Oct. 2, 2013, 5:28 PM
- Uranium miner Paladin Energy (PALAF.PK) announces aggressive cost-saving measures at its two mines and head office, with management and board members taking pay cuts and refusing bonuses or salary increases until the uranium market improves.
- The cost reductions are needed - in the June quarter, Paladin reported cash costs of $29.40/lb. at its Langer Heinrich mine and $39.20/lb. at its Kayelekera mine vs. uranium spot prices of ~$35/lb. - but RBC Capital says concerns remain over funding.
- An asset sale or debt restructure would be positive, the firm says, but an asset sale in particular is likely to be challenging given market conditions.
Aug. 5, 2013, 9:02 AM
- Australian uranium miner Paladin Energy (PALAF.PK) fell as much as 29% in Toronto on Friday after it canceled plans to sell a minority interest in an African mine, and instead raised funds through a private placement of shares.
- Paladin said it ended negotiations involving its Langer Heinrich miner in Namibia after it became clear it wouldn't get the price it wanted due to low uranium prices.
- A private placement of ~125M shares, ~15% of shares outstanding, is expected to raise A$88M ($77.9M).
Mar. 18, 2013, 12:02 PMLarge uranium miners team up with the Australian government and two Canadian provinces to press Canada to change Cold War era policy restricting foreign ownership to just 49% of uranium mines. "It's such an absurd situation," says Paladin Energy MD John Borshoff ... "an anachronism." URA -36% Y/Y. | 1 Comment
Dec. 12, 2012, 5:41 PMThe uranium business is still stuck in a rut more than 21 months after Fukushima, and there's little sign of a turnaround in 2013 as Japan's plans remain up in the air. Optimists point to long-term demand - 62 reactors under construction worldwide - and weak pricing and cost pressures that have ground many projects to a halt. Spot prices may have found a floor near $40/lb., but ~$60 is seen as breakeven. | 2 Comments
Nov. 7, 2012, 3:31 PMContinuing to be stung by the low price of uranium, Paladin Energy (PALAF.PK -3.2%) freezes development, hoping to save $60M-$80M in fiscal years 2013 and 2014. "Today the price is not justifying any development (though) everybody realizes that, even with development, there's a supply crisis moving forward," says CEO John Borshoff. Uranium producer ETF: URA -18.2% YTD. | 1 Comment
May 23, 2012, 9:19 AMUranium giant Cameco's (CCJ) planned effort to raise as much as $1B through a combination of securities may signal an upcoming acquisition, BMO Capital suggests, citing falling uranium equity valuations in recent weeks and CCJ's ample funding capability. Potential targets: Paladin Energy (PALAF.PK), Denison Mines (DNN), UEX Corp. (UEXCF.PK) | 2 Comments
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