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File photo of Cameco's Cigar Lake uranium mine. Weak global PMI reportss have clear negative implications for export-dependent Canadian industry sectors, notably mining and energy. (David Stobbe/Reuters)
File photo of Cameco's Cigar Lake uranium mine. Weak global PMI reportss have clear negative implications for export-dependent Canadian industry sectors, notably mining and energy. (David Stobbe/Reuters)

Canada's Cameco appears welcome in Australia Add to ...

When Australia's BHP Billiton came to Canada to buy Potash Corp. of Saskatchewan the reaction was anything but friendly.

BHP does not seem to have any hard feelings, choosing to offload a uranium project to another Canadian company, Cameco Corp., which is based a few kilometres from Potash Corp. in Saskatoon.

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And while the Saskatchewan provincial government was staunchly opposed to the sale of Potash Corp. to BHP, the regional government in Australia seems keen to have a new owner for the Yeelirrie project.

The scale is vastly different, of course. Cameco is buying a single project for about $430-million. BHP wanted to buy all of Potash Corp. for almost one hundred times that amount.

The Australian newspaper has reported that the premier of Western Australia had bluntly told BHP to sell the project because it was unlikely that BHP would develop the project. That's a positive for Cameco because Western Australia will have to approve the sale.

The other key approval needs to come from Australia's Foreign Investment Review Board. It's early days, but there is no sign in the Australian press of any opposition.

 
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  • BHP-N
  • POT-T
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