SOURCE: Paladin Energy Ltd

Paladin Energy Ltd

November 10, 2016 05:10 ET

Paladin Energy Limited: Update on Strategic Process

PERTH, WESTERN AUSTRALIA--(Marketwired - November 10, 2016) - Paladin Energy Ltd (Paladin or the Company) (ASX: PDN) (TSX: PDN) wishes to provide an update regarding the previously announced strategic initiatives including: the potential sale of a 24% interest in the Langer Heinrich Mine (LHM) for US$175M to CNNC Overseas Uranium Holdings Ltd (COUH); and the sale of a 75% interest in the Manyingee project to MGT Resources Ltd (MGT).

The definitive agreements contemplated in the non-binding term sheet for the potential sale of a 24% interest in LHM have not yet been executed with the result that it is no longer likely that the transaction will close by the end of the fourth quarter of CY2016. Discussions with COUH are ongoing.

The sale of an interest in Manyingee is now expected to close late in the first quarter of CY2017 or early in the second quarter of CY2017.

Yours faithfully,
Paladin Energy Ltd

ALEXANDER MOLYNEUX
CEO

ACN 061 681 098

Contact Information

  • For additional information, please contact:
    Andrew Mirco
    Investor Relations Contact (Perth)
    Tel: +61-8-9423-8162
    Mobile: +61-409-087-171
    Email: andrew.mirco@paladinenergy.com.au