Antinuclear

Top China nuclear firm rescues Paladin Namibia uranium mine Business Recorder, 20 January 2014   by Umer Qazi MELBOURNE: China National Nuclear Corp has agreed to buy a  The sale rescues Paladin, as it urgently needed to raise funds following three years of pain as uranium prices slumped after the Fukushima disaster, which killed Japanese demand for the fuel and led other countries to halt nuclear expansions.

“Paladin’s out of the woods for the short to medium term. But longer term they need higher uranium prices to pay back their convertible note,” said Simon Tonkin, an analyst at Patersons Securities…….

The company had little bargaining power with uranium prices hovering at $36.05, or nearly half the price they were at before the Fukushima plant was crippled in March 2011…….

While Paladin has booked heavy losses, it is in better shape than rival Energy Resources of Australia Ltd, controlled by Rio Tinto , which had to suspend processing uranium ore after radioactive slurry leaked from a leach tank at its Ranger operation in Australia……http://www.brecorder.com/top-news/109-world-top-news/153926-top-china-nuclear-firm-rescues-paladin-namibia-uranium-mine.html