The Southern African country ticks all the boxes.
Malawi Mining News
The government chose an Australian company to explore the country's southern region.
Cassim Chilumpha, Minister of Natural Resources, Energy and Environment in Malawi, said today that the country holds more than 30 million tons of rare earths and a mining lifespan of roughly 30 years.
Full production at ASX- and TSX-listed Paladin Energy’s Kayelekera uranium mine in Malawi eluded the company’s grasp as workers continued to strike, it said on Thursday.
Australian uranium producer, Paladin Energy, announced that its U3O8 production was 15% lower due to planned shutdowns and unscheduled remediation work. The company's stock declined 4.15% to $1.50 after Paladin announced on Monday its quarterly report for the three-month period ended September 30, 2011 The company did have record sales of 2,001,673lb U3O8, which generated revenue of US$102.74M. The average sales price for U3O8 was US$51.33/lb.
In results released on Friday, Australia’s Paladin Energy showed a 47% increase in production from its Namibian and Malawian operations and record revenues of $208.7m on the back of a 31% increase in sales volumes for the nine months to March. The company said despite the concerns about the nuclear energy market following the tsunami damage to Japan’s Fukushima plant, it believes supply and demand imbalances will only widen in future as more plants, such as the 25 under construction in China, come on stream. Paladin is on an aggressive growth drive. Stage 3 of the expansion of its Langer Heinrich mine that would bring capacity to 5.2m lb is 92% complete and in February 2011 the company announced that it completed its acquisition of the uranium assets of Aurora Energy in Labrador, Canada for C$260.8m.