https://www.miningweekly.com

Paladin holds a fire sale

15th December 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Uranium miner Paladin Energy has divested of a number of its noncore Australian exploration assets to Uranium Africa for A$2.5-million.

The assets included the Oobagooma and Angela/Pamela projects, in Western Australia and the Northern Territory respectively, as well as Paladin’s interest in the Bigrlyi project, also in the Northern Territory.

Paladin told shareholders this week that the assets were considered to be noncore, and it was unlikely that the company would be in a position to conduct any meaningful work developing these assets within the next decade.

The sale was expected to result in yearly savings, owing to the reduction in rates, rentals and statutory commitments payable to keep the tenements in good standing.

Paladin also sold its 257.5-million shares in fellow-listed Deep Yellow for A$2.6-million, with shares priced at 1c a share.

The uranium miner has been forced to find options to fund its upcoming debt repayments, which included a $212-million payment due at the end of April next year, after delays in the divestment of a 24% interest in the Langer Heinrich mine, in Namibia, which is, along with the sale of a 75% interest in the Manyingee project, in Australia, expected to net some $205-million.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Sandvik Rock Processing Solutions
Sandvik Rock Processing Solutions

Sandvik Rock Processing Solutions is a leading supplier of equipment, tools, parts, service and solutions for processing rock and minerals in the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/05/2023)
26th May 2023 By: Martin Creamer

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.102 0.134s - 88pq - 2rq
Subscribe Now