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Energy|Mining|Nuclear|Power|PROJECT
Energy|Mining|Nuclear|Power|PROJECT
energy|mining|nuclear|power|project

Chinese group seeks to derail Paladin’s Fission takeover

Paladin believes Fission’s Patterson Lake South project, in Canada, is a natural fit for the company.

Paladin believes Fission’s Patterson Lake South project, in Canada, is a natural fit for the company.

16th September 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australian miner Paladin Energy’s C$1.14-billion takeover of Fission Uranium hit a potential roadblock with a Chinese investor challenging the deal.

CGN Mining, a subsidiary of General Nuclear Power Corp, and holder of an 11.26% stake in Fission, is opposing the deal, Paladin said on Monday.

The matter is before the Supreme Court of British Columbia, which is set to issue a final ruling on the acquisition. The court proceedings began on September 13 and are scheduled to resume on September 26.

Completion remains subject to a final order approving the arrangement from the court and Investment Canada Act clearance.

Last week, Fission’s shareholders voted in favour of the arrangement at a special meeting.

The takeover is designed to help the Perth-based company become a global uranium leader, with assets stretching across three continents.

Paladin believes Fission’s Patterson Lake South project, in Canada, is a natural fit for the company, delivering medium-term development potential to augment production from the recently restarted Langer Heinrich mine, in Namibia.

Edited by Creamer Media Reporter

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