Paladin Energy (T.PDN) drops 8% on suspending production at Kayelekera

Gaalen Engen Gaalen Engen, Stockhouse.com
2 Comments| February 20, 2014


Paladin Energy (TSX:PDN, StockForum), a Perth-based firm engaged in the development and operation of uranium mines in Africa, announced today that the company's subsidiary, Paladin (Africa), is putting a halt to production at its Kayelekera Mine in Malawi.

 

The mine will be placed under care and maintenance until such time that the price of uranium oxide has returned to a range where the resumption of production would operate on a profitable basis.

 

According to the news release, “Paladin has since applied to the ASX for a determination regarding the application of Chapter 11 of the Listing Rules. The ASX has confirmed that Listing Rules 11.1 and 11.2 do not apply and, accordingly, shareholder approval is not required in relation to the suspension of production at KM.”

 

Paladin Energy was in the news recently when the company reported a product shipment incident near Kayelekera.

 

Shares fell 8.42% on the news to $0.435 per share.

 

Currently there are 964.2m outstanding shares with a market cap of $419.4 million.


Tags: INDUSTRIAL METALS & MINERALS

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expertchen007
suspending production at Kayelekera...13 days a go
1.5 stars
February 20, 2014
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expertchen007
thats not true...nothing.....the shares feel without reasons. suspending production at Kayelekera...was 1 week a go. your articel is ********* no woards
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February 20, 2014
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