Ottawa’s make-or-break national security review has left investors unsure whether the Australia-based company’s proposed acquisition of Fission Uranium Corp. will succeed
Innovation, Science and Industry Minister Francois-Philippe Champagne rises during question period in the House of Commons on Parliament Hill in Ottawa on Oct. 31.will succeed, as Ottawa conducts a make-or-break national security review on the transaction, with Chinese influence under scrutiny on both sides of the deal.
In 2022, Mr. Champagne toughened his oversight over acquisitions of Canadian critical minerals companies by firms with ties to Chinese state-owned enterprises, saying such deals would only be approved under exceptional circumstances. The move was motivated by China’s ability to carve out a dominant global position in battery minerals such as lithium, cobalt and graphite.
Ottawa is also scrutinizing Chinese influence on the other side of the deal. Fission’s biggest shareholder is CGN Mining, whose parent is state-owned China Uranium Development Co. Ltd. It also has an offtake agreement to purchase up to 35 per cent of the uranium production from PLS over the duration of the mine’s life, as long as it maintains a certain equity threshold in Fission.
Mr. Champagne was also asked at a recent public forum what appeared to be a veiled question about the deal., he was probed about how he would view an acquisition of a Canadian uranium company if the acquirer is from a Five Eyes country, an intelligence alliance that includes both Canada and Australia.
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