UPDATE 1-Paladin reaches deal to end strike at Malawi mine
May 16 (Reuters) - Uranium producer Paladin Energy Ltd said on Wednesday it has reached a deal to end a five-day strike at its Kayelekera mine in the southeast African nation of Malawi.
The Australian miner's Toronto listed shares rose 0.85 percent to C$1.19 shortly after market open on Wednesday after the company said full production at the uranium project is expected to resume Wednesday evening.
Paladin said that under the deal its employees will drop demands for an immediate wage increase to compensate for the devaluation of the local currency. The company has agreed to review wages in six months in accordance with Malawian CPI data.
The plant at Kayelekera operated at 65 percent capacity throughout most of the strike, and the work stoppage is expected to have little impact on Paladin's full-year production forecast of 7.4 million to 7.9 million pounds of uranium.
($1=$1.01 Canadian) (Reporting by Julie Gordon; Editing by Peter Galloway)
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