Langer Heinrich sale still on the cards
PERTH (miningweekly.com) – Uranium miner Paladin Energy was still in the market to sell off a minority stake in its Langer Heinrich project, in Namibia, if the offer price was right.
Speaking on the sidelines of the first day of the Africa Downunder conference, CEO John Borshoff said that since negotiations on the minority stake sale were terminated earlier this month, the company had received three more inquiries on the sale.
Earlier this month, Paladin abandoned its plans for a minority stake sale in Langer Heinrich, opting instead to raise some A$88-million through a share placement to institutional and accredited investors.
“The sale of [a stake in] Langer Heinrich remains an option. It was never off the table. The raising was never meant to replace the sale,” Borshoff said on Wednesday.
However, Borshoff reiterated that the equity sale would only be undertaken when the offer price matched Paladin’s value estimation of the project.
“We know what options we have on Langer Heinrich. It is a top performer with a long mine life, and needs to be considered for its strategic value,” he added.
The Langer Heinrich mine is currently producing at a rate of 5.2-million pounds a year and has a mineral resource of some 29.5-million tonnes, grading 0.054% uranium oxide (U3O8), for 15 893 t of U3O8, and a reserve of some 111.3-million tonnes, grading 0.054% U3O8, for 59 184 t U3O8.
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