Oz Minerals pulls out of Toro uranium JV,9 News, 19 Nov 11 OZ Minerals has pulled out of a uranium exploration
joint venture with Toro Energy in South Australia, saying no economic uranium has yet been found at the Mt Woods project.
The Toro board has accepted a $3.75 million cash offer from OZ Minerals as consideration for the termination, Toro said in astatement on Friday. ”No potentially economic uranium results have been reported from the
Mt Woods project,” Toro said…. Shares in Toro were down 3.41 per cent at 8.5 cents at 1540 AEDT while
OZ Mineral shares were 1.89 per cent weaker, compared to losses in the broader market of about 1.8 per cent.
http://finance.ninemsn.com.au/newsbusiness/aap/8376270/oz-minerals-pulls-out-of-toro-uranium-jv
Archive for the ‘Paladin’ Category
Economic bad news for uranium miners Toro Energy and Paladin
November 28, 2011Paladin uranium miner’s share price plunges
November 28, 2011Paladin punished for African shut-downs, THE AUSTRALIAN , November 01, 2011 SHARES in Africa-focused miner Paladin were punished after it reported a fall in uranium production amid weak market prices, despite record sales for the September quarter.
Paladin produced 1.24 million pounds of uranium in the September quarter, a 15 per cent fall compared with 1.46 million pounds in the previous quarter.
The fall was due to shutdowns at Paladin’s operations in Namibia and Malawi, including a ground movement that affected the Malawi mine and reduced its production by 30 per cent.
Paladin shares fell 6.5c, , or 4.2 per cent, to close at $1.50….
Chief executive John Borshoff said the persistent deterioration of the uranium spot price since the Fukushima nuclear accident in March was affecting financial returns..The effects of Fukushima on the industry had highlighted its inability to sustain production growth in an orderly way, he said.
Uranium prices had recently fallen to levels of about $US50 a pound, last seen after Japan’s nuclear accident, causing grief to struggling Australian producers such as Paladin. Paladin’s shares have slumped 70 per cent this year, mainly because of the Fukushima accident.
Australian company Paladin – uranium losses with frequent shutdowns at Kayerekera Mine
November 28, 2011Paladin uranium company getting pretty desperate about share price fall
November 4, 2011Paladin chief slashes his pay, SMH, Peter Ker,November 1, 2011 PALADIN Energy boss John Borshoff has taken the knife to his $2.5 million salary, in the latest chapter of a miserable year for the struggling uranium miner.
Barely 10 months after enjoying a 5 per cent pay rise, Mr Borshoff has agreed to reduce his pay by 25 per cent as part of a drive to reduce administration costs at the Africa-focused company. The pay cut coincided with a lacklustre quarterly report from Paladin, which has earned a reputation for over-promising and under-delivering. ……… mine production targets were missed by 15 per cent over the past three months, while the company’s forecasts for the uranium price also proved too optimistic.
But the cut to Mr Borshoff’s pay was the stand-out item in the report, and comes after much agitation from investors who have watched the share price plummet since the Japanese nuclear disaster in March. Mr Borshoff’s remuneration package was worth $2.522 million in the year to June 2011, up from $1.9 million the year before.
That increase to his remuneration, which included a 5 per cent rise in fixed pay, came in a year when Paladin made an increased trading loss of $US82.3 million. The company sought to justify Mr Borshoff’s remuneration by describing him as a ”recognised global authority” on nuclear power, whose expertise was in ”extremely limited supply” around the world….
Paladin shares fell 6.5¢ to $1.50 yesterday. The stock was fetching $5 in March before the Fukushima nuclear disaster damaged investor confidence in the uranium sector…. http://www.smh.com.au/business/paladin-chief-slashes-his-pay-20111031-1ms4l.html#ixzz1cV3q88BL
Uranium miners Paladin and Uranex have an ‘annus horribilis’
October 4, 2011Paladin raising fails to impress, SMH, Peter Ker, September 30, 2011 ”……Paladin has endured an annus horribilus this year, as an easing uranium price, rising costs, reduced production targets and concerns about debts have savaged the company’s share price to barely a quarter of its former value…..
Paladin uranium miner trying to retrieve its poor financial situation
October 4, 2011Reuters Australian Business News, SYDNEY, Sept 29 2011 “…..Paladin Energy yesterday launched a A$70 million equity raising through UBS and RBC Capital Markets due to unforeseen cost increases at its two African projects. Costs at the uranium producer’s newest mine, the Kayelekera development in Malawi, have risen to A$50 a pound of uranium oxide. Paladin’s market value has fallen from over A$5 million to A$1 million after the Fukushima nuclear disaster in March depressed uranium equities markets ….”
http://www.reuters.com/article/2011/09/28/digest-australia-business-idUSL3E7KS3Z120110928
Cameco, Denison, Uranium One, Paladin – uranium share prices falls down 27%
October 4, 2011Shares of Denison Mines and Uranium Resources Face Strong Downward Pressure, MarketWatch, NEW YORK, NY, Sep 30, 2011 (MARKETWIRE via COMTEX)-- Uranium stocks have struggled this month as prices for the radioactive material have plunged. According to the latest quarterly report by Resource Capital Research, uranium prices are down 27 per cent over the past three months and 23 per cent over the past year….
Paladin uranium miner’s losses
September 9, 2011Paladin Energy Q4 loss widens to US$47.7M, The Canadian Press08/31/2011 PERTH, Australia - Paladin Energy Ltd (TSX:PDN), an Australia-based miner that lists on the TSX, cited higher financing costs Wednesday among reasons for a widening of its fourth-quarter and full-year loss.
Paladin Energy, which reports in U.S. dollars, said its after-tax loss for the three months ended June 30 was US$47.7 million or 6.3 cents per share, compared with a loss of US$25.2 million or 3.5 cents in the same year-earlier period….profits were affected an impairment of inventory expense of US$26.4 million at the company’s Kayelekera mine due to higher operating costs during ramp-up and the lower prevailing uranium spot price since last March’s earthquake-induce nuclear disaster in Japan.
The company also faced an earlier, US$6.3-million early buyback of convertible bonds. On the Toronto Stock Exchange, Paladin Energy shares were down nine cents at $2.16 at midday Wednesday.
Uranium miner Paladin crying out for investors
September 9, 2011More uranium investment needed, says Paladin CEO, Mining Weekly, 31st August 2011 PERTH − Uranium miner Paladin Energy CEO John Borshoff said that more investment was needed the uranium sector, as supply and demand dynamics would become more strained.
“Discoveries of new deposits have to be made, exploration and high-risk capital needs to be sunk into these programmes, because these programmes determine the long-term future of the mining industry,” Borshoff told delegates at the Africa Downunder conference in Perth on Wednesday…..
“Uranium is still suffering from the impact of the Japanese earthquake and tsunami, and the parallel damage to the Fukushima nuclear reactors. The supply sector and the nuclear industry have suffered a bruising effect from this event…
Çrash in share price of Australian uranium companies
July 9, 2011Uranium Companies, Bloomberg, by Shani Raja, 2 July 2011,Mining companies sank as an index of metals traded in London dropped 3 percent through June 30, driven by reports showing that manufacturing growth in China, the U.S. and Europe slowed in May. Speculation that rising inflation may prompt Chinese authorities to raise interest rates cut the shares.
Uranium miners Paladin Energy Ltd. (PDN) and Energy Resources of Australia Ltd. (ERA)tumbled more than 30 percent as the crisis at Japan’s Fukushima Dai-Ichi nuclear plant continued to roil the global nuclear-energy market. Paladin’s valuation, at 1.6 times its assets, has fallen so much it may become a takeover target, Citigroup Inc. said in a June 21 report…… http://www.bloomberg.com/news/2011-07-01/australia-stocks-post-first-quarterly-loss-in-year-as-oil-prices-retreat.
