uranium news

Reuters 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

Paladin 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.

More 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.

“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…

comments Minister of Mines and Energy Isak Katali made in parliament last week about the Namibian people deserving to benefit more from the country’s resources have set some investors’ nerves on edge.

Extract Resources shares drop onNamibia government plan, Apr 28,2011 MELBOURNE (Reuters)…http://af.reuters.com/article/investingNews/idAFJOE73R06E20110428

Namibia nationalisation anxiety knocks uranium miners TORONTO (miningweekly.com) 29 April 11,  – Uranium miner Paladin Energy moved to calm investors after its shares tumbled 7,4% on the TSX over reports that Namibia’s state-owned mining company wanted to claim all uranium mining rights, as well as other “strategic” materials… (more…)