Proposed refinancing comes after Paladin failed to sell a 24% stake in its Langer Heinrich mine to China National Nuclear Corporation (CNNC), which was expected to fetch $175 million.
Paladin Energy Mining News
Until now Canadian companies needed to have at least 51% stake in any uranium project.
More bad news for the uranium market this week did not deter bargain hunters from returning to the sector in a big way on Friday chasing up shares across the board.
News that the massive Canadian mine has finally entered production and China's plans for 20 new reactors by 2020 are ahead of schedule lead to broad rally.
Newmont said the sale will generate more than $24 million in cash for the company.
Driver was not injured. Co-driver suffered minor injuries.
The Australian miner has been eager to find a partner for some time now.
About 300 workers, including mine staff and contractor employees, picketed at Langer Heinrich Uranium (LHU) mine last Thursday over pay and treatment by their employer.
Uranium miner Paladin Energy (TSX:PDN)(ASX:PDN) is targeting up to $80 million in cost reductions over the next two years and putting a freeze on development as the price for uranium spot has weakened.
Uranium company Paladin Energy Ltd (TSX:PDN)(ASX:PDN) announced it named Alan Rule as its new Chief Financial Officer effective July 23, 2012. He would be replacing the current CFO, Garry Korte, who is joining Roy Hill Holdings, owned by billionaire mining magnate Gina Rinehart.
The Nunatsiavut Government of Labrador, a regional Inuit government formed in 2005, has officially lifted a three-year-old moratorium on uranium mining on Inuit lands, by enacting its Environmental Protection Act and an amendment to the Labrador Inuit Lands Act, said the body.