Paladin Energy Ltd
Paladin Energy Ltd
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
With 1 of its 2 uranium mines on care and maintenance, Paladin Energy’s Mar qtr production drops 5%
Energy Metals has reported a maiden uranium JORC resource of 626t at 1,384ppm U3O8 in three of the satellite deposits close to its Bigrlyi deposit in central Australia.
The inferred resource at the Camel Flat (292t), Anomaly 15 East (187t) and Bigwest (147t) deposits adds to the existing Bigrlyi resources of 2.74Mt at 1,530ppm indicated and 4.53Mt at 1,140ppm inferred.
Top 3 uranium producer reports lower quarterly earnings after $70M impairment charge on Talvivaara supply contract. Rod Nickel reports
Australian mner shuts down Kayelekera mine over ‘unsustainable’ continuing losses due to the post-March 2011 slump in global uranium prices
Paladin Energy has suspended operations at its Kayelekera uranium mine in northern Malawi, saying the five-year-old project will remain on care and maintenance until global uranium prices recover from their post-Fukushima plunge.
MD-CEO John Borshoff says, while the mine has performed exceptionally well technically, it continues to operate at a loss due to the low uranium price.
Paladin could not continue to provide the level of financial support that subsidiary Paladin Africa has required in recent years, he says.
Sale of Langer Heinrich minority interest to help stabilise Australian company after three years of pain from sagging uranium prices
Paladin Energy has linked up with the China National Nuclear Corporation in a $US190M joint venture deal for the development of its flagship Langer Heinrich uranium project in Namibia.
Under the agreement, which has been approved by both parties but awaits Chinese regulatory ticks, CNNC’s China Uranium Corporation will take 25% stake in the project.
An off-take component will allow CNNC to purchase its share of production at market rates, and may secure additional long-term supply agreements with Paladin.
Paladin Energy will repay its $US48.1M Kayelekera project debt immediately in a refinancing deal with long-term backers Nedbank Capital and Standard Bank to substantially reduce annual repayments.
The deal refinances Paladin’s Langer Heinrich mine in Namibia with a $110M term loan and $20M working capital facility.
Annual principal repayments across both projects reduce from $53.8M to $18.3M.
Paladin says the deal substantially reduces financial pressure on the business.
African uranium miner Paladin Energy has posted a $US40M after tax net loss for the Sept 2013 qtr on top of the previous qtr’s $173.3M loss.
The result was on a revenue plunge from June qtr’s $109.6M to the latest $69.4M from sales down to 1.67Mlbs from 2.32Mlbs, exacerbated by a 17% lower uranium price in the qtr. There was also a higher $12M impairment re Kayelekera mine inventory, taking the total impairment to $15.5M.
However, the company is expecting more from the current Dec qtr, predicting sales up to 2.6Mlbs.
Uranium producer Paladin Energy is predicting a better Dec qtr after another loss