nuclear-news

Sale of Namibian uranium mine cancelled, prices way too low

Paladin shares plummet after mine sale cancelled Proactive Investors,  by Fiona MacDonald   2 August 13,  Paladin Energy’ s (TSE:PDN) (ASX:PDN) stock lost 15 cents on the Toronto Stock Exchange Friday from prior close of 92 cents to fall more than 16 per cent on the back of the news that the uranium miner had terminated negotiations with all parties for the sale of a minority interest in the Langer Heinrich Mine.

The announcement, released after the close of North American trading Thursday night, sparked intraday trading that saw share prices dip as low as 65 cents, marking a new bottom for the Subiaco, Australia-headquartered miner’s 52 week range.

The mine, located in Malawi in southern Africa, is owned 100 per cent by Paladin and was taken off the table as a result of low uranium prices – a legacy of the disaster at Japan’s Fukushima-Daiichi atomic power plant after the 2011 earthquake and tsunami — undercutting the company’s chances of collecting the pay day it had in mind….. It is a long fall for the miner, which was trading at $1.00 per share as recently as a week ago. http://www.proactiveinvestors.com/companies/news/46789/paladin-shares-plummet-after-mine-sale-cancelled-46789.html

August 3, 2013 - Posted by Christina Macpherson | business and costs, Uranium