Vancouver's Boss power closes on $30m settlement with province over uranium ban

A Vancouver-based resource company has closed on a $30-million settlement with the B.C. government, officially putting to bed a nearly six-year-old lawsuit.

The province imposed a halt on all uranium exploration and development in April 2008. Boss Power Corp. (TSX.V: BPU) filed suit later in the year claiming the B.C. government expropriated the company’s interest in its Blizzard uranium property near Kelowna when it imposed a “no registration reserve” under the Mineral Tenure Act.

The reserve allowed the government to ensure no future claims included the rights to uranium, however, Boss Power argued the property was registered before this ban went into effect.

Boss Power and Victoria settled for $30 million in 2011 before the case went to court.

The final amended settlement will divide the settlement up between other parties with interests in the property.

About 80% of the settlement will be held in a trust until Boss Power is reorganized into two different corporations, an arrangement expected to be approved in August.

By Tyler Orton