In June, Australia’s Paladin Energy (ASX; PDN; US-OTC: PALAF) launched a $1.1-billion all-share bid for Fission Uranium (TSX: FCU; US-OTC: FCUUF) and its “world-class” Patterson Lake South project in Saskatchewan.
Paladin plans to fund a significant portion of the $1.2-billion capital cost to build the permitting-stage PLS from cash flows from its 75%-owned Langer Heinrich mine in Namibia, which just restarted production in March.
“We’ve got the largest customers in the world supporting us at the Langer Heinrich mine,” Paladin CEO Ian Purdy said in mid-July during a visit to Toronto. “So we have the firepower and the optionality to comfortably fund this project when it’s ready.”
The friendly transaction will require approval under the Investment Canada Act. However, Purdy says that he doesn’t anticipate any concerns, even after the federal government’s recent moves to tighten rules around foreign acquisitions of critical minerals projects.
Purdy spoke to The Northern Miner’s editor-in-chief Alisha Hiyate about the deal in July.
Watch the full interview below:
Be the first to comment on "Video: Paladin eyes ‘world-class’ Fission asset amid growing uranium demand"