Paladin Energy Ltd
Paladin Energy Ltd
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Australian-based uranium miner Paladin, now out of administration after the transfer of a majority shareholding to creditors, posted a gross loss of $US17.4M for the Dec half (H1FY18), little changed from its $17.8M loss in the pcp.
Underlying EBITDA was negative $33,000, down from positive $17.4M.
Its Langer Heinrich mine in Namibia produced $1.7Blb U3O8 (2.5Blb) at AISC of $31.24/lb ($28.38/lb).
Paladin held cash+equivalents of $26.9M at end-Dec.
Uranium producer Paladin is independently evaluating the U-pgrade technology developed by Australian processing innovator Marenica after highly successful testwork on ore from its 75%-owned Langer Heinrich project in Namibia indicated its potential to create extremely low-volume, high-grade concentrate.
Marenica says the results show it could produce 25kg of concentrate for each 1t of ore mined. The project currently sends 600kg of ore to the leach plant for each 1t mined.
The administrators of collapsed Australian uranium miner Paladin say they'll go ahead with a creditors' meeting today despite a foreshadowed challenge by major creditor Électricité de France.
Administrator Matthew Woods says the EDF claims the deed of company arrangement being voted on is unfairly prejudicial to it. It warned it may seek to terminate the DOCA if approved by creditors.
The DOCA seeks to raise $US115M via a secured note issue while offering creditors 98% equity for their debt.
Creditors of collapsed Australian uranium miner Paladin will meet Dec 7 to vote on the only restructuring proposal put to the KPMG administrators, a debt for equity swap that will see creditors handed 98% of the company's shares.
The proposal from a group of unsecured bondholders aims to raise $US115M by issuing a high-yield secured note, enabling Paladin to be reinstated by the ASX.
Another setback for under-administration uranium miner Paladin, with Électricité de France formally terminating its long-term offtake agreement for supply from its Langer Heinrich mine in Namibia.
The reason given by EDF is the same as that which led Paladin to appoint administrators KPMG in July, the Australian-based company's inability to repay $US277M debt.
The agreement signed back in 2012 committed the largely state-owned French electricity supplier to take 13.73Mlb of uranium between 2019 and 2024.
Under-administration Australian miner Paladin will keep its 75% interest in the Langer Heinrich uranium mine in Namibia after its 25% JV partner CNNC Overseas Uranium Holdings decided not to exercise its option to move to 100%.
The decision has been welcomed by administrator Matthew Woods as a display of support for Paladin.
Woods says the decision allows a solid platform for restructuring Paladin. He'll now work with CNNC to preserve the value of the mine, which sustained a gross loss of $US17.7M in the Dec half-year (H1FY17).
The administrators of Australian-based uranium miner Paladin have reached agreement with the London branch of Deutsche Bank on an increased $US60M working capital facility for its Langer Heinrich mine in Namibia.
The 12-month facility guaranteed by the Paladin group, replaces the project's existing $20M Nedbank revolving credit facility.
Paladin has completed the slide into administration after giant utility Électricité de France refused its requests for a standstill on a $US277M debt, demanding full payment by July 10.
The Australian-based uranium miner has appointed Matthew Woods, Hayden White and Gayle Dickerson of KPMG as administrators to each of the companies in the group.
It says the administrators will work with management and directors on a bid to restructure and recapitalise the company.
Australian uranium miner Paladin has opened new talks with Électricité de France after learning it must repay the French utility $US277M within 30 days.
An independent expert has found Paladin's offer of additional security for its long-term supply contract with EDF is insufficient. The utility is now considering Paladin's request for a further standstill on the debt.
The possible sale of Paladin's 75% interest in the Langer Heinrich uranium mine in Namibia to CNNC Overseas Uranium Holding could be back on track.
Six weeks after announcing it was taking CNNC to arbitration, seeking to avoid a protracted and costly stand-off, Paladin has permitted the Chinese company to commission an independent valuation by appoint an independent investment bank.