A Saskatchewan Conservative Member of Parliament wants to see legislation that could make it easier for foreign investors to buy Canadian uranium mines.

Right now, uranium falls under the non-resident ownership rule, which prevents foreign companies from owning more than 49 per cent of a Canadian mine.

MP Brad Trost is asking the federal government in a private member's bill to scrap that policy. Instead, majority foreign ownership would be allowed if the minister responsible decides it would not pose a risk to national security.

Trost said the rule changes proposed in the uranium mine ownership act could boost the economy.

"There's been Asian interest not only in Saskatchewan but also in Nunavut to expand the mines," Trost said.

"When you have more players, more senior mining companies, bidding to develop mines it helps the junior mining sector."

Trost said Saskatchewan Premier Brad Wall and three former Saskatchewan premiers support the move.

However, Regina Liberal MP Ralph Goodale says he's opposed to the bill.

"It removes some very important elements in terms of national policy with respect to the development of Canada's uranium resources and that's especially important to a province like Saskatchewan."

Trost said his private member's bill is unlikely to pass any time soon because the government has other priorities.

Debate over the proposed uranium law follows a decision by the federal government last week to block an Australia-based mining company BHP from buying Potash Corporation of Saskatchewan.

That decision has been hailed by economic nationalists, but criticized by some business groups who say it sends the wrong signal to foreign investors.