Paladin in discussions for Langer Heinrich stake sale
PERTH (miningweekly.com) – Uranium miner Paladin Energy said on Monday that it had officially started discussions on the commercial terms for the sale of a minority interest in its Langer Heinrich mine, in Namibia.
The company previously told shareholders that a number of parties had indicated their interest in purchasing a share of the mine, with Paladin allowing access to an updated data room established for this purpose.
At the start of August, Paladin abandoned plans to sell a minority stake in Langer Heinrich, after bidders failed to make a suitable offer. Instead, the miner opted for a A$88-million capital raising.
However, at the end of that month, the miner reintroduced plans to sell a stake in the Namibian mine, after receiving further interest from third parties.
The ASX- and TSX-listed Paladin reported on Monday that following the conclusion of the current commercial term discussions, the board would make a recommendation on its preferred partner.
In the meantime, the company would continue to engage with all involved parties, until a final approval from the successful party was received, and all legal documentation was complete.
The Langer Heinrich mine produced a record 1.4-million pounds of uranium oxide during the September quarter, which was 4% above the production guidance, and up 11% on the same quarter in 2012.
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