Paladin not aware of imminent proposed legislative changes

Chamwe Kaira

Paladin Energy Ltd has noted recent commentary by the Namibian government regarding a potential desire for the Namibian Government to own a minority equity interest in mining and petroleum companies operating in Namibia, arising from comments made at a mining and energy Workshop in Swakopmund, Namibia.

Paladin Chief Executive, Ian Purdy, Chief Executive Officer, said Paladin has regular ongoing dialogue with all relevant Namibian government ministries as it progresses with the restart of mining activities at the Langer Heinrich Mine.

“The company confirms that it is not aware of any imminent proposed Namibian legislative changes that would affect the ownership of the Langer Heinrich Mine, in which Paladin holds a 75% interest,” said Purdy.

He said the restart of the Langer Heinrich Mine is on target for first production in the first quarter of 2024 and through its local content procurement policy, the company is pleased to provide economic and employment opportunities to Swakopmund and the surrounding communities.

“Paladin will continue to keep shareholders advised of any material developments in accordance with its disclosure obligations,” Purdy said.

Paladin Energy is an Australian listed, independent uranium company with a focus on restarting its globally significant Langer Heinrich Mine, currently progressing to commercial production next year.

With a proven operations performance over 10 years, Langer Heinrich is on track for successful, long-life operations delivering real stakeholder value.

The mine’s future-facing drive includes a robust Environmental, Social and Governance ESG framework in place to support its accountability-led contribution to decarbonisation.

Paladin own a large global portfolio of uranium exploration and development assets. As nuclear power remains a leading sustainable source of low-carbon electricity generation, Paladin says it has a clear role in positive, worldwide change.

Shares in Paladin Energy entered a trading halt this week after tumbling as much as 24%, according to a report be Reuters.

Bannerman Energy, which is developing the Etango Uranium project, fell 7.4% to a one-month low, while Deep Yellow slumped as much as 13.4% in its biggest intraday percentage drop since May 9. Deep Yellow recently completed a definitive feasibility study at its Tumas uranium project.

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