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FIRB approves Paladin's Manyingee deal

1st February 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has approved uranium miner Paladin Energy’s proposed sale of its Manyingee mining lease, in Western Australia.

Paladin and ASX-listed Avira Energy, previously known as MGT Resources, in July last year signed a binding term sheet under which Avira will acquire a 75% interest in the project for A$30-million.

Avira shareholders earlier this month approved the transaction, which will see the newly named firm acquire an initial 30% interest in the project for $10-million and will form a joint venture (JV) over the project with Paladin.

Avira will then have an option to acquire an additional 45% of Manyingee JV from Paladin for $20-million, exercisable for 12 months following Manyingee JV's preparation of a plan to conduct a field leach trial for uranium extraction by in-situ recovery method.

The proposed transaction is still conditional upon Avira financing.

Edited by Creamer Media Reporter

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