Antinuclear

Big loss for uranium miner Paladin miner , and fall in share price

Paladin Energy Q4 loss widens to US$47.7M, The Canadian Press08/31/2011 PERTH, Australia – Paladin Energy Ltd (TSX:PDN), an Australia-based miner that lists on the TSX, cited higher financing costs Wednesday among reasons for a widening of its fourth-quarter and full-year loss.

Paladin Energy, which reports in U.S. dollars, said its after-tax loss for the three months ended June 30 was US$47.7 million or 6.3 cents per share, compared with a loss of US$25.2 million or 3.5 cents in the same year-earlier period….profits were affected an impairment of inventory expense of US$26.4 million at the company’s Kayelekera mine due to higher operating costs during ramp-up and the lower prevailing uranium spot price since last March’s earthquake-induce nuclear disaster in Japan.

The company also faced an earlier, US$6.3-million early buyback of convertible bonds. On the Toronto Stock Exchange, Paladin Energy shares were down nine cents at $2.16 at midday Wednesday.

August 31, 2011 - Posted by Christina Macpherson | business, uranium, Western Australia