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.
Gold price jumps 1% to five-week high even as large scale derivatives speculators continue to slash bullish positions – down 88% or 25moz in seven months.
The move comes less than two years after the Montreal-based firm decided to add exposure to the steelmaking raw material by grabbing a stake in the fellow Canadian iron ore company.