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$39 billion loss for Australian uranium miner Paladin

Uranium mine lost K39 billion in 2011 , The Maravi Post, 10 Aug 12 BLANTYRE–The Kayekelera uranium mine in Karonga, which is operated by Paladin Energy Limited of Australia, lost K39 billion in nine months of operation ending March 2012 due to fluctuating prices of the commodity on the international market, the company’s top official has said.

Greg Walker, general manager for international affairs, told the Daily Times Business that the loss was a result of the historic earthquake in Japan that produced a Tsunami in March last year. Spot price for uranium oxide dropped from $75 (some K21, 000) to $47.50 (K13, 000) after the closure of Fukushima nuclear plant in Japan.

Walker said now the price is at $49.50 -K14,000 – saying this was below the direct cost of production at Kayelekera, the country’s biggest investment. Walket told the daily that Paladin have bankrolled $145 million–K41 billion- to keep the mine afloat… http://www.maravipost.com/malawi-news/society/1486-uranium-mine-lost-k39-billion-in-2011.html#.UCbaJ6FlT4Y

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August 11, 2012 - Posted by | AFRICA, AUSTRALIA, business and costs

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