Feds extend security review of Kelowna mining company sale

Mine sale review extended

Photo: Contributed

The Patterson Lake South uranium property in Saskatchewan.

The federal government needs a little more time to make a decision about the potential sale of a Kelowna-based mining company.

Fission Uranium Corp. agreed to a deal with Australian mining giant Paladin, but Canada’s Minister of Innovation, Science and Industry ordered a national security review of the sale. Fission said in October it was working with the ministry on the security review, but it also noted there was a chance it would not obtain Investment Canada Act clearance.

Two weeks ago, Fission received notice that the period for the security review was being extended to Dec. 30.

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.