https://www.engineeringnews.co.za
Energy|Mining|Nuclear|Power|Projects
Energy|Mining|Nuclear|Power|Projects
energy|mining|nuclear|power|projects

Paladin’s uranium deal signals M&A push for rich Canadian deposits

25th June 2024

By: Bloomberg

  

Font size: - +

Paladin Energy’s C$1.14-billion offer to buy Canadian mining firm Fission Uranium is all about geography.

The all-stock deal will give Australia’s Paladin operational control of one of the most advanced mining projects in western Canada’s Athabasca Basin, a remote area in Saskatchewan that’s loaded with high-grade uranium. Fission’s asset is expected to open in 2029 and produce an annual average of 9.1-million pounds of the metal over a decade.

“The rationale is very compelling,” Paladin CEO Ian Purdy said in a Monday interview. “We see this as a fantastic asset.”

Fission is one of several junior mining firms racing to develop projects in the Athabasca region, along with NexGen Energy and Denison Mines. The region has become a hub of mining activity as supply concerns escalate and while countries warm to nuclear power as part of a global push to move away from fossil fuels.

Fission CEO Ross McElroy said that while the region holds high concentrations of uranium, few companies have the expertise to find and develop such projects.

“Having worked the majority of my geology career in the Athabasca Basin, I can tell you that it takes a great deal of expertise to properly explore and make discoveries like this one,” he said in an interview.

Paladin’s CEO said he expects more uranium dealmaking on the horizon. The price of the radioactive metal has more than tripled during the past five years, accelerating after Russia’s invasion of Ukraine sparked a newfound need for alternative sources of the reactor fuel.

“Regardless of where the uranium cycle is or how the industry’s doing, the combination of these two companies just makes fundamental sense,” Purdy said.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
JusChek® - Disposable saliva test
Alco-Safe

JusChek® - Disposable saliva test

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine image
Magazine round up | 12 July 2024
12th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.313 0.369s - 190pq - 2rq
Subscribe Now