PERTH (miningweekly.com) – Embattled uranium miner Paladin Energy has called in administrators after failing to secure a standstill agreement with France’s Electricite de France SA (EDF).
Paladin was due to make repayments of a $227-million debt to EDF on July 10.
The administrators will immediately undertake a financial and operational assessment of Paladin and intend to continue to operate the company on a business-as-usual basis, until further notice, Paladin told shareholders.
In the meantime, the company said that its management and directors are committed to working with the administrators on a restructure and recapitalization of the company.
The ASX- and TSX-listed uranium miner has been hoping to divest of its 75% stake in the Langer Heinrich uranium mine, in Namibia, to joint venture partner China National Nuclear Corporation Overseas Uranium Holding, with the transaction still ongoing.
The miner’s efforts to sell its stake in the Manyingee project, in Western Australia, fell through in April this year after the buyer failed to close the required capital raising within the pre-agreed timeframe.