URANIUM STAKE IN AUSTRALIAN MINE SOLD

Uranium One sells Paladin stake

KATE EMERY, The West Australian June 9, 2010, 9:21 am

Paladin Energy's Namibian operation.NO COPYRIGHT / Paladin Energy ©

Just over a month after Uranium One emerged on the register of Paladin Energy, prompting takeover speculation, the Russian-controlled miner has sold its 3 per cent stake.

In a statement today Paladin said it “welcomed” the news that Uranium One had sold its recently-acquired stake.

The Toronto Stock Exchange-listed Uranium One made the announcement overnight.

“Importantly this leaves Paladin as the only fully independent, publicly listed pure uranium producer in the world,” Paladin said in a statement.

Paladin revealed that Uranium One was building a stake in the miner early last month, sparking speculation it could have the African-focused miner in the crosshairs.

Shares in Paladin were 2¢ lower to $3.75 by 9.20am.

Paladin has long been regarded as a takeover target because it is one of the few mid-tier uranium producers in the world.
Sourced & published by Henry Sapiecha

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