Paladin announces A$219m equity raise to reset capital structure
Uranium miner Paladin Energy has set out to raise A$218.7-million to redeem outstanding senior secured notes and set it on a path to restart production at its Langer Heinrich mine, in Namibia.
The Australia-headquartered miner will raise the equity by way of a fully underwritten prorata accelerated nonrenounceable entitlement offer of A$90.2-million and an institutional placement of 347.3-million shares to raise A$128.5-million.
After redeeming outstanding senior secured notes, Paladin will be left with a net cash position of about $30-million, which will provide it with funding through to a Langer Heinrich restart decision.
“The equity raise represents the final step in a truly transformational ‘reset’ of the Paladin story with the upcoming full redemption of the legacy corporate debt on Paladin’s balance sheet,” says CEO Ian Purdy.
The equity raise and redemption process will also deliver optionality on future funding structures for the $81-million of capital required to restart the Namibian mine.
Langer Heinrich was placed on care and maintenance in May 2018, on the back of continued low uranium prices.
The restart plan, announced last year, confirmed a 17-year mine life, with peak production expected at 5.9-million pounds of uranium dioxide a year, from the seventh year of operation. Over the entire mine life, Langer Heinrich could produce up to 88.5-million pounds of uranium dioxide.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...
VISIT SHOWROOM
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
