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Paladin holds a fire sale

15th December 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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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

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