06/22/2015 16:01 EDT | Updated 06/22/2016 01:12 EDT

Australian company Paladin Energy receives OK to own uranium mine in Labrador

OTTAWA - Federal Natural Resources Minister Greg Rickford has approved an exemption to allow Australian company Paladin Energy Ltd. to own a proposed uranium mine in Labrador.Under federal rules, a Canadian company must hold at least a 51 per cent stake in uranium mining projects unless a partner cannot be found.The government says Paladin Energy (TSX:PDN) was able to show there are no Canadian partners interested in leading the development of the proposed Michelin project.The company acquired the project in 2011.The government says Paladin Energy estimates the proposed project could create up to 750 jobs during construction and up to 350 jobs once it is operational.The proposed mine is approximately 140 kilometres northeast of Happy Valley-Goose Bay.Paladin is listed on the Australian Securities Exchange and the Toronto Stock Exchange.