one of China’s two giant nuclear power firms. Article contentĬompanies often sign letters of intent that never turn into firm deals, but Fission chief executive Dev Randhawa said it is “highly likely” this transaction will close next month. The project would take three years to construct, with an initial capital cost of C$1.18 billion ($910m).This advertisement has not loaded yet, but your article continues below. uranium oxide).Ī 2019 pre-feasibility study on the PLS project highlighted a seven-year operation that would mine 2.3 million tonnes of ore at a grade of 1.61% uranium oxide for about 81.4 million lb. of uranium oxide) and 1.2 million tonnes of inferred resources averaging 1.22% uranium oxide (32.8 million lb. The PLS property, located in Saskatchewan’s renowned Athabasca Basin uranium district, is host to the region’s largest high-grade deposit (Triple R), with 2.2 million tonnes of indicated resources grading 2.1% uranium oxide (102.4 million lb. Early in 2023, the company plans to expand its engagement program to seek input from key stakeholder groups including local municipalities, subject matter experts, land users, and regulatory agencies. The goal is to ensure that all rights holders remain up to date regarding the PLS project’s current status and future plans. The company has met with and continues to engage regularly with representatives of rights holders and communities in the Patterson Lake area. Its purpose is to establish a framework for ongoing engagement and to facilitate YNLR participation as the PLS project advances,” Fission CEO Ross McElroy said in a statement.Īccording to Fission, this agreement reflects its commitment to building strong relationships with rights holders, including first nations and Métis communities, throughout the life of the PLS project.

“This agreement is built upon the mutually respectful and constructive relationship that Fission and the YNLR have developed. The capacity funding provided by Fission to YNLR as part of this agreement will facilitate the sharing of information between the parties with respect to the environmental assessment and other aspects of early planning and design for the PLS project. During this stage of engagement, Fission and YNLR will work to identify potential areas of interest or concern related to Indigenous rights and culture, traditional land and resource use, and community interests, and options to address those matters. This agreement outlines a process for Fission and YNLR to engage meaningfully in respect of the PLS project, and it strengthens the positive and constructive working relationship the parties have developed.