Saskatchewan welcomes EU trade deal that eases uranium ownership rules

SWIFT CURRENT, Sask. – Saskatchewan Premier Brad Wall says a new trade deal with the European Union could mean billions for the uranium industry.

Wall says the agreement-in-principle removes foreign ownership restrictions on uranium mining.

Current rules cap foreign ownership of uranium mines at 49 per cent and Wall says some companies, like Areva, have made the best of it by partnering with Canadian firms, like Cameco (TSX:CCO).

Wall says easing the restrictions means foreign companies can own mines outright.

He believes it could mean $2.5 billion in investment in the province over the next decade.

Saskatchewan is one of the world’s leading uranium producing regions in the world and Wall and industry players have been pushing Ottawa to relax the foreign ownership restrictions in the sector.