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Paladin unaware of pending legislative changes in Namibia

31st May 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Uranium developer Paladin Energy on Wednesday moved to allay shareholder concerns following reports that the Namibian government is considering taking a stake in oil and gas companies operating in the African nation.

Resuming share trade on Wednesday, the company told shareholders that it had "regular ongoing dialogue" with all relevant Namibian government ministries in its efforts to restart the Langer Heinrich uranium project, and that the company was not aware of any imminent proposed legislative changes that would affect the ownership of the mine, in which Paladin holds a 75% interest.

“The restart of the Langer Heinrich mine is on target for first production in the first quarter of 2024 and through our local content procurement policy, the company is pleased to provide economic and employment opportunities to Swakopmund and the surrounding communities,” the company said in a statement.

Paladin’s share price recovered slightly on Wednesday, after tumbling nearly 13c a share when news of the possible legislative changes broke.

Meanwhile, fellow-listed Elevate Uranium also told its own shareholders that the company was unaware of any changes to the Namibian government legislation regarding shareholding in mining and petroleum companies.

“The company’s past experience has shown that the Namibian government understands and values the contribution that foreign investment by the mining industry contributes to the overall Namibian economy through local purchase of goods and services, salaries, royalties, taxes and other government charges,” Elevate said.

Edited by Creamer Media Reporter

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