Paladin Energy Limited says the sale of Kayelekera Mine in Karonga has successfully reshaped the company around its strategically important Langer Heinrich Uranium Mine in Namibia.
Paladin chief executive officer Ian Purdy said in a quarterly report that the completion of the sale of Kayelekera has been a positive step forward for Paladin.
He said: “We have the team, the financial resources and the runway to execute our plans with a view to returning the company to profitable operations under the right uranium demand environment.
“We are continuing to optimise the restart plans for Langer Heinrich and I look forward to providing further details of those plans over the coming months.”
Paladin completed the sale of its majority 85 percent stake in Kayelekera Mine in March this year, offloading 65 percent interest to Lotus Resources Limited and the remaining 20 percent stake to Lily Resources Pty Limited.
Kayelekera Mine, Malawi’s biggest mining venture to date, was placed on care and maintenance since February 2014 following the tumbling of global uranium prices in the aftermath of the Fukushiman uclear disaster in Japan, which forced the closure of nuclear power plants across the world.
The mine boosted economic prospects for Malawi as it created a major structural shift in exports by raising the share of ores and metals in the export bundle.