ASX-listed Paladin Energy on Friday completed the sale of its 85% interest in Paladin Africa to Lotus Resources and Lily Resources.
Paladin will hold the interest on trust pending receipt of the final in-country approvals.
Paladin Africa wholly owns the Kayelekera uranium mine, in Malawi.
This sale will enable Paladin to cut its cash expenditure by about $5-million a year.
“The completion of the sale is a positive step forward for Paladin and one which will deliver significant financial benefits for the company. We can now prioritise our efforts and resources on maximising the value of our world-class Langer Heinrich operation [in Namibia].
“We are also pleased to be a major shareholder of Lotus Resources and look forward to their future success in adding value to the Kayelekera mine,” Paladin CEO Ian Purdy said.