The Supreme Court of British Columbia has approved the sale of a Kelowna mining company, but now the federal government has stepped in and delayed it further.
Fission Uranium Corp. last week obtained a final order from the Supreme Court that approved the sale of Fission to Australian mining giant Paladin. One of Fission’s investors, a Chinese company called CGN Mining Company Limited, recently took Fission to court to block the sale, but that attempt failed.
However, earlier this month Fission received a notice from the Minister of Innovation, Science and Industry ordering a national security review of the sale. Fission said in a press release it is working with the ministry on the security review, but it also noted there is a chance it will not obtain Investment Canada Act clearance.
Fission fully owns the Patterson Lake South uranium property—a proposed high-grade uranium mine and mill in Saskatchewan. Paladin, meanwhile, is a uranium producer with a 75% ownership of the Langer Heinrich Mine in Namibia.
