Several global miners including Rio Tinto and Avera have sought permission for foreign companies to have ownership on uranium mines in Canada.

The plea to open up the uranium sector of Canada is supported by Australian government alongside other companies such as Paladin Energy.

Canadian provinces of Saskatchewan and Newfoundland and Labrador have also joined the forces with foreign miners, reported Financial Post.

The current policy of the Canadian government allows for a minority 49% stake in the country’s uranium mine, although there are no restrictions on foreign participation in exploration.

Paladin managing director John Borshoff stated that the ownership policy is incongruous adding that it resembles the cold war era regulations.

The growing demand to open up the uranium sector in the country comes at the time when the uranium prices are expected to rise; as well as the Canadian government being under pressure to allow foreign investment in other sectors of the economy.