Paladin to retain Langer Heinrich
Australian uranium production company, Paladin Energy will retain Langer Heinrich Mine, after CNNC Overseas Uranium Holding (COUH) decided not to exercise its option to acquire Paladin’s share of the mine.
The potential option in favour of CNNC, if it was validly exercised, could have entitled COUH to acquire Paladin´s 75% interest in the Langer Heinrich Mine.
According to the statement on the Namibia Stock Exchange (NSX) platform this week, on enquiry, COUH confirmed its decision applies to further restructuring related option triggers.
“The Administrators will work with COUH to try formalise COUH´s communications of its decision,” the statement read.
Matthew Woods, joint and several administrator noted “we appreciate COUH´s display of support as the joint venture partner. We will work with COUH to preserve the value of the Langer Heinrich Mine and to minimise operating risk. COUH´s decision allows a solid platform for a restructure of the group in the best interest of all stakeholders”.
As announced on 3 July 2017, the Company appointed administrators and the convening period for the administration was extended on 28 July 2017 to 29 September 2017.
Meanwhile, Paladin expects its shares to remain in trading suspension for at least such time as it takes to resolve the administration process and potentially longer.