Australian news, and some related international items

Paladin Energy slashing costs in “unsustainable” uranium industry

burial.uranium-industryPaladin Energy uranium mine sale expected in coming weeks, Mining Australia 15 January, 2014 Vicky Validakis Paladin Energy said talks around the sale of its Langer Heinrich uranium mine were progressing as the price for uranium continues to deteriorate.

The Perth-based miner flagged its intentions to sell its stake in the African mine in August when it announced a raft of cost-cutting measures to combat the weakening price of uranium.………While Borshoff the project was a long-term play for the miner, he said the stubbornly low uranium price meant all new developments had been put on the backburner.

“It’s unsustainable at the moment,” Borshoff said.

“Everyone has declared a moratorium on new projects. It’s all hanging by a thread and at some point this year it has got to turn.” Last year the company made a $US173 million loss in the three months to June.

Paladin signalled it would slash corporate and exploration costs by $US10.8 million, a 24 per cent reduction……..Paladin has five uranium exploration projects operating in Australia.

January 15, 2014 - Posted by | AUSTRALIA - NATIONAL, business, uranium

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