Mawson Comments on Swedish Government Uranium Mining Announcement
Rhea-AI Summary
Mawson Gold (MWSNF) has responded to the Swedish Ministry of Climate and Enterprise's announcement regarding proposed changes to uranium mining legislation. The Swedish Government is moving to lift the uranium mining moratorium in place since 2018, with key recommendations including regulating uranium as a concession mineral and overturning the current Environmental Code ban. A written consultation period will run until March 20, 2025, with new legislation proposed to take effect January 1, 2026.
Mawson's Swedish uranium assets, held via SUA Holdings , will be distributed to Mawson shareholders on January 10, 2025, before the closing of the scheme of arrangement with Southern Cross Gold SUA will become a public and reporting issuer in British Columbia, Alberta and Ontario. Sweden currently operates six nuclear reactors providing 29% of the country's electricity, and the government aims to strengthen domestic energy security and reduce dependency on external mineral supplies.
Positive
- Potential lifting of uranium mining moratorium in Sweden by January 2026
- Company selected as consultation party for uranium inquiry
- Strategic positioning in Swedish uranium market with existing historic resources
- Alignment with Sweden's nuclear power expansion plans
Negative
- Regulatory changes still pending final approval
- Implementation timeline extends to 2026
- Divestment of uranium assets to new entity (SUA) creates uncertainty
News Market Reaction
On the day this news was published, MWSNF gained 0.01%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / January 6, 2025 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to provide comments on the Swedish Ministry of Climate and Enterprise's announcement regarding proposed changes to uranium mining legislation in Sweden.
Mawson's portfolio of historic Swedish uranium assets is held via SUA Holdings Limited ("SUA"), currently a wholly owned subsidiary of Mawson. On January 10, 2025, as part of the final steps of its reorganization plan and prior to the closing of the scheme of arrangement with Southern Cross Gold Limited ("SXG"), Mawson will distribute all of its SUA shares to Mawson shareholders as a result of which SUA will cease to be a subsidiary of Mawson. SUA will become a public corporation and reporting issuer in British Columbia, Alberta and Ontario.
The Swedish Government has taken a significant step toward lifting the uranium mining moratorium that has been in place since 2018, with the release of findings from its comprehensive inquiry on December 20, 2024. The inquiry recommends:
Uranium be regulated as a concession mineral within the Swedish Minerals Act
Current ban in the Environmental Code to be overturned
Written consultation period to run until March 20, 2025
Legislative proposal to be brought to Parliament after consultation
New legislation proposed to take effect January 1, 2026
Michael Hudson, Executive Chairman of Mawson, commented: "The Swedish Government's announcement represents a significant development for both Mawson and SUA. This aligns with Sweden's broader energy strategy and commitment to expanding nuclear power capacity. Mawson has been selected as one of the consultation parties for the uranium inquiry, and we look forward to engaging constructively in the process to help shape a robust regulatory framework that balances resource development with environmental stewardship."
The proposed legislative changes would restore the pre-2018 regulatory framework for uranium mining in Sweden. This development is particularly relevant for SUA, which currently holds Mawson's portfolio of historic Swedish uranium resources. Subject to final legislative changes, SUA is positioned to become a standalone company focused on uranium exploration and development opportunities in Sweden.
Sweden currently operates six nuclear reactors providing approximately
About Mawson Gold Limited (TSXV:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds a portfolio of historic uranium resources in Sweden and holds
On behalf of the Board, "Michael Hudson" | Further Information |
Forward-Looking Statement
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements that the distribution of the SUA shares to Mawson shareholders will be consummated on the terms and timeline provided, the benefits of the SUA shares to Mawson shareholders and the receipt of all required approvals including without limitation from regulatory authorities and applicable stock exchanges. Forward-looking statements include words or expressions such as "proposed", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political, anticipated Swedish legislative changes on the current ban on uranium mining and social uncertainties; the state of capital markets, failure to realize the anticipated benefits of the distribution of the SUA shares to Mawson shareholders, other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and other risks described in Mawson's documents filed with Canadian or Australian securities regulatory authorities. You can find further information with respect to these and other risks in filings made by Mawson with the securities regulatory authorities in Canada or Australia, as applicable, and available for Mawson in Canada at www.sedarplus.ca. Mawson's documents are also available at www.mawsongold.com We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Mawson Gold Limited
View the original press release on accesswire.com
FAQ
When will Sweden's new uranium mining legislation take effect for MWSNF operations?
How will Mawson's uranium assets be restructured in January 2025?
What percentage of Sweden's electricity comes from nuclear power affecting MWSNF's market?
What are the key recommendations from Sweden's uranium mining inquiry for MWSNF?
How long will the consultation period last for Sweden's new uranium mining legislation?
