Antinuclear

Paladin (apparently not Australian owned) signs Western Australian uranium deal

Paladin signs uranium land deal MICHAEL RODDAN BUSINESS SPECTATOR JUNE 01, 2015 Uranium miner Paladin Energy will pay $16 million for land containing a uranium deposit as the group looks to enhance the value of its neighbouring project.

Paladin (PDN) will take over Energia Minerals’ Carley Bore uranium project in north west Western Australia for $15.8 million in cash and shares.

The Carley Bore project in the Carnarvon Basin consists of three connected exploration licenses, located 100km south of Paladin’s Manyingee uranium project, and will increase the miner’s mineral resources in the area by more than 30 per cent……….But the miner has said it will not develop any new projects before it is confident of a sustainable uranium price of at least $US70 a pound. The material has traded between $US34 and $US40 a pound this year.

“The current low uranium price and sustained sector weakness have created an opportunity to consolidate our portfolio in strategically important regions,” Paladin chief executive John Borshoff said.

The takeover is subject to regulatory approval by the Foreign Investment review Board, as Paladin is deemed to be a foreign corporation under Australian law. http://www.theaustralian.com.au/business/mining-energy/paladin-signs-uranium-land-deal/story-e6frg9df-1227377778419

June 4, 2015 - Posted by Christina Macpherson | business, uranium, Western Australia