Terminally ill? Paladin closes its uranium mine in Malawi
Paladin to shut its uranium mine, Australian Mining, 27 May, 2014 Cole Latimer Paladin has announced it will cease production at its Kayelekera uranium mine in Malawi.
It comes after the miner advised it would place the operation in to care and maintenance earlier this year.
According to Paladin it is ceasing production “due to reasons beyond the company’s control and related to the depressed uranium prices”.
On May 21 it halted all operations at the mine, and will now cease supplying uranium to the global market, causing a drop of around 3.3 million pounds of supply per annum.
“The outcome is an unfortunate but direct consequence of the continuing deterioration in the uranium price,” the company said in a statement. “Certain estimates now place up to 60% of current annual global production with costs above the current spot price, which is unsustainable.”…..http://www.miningaustralia.com.au/news/paladin-to-shut-its-uranium-mine
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