MELBOURNE Dec 1 Uranium miner Paladin Energy
said on Thursday it is talking to its bondholders and
others to shore up its finances as a planned sale of a stake in
its main mine to a Chinese state-owned firm has been delayed.
Paladin agreed to sell a 24 percent stake in its Langer
Heinrich mine in Namibia in July to an arm of China National
Nuclear Corp (CNNC) for $175 million and flagged on
Thursday the deal will not close by year-end.
It said it was still talking to CNNC Overseas Uranium
Holdings, but needed to find other ways to meet an April 2017
deadline to pay off $212 million in convertible bonds and line
up "any additional working capital requirements it may have
going forward if the current low uranium spot price persists."
Uranium prices crashed after the 2011 nuclear disaster in
Fukushima, Japan, with spot uranium at record lows below
$18 a pound, stoking losses for the world's uranium producers.
In an effort to cope with the severe downturn, Paladin two
years ago shut one of its mines - Kayelekara in Malawi - and
last year sold a 25 percent stake in the Langer Heinrich mine to
CNNC Overseas Uranium Holdings.
(Reporting by Sonali Paul, editing by G Crosse)