Paladin Energy: Strategic Initiative Update
PERTH, WESTERN AUSTRALIA -- (Marketwired) -- 06/26/13 -- Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN)(ASX: PDN) wishes to advise that the strategic initiative outcome expected to be finalised at the end of June has been delayed to mid to late August. Advanced negotiations have been ongoing with two nuclear parties regarding finalising a minority equity position in the Company's flagship Langer Heinrich Project in Namibia.
The Company is confident a sale will be successfully achieved, however, a revised bid from one of the parties has meant a reconsideration and the approval process will be extended. Paladin believes it is in its best interest to accommodate this and, as such, finalisation of the transaction has moved into the September quarter.
The Langer Heinrich Project has emerged as a world class modern uranium mine. It is operating above its nameplate design and unit costs have been reduced in line with the projections provided to the market in November 2012. Additional cost savings are expected to continue into the mid to longer term further consolidating the attractive nature of this project. With an increase in the uranium price, the potential expansion up to 8.5Mlb production per annum makes this project even more attractive and adds to the Board's confidence that a successful deal will be achieved in the short term.
ACN 061 681 098
Contacts:
Paladin Energy Ltd
John Borshoff
Managing Director/CEO
+61-8-9381-4366 or Mobile: +61-419-912-571
john.borshoff@paladinenergy.com.au
Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
+1 905 337-7673 or Mobile: +1 416-605-5120 (Toronto)
greg.taylor@paladinenergy.com.au