Australian Securities Exchange-listed Paladin Energy Ltd said the sale of a minority interest in its Langer Heinrich uranium project in Namibia has been delayed due to a revised bid from one of two interested parties.
Paladin said the sale was likely to be finalised by mid to late August, instead of the previous deadline of the end of June. Its shares closed 7% lower to A$0.82/share (US$0.76/share).
“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 said.
Langer Heinrich, which opened in 2007 and has a 5.2MIb/y uranium oxide capacity, produced 3.94MIb of uranium oxide for the nine months ending March 31, a 27% increase from the previous year.
“With an increase in the uranium price, the potential expansion up to 8.5MIb/y production makes this project even more attractive and adds to the board’s confidence that a successful deal will be achieved in the short term,” Paladin added.
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