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AREVA in trouble in Niger: Paladin uranium gets out

Paladin Energy Ltd: Defeating Conditions Triggered Regarding Bid for NGM Resources Ltd – MarketWatch, 25 Sept 10, ”       On September 16, 2010, forces associated with al-Qaida in the Magreb (North Africa) (AQIM) entered the town of Arlit in Niger’s uranium mining region and abducted seven people, employed by the French uranium company Areva and its construction contractor, Vinci.

Areva subsequently evacuated expatriate personnel from its operations in the north of the country and, in response to a request by the Government of Niger, France has dispatched anti-terrorism forces and reconnaissance aircraft to Niger. According to The Associated Press, in order “to kidnap seven foreigners from inside their homes, al-Qaida-linked gunmen in northern Niger forced their way past the security cordon of one of the world’s most heavily guarded mining towns.” Such action “shows a new level of brazenness”.

In the light of these material unforeseen events, NGM’s ability to safely access, explore and develop the resource base of its exploration tenements following the completion of the takeover bid would be seriously compromised. Safety concerns would prevent Paladin Group expatriate personnel from working in Niger’s uranium region within a suitably secure environment for an, as yet, unknown period of time.

As a consequence of these recent developments in Niger, the conditions of the Offer referred to above are no longer capable of being fulfilled. Paladin does not intend to free the Offer from these conditions; accordingly, the bid will lapse at 5.00 p.m. (Perth time) on October 8, 2010, when all acceptances or the contracts resulting from acceptances of the Offer will become void…..

Paladin Energy Ltd: Defeating Conditions Triggered Regarding Bid for NGM Resources Ltd – MarketWatch

September 25, 2010 - Posted by | Niger, safety, Uranium | , , , , ,

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