Breaking News

Lilly First-Quarter Adjusted Earnings 70c per Share, In Line With Estimates
Tweet TWEET

Paladin Expects Three Deals to Sell Stakes in Uranium Assets

Paladin Energy Ltd. (PDN), the Australian company producing uranium in Africa, expects to announce as many as three deals within three or four months to sell minority stakes in some of its projects under development.

“There’s high interest in uranium assets,” John Borshoff, chief executive officer of Perth-based Paladin, said today in a telephone interview, declining to be more specific. “Some deals we might be able to consummate quite soon.”

Paladin, which operates uranium mines in Namibia and Malawi, is also developing assets in Australia, Canada and Niger. The company forecasts that uranium prices will climb this year amid a looming supply deficit after the Fukushima disaster in Japan triggered a 17 percent slump in 2011.

Paladin expected to complete a process to sell a minority stake in one of its uranium projects in Western Australia or the Northern Territory in the first quarter to help fund development, Borshoff said in a Jan. 30 interview.

In addition to seeking joint-venture partners, the company is “carefully considering all its options now available to secure optimal value,” Paladin said April 10. Paladin has attracted strong interest from “various potential strategic partners,” it said April 24.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.