The Supreme Court of British Columbia on Thursday concluded its hearing for the final order to approve the acquisition of Fission Uranium by Paladin Energy and is expected to deliver its decision in the coming weeks.
CGN Mining, a subsidiary of China General Nuclear Power, opposed the C$1.14-billion takeover. CGN holds an 11.26% stake in Fission.
Completion remains subject to a final order approving the arrangement from the court and Investment Canada Act clearance.
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. 