CGN Mining

Paladin Energy’s proposed $1.14 billion acquisition of Fission Uranium faces further delays as Canada’s national security review under the Investment Canada Act continues. Originally expected to close in September, the deal has been extended until at least December 30, 2024. The review, focused on the Patterson Lake South (PLS) uranium project, highlights concerns over foreign control of critical resources. Despite a court ruling in Paladin’s favor, government clearance remains uncertain, posing a significant hurdle. If approved, the deal would position Paladin as a major uranium supplier with assets in Canada, Namibia, and Australia, meeting the growing demand for clean energy. [more]

Paladin Energy (ASX: PDN) is facing hurdles in its attempt to acquire Fission Uranium (TSX: FCU) for C$1.14 billion. While the deal would create a global uranium leader, Chinese state-backed CGN Mining Company, which owns an 11.26% stake in Fission, has opposed the acquisition in court. The Supreme Court of British Columbia will make a final ruling on September 26. If successful, Paladin would gain access to Fission‘s Patterson Lake South project, significantly expanding its uranium footprint across Canada, Namibia, and Australia. The court’s decision will shape the future of this strategic acquisition. [more]