PERTH (miningweekly.com) – Uranium miner Paladin Energy on Wednesday refuted reports that it had divested of an interest in its Kayelekera mine, in Malawi, to the China National Nuclear Corporation.
The Kayelekera mine officially ceased production in May last year, and was placed on care and maintenance, as uranium prices fell.
A restart of the mine would be considered once the uranium market improved, and Paladin said that the restart would have the potential to expand the company’s overall production by more than 40%.
The ASX- and TSX-listed miner has meanwhile also announced the repurchase of some $6-million of its outstanding $243-million convertible bonds, due in 2017.
The company spent some $5.6-million to repurchase the bonds, as they were bought back at an average price of 91.75%
Paladin said that the repurchase has resulted in some $1-million of cash savings to the company in the form of avoided principal and coupon payments over the period to maturity of the convertible bonds.
The repurchase was funded from operating cash flow.
Edited by: Creamer Media Reporter
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