Paladin holds a 50% interest in 69,800 hectares of mineral licences located within the Central Mineral Belt (CMB) of Labrador, Canada. Over the next five years Paladin has the right to increase its interest by 5% each year, by funding the exploration and project commitments, increasing its ownership to 75%. The mineral licences are coincident with 127.7Mlb of uranium resources and Paladin believes that there is significant potential to further grow the existing resources through resource extension drilling and greenfield discovery.
Newfoundland and Labrador have a regulatory framework which is supportive of the responsible development of mineral resources. A large portion of the Michelin Project area lies within an area administered by the Labrador Inuit through the Nunatsiavut Government. The Nunatsiavut Government supports development that contributes to regional growth if it takes into account community concerns provided that it passes Environmental Assessment regulations and an Impacts and Benefits Agreement is in place.
In June 2015 the Federal Canadian Government granted Paladin an exemption to the Non-Resident Ownership Policy under which, by the stage of first production, Canadian resident ownership must be at least 51%. The exemption allows Paladin, at the appropriate time, to proceed to production with no requirement for a majority Canadian partner.
View the Michelin Project brochure