Paladin Energy Ltd: Kayelekera Resumes Full Production
PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 05/18/12 -- Paladin Energy Ltd (TSX: PDN)(ASX: PDN) (Paladin or the Company) is pleased to advise that, as foreshadowed, its Kayelekera Mine resumed 100% operational status as Malawian employees ended industrial action allowing the Thursday night shift to start fully manned. The Company and Local Staff Association (LSA) signed a binding agreement to end the strike yesterday afternoon, facilitating a full return to work by all employees.
Under the terms of the agreement, employees have dropped demands for the 66% salary increase to compensate for the 50% devaluation of the Kwacha. Paladin in turn has agreed to review the local salaries within 6 months determined by the CPI at that time and as affected by the devaluation of the Kwacha.
ACN 061 681 098
Contacts:
In Australia:
Paladin Energy Ltd
John Borshoff, Managing Director/CEO
+61 8 9381 4366 or Mobile: +61 419 912 571
john.borshoff@paladinenergy.com.au
In Canada:
Paladin Energy Ltd
Greg Taylor, Investor Relations Contact
905 337-7673 or Mobile: 416 605-5120 (Toronto)
greg.taylor@paladinenergy.com.au
www.paladinenergy.com.au