Natural Resources
June 23, 2015

Encouraging Responsible Development of our Natural Resources

Minister Supports Government of Canada�s Approval for Proposed Uranium Mine in Labrador

The Honourable Derrick Dalley, Minister of Natural Resources, is pleased with the news that the Government of Canada has approved an application by Paladin Energy Ltd. of Australia for majority ownership of a proposed uranium mine in Newfoundland and Labrador.

�This decision by the Government of Canada opens the way for Paladin to further develop its proposal for a uranium mine in the Central Mineral Belt of Labrador. Paladin, which wholly owns Aurora Energy, has contributed greatly to the resurgence of uranium interest in the central belt by investing substantially and delineating an important uranium resource. We look forward to working with the company as they advance this project and start the environmental approval process including appropriate consultations. This project has the potential to bring major benefits to the people of Newfoundland and Labrador as well as to the Nunatsiavut Government.�
- The Honourable Derrick Dalley, Minister of Natural Resources

Paladin estimates that the proposed project could create up to 750 jobs during the construction phase and up to 350 jobs during the operational phase, with additional benefits to the local Aboriginal communities through investments in infrastructure development and training.

Any proposal by Paladin to develop a uranium mine in Newfoundland and Labrador would be subject to applicable environmental and community impact assessments.

The details regarding the Government of Canada�s decision can be found in the backgrounder below.

A total of 12 mineral commodities are produced or mined in Newfoundland and Labrador. The mining industry is making a major contribution to the province�s economy with expected annual mineral shipments in 2015 of $3.6 billion.

QUICK FACTS

• The Honourable Derrick Dalley, Minister of Natural Resources, is pleased with the news that the Government of Canada has approved an application by Paladin Energy Ltd. of Australia for majority ownership of a proposed uranium mine in Newfoundland and Labrador.
• This decision by the Government of Canada opens the way for Paladin to further develop its proposal for a uranium mine in the Central Mineral Belt of Labrador.
• Paladin, which wholly owns Aurora Energy, has contributed greatly to the resurgence of uranium interest in the central belt by investing substantially and delineating an important uranium resource.
• A total of 12 mineral commodities are produced or mined in Newfoundland and Labrador. The mining industry is making a major contribution to the province�s economy with expected annual mineral shipments in 2015 of $3.6 billion.

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Media contact:

Diana Quinton Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca

BACKGROUNDER
Government of Canada Approves Majority Ownership of Proposed Uranium Mine in Newfoundland and Labrador

• The Government of Canada welcomes foreign investment in Canada�s uranium mining properties under the terms of the Non-Resident Ownership Policy in the Uranium Mining Sector (NROP).
• Under the NROP, exemptions to the requirement for 51 percent resident ownership in a uranium mining property are permitted in cases where it can be demonstrated clearly that Canadian partners cannot be found.
• Paladin has demonstrated that there are no Canadian partners that would be interested in leading the development of the proposed mining project in the Central Mineral Belt of Labrador. The proposed project was subject to a national security review, and no concerns were identified.
• For more information, refer to the Government of Canada�s news release at //news.gc.ca/web/article-en.do?mthd=index&crtr.page=1&nid=989969

2015 06 23                            2:45 p.m.