Chinese Get Approval for Langer Heinrich Stake

AllAfrica |

THE sale of minority interest in Langer Heinrich Paladin Energy to China Uranium Corporation Limited has received all required regulatory approvals, it was announced yesterday.

The move has satisfied the conditions for the completion of the US$190 million purchase of the 25\% joint venture interest in the Langer Heinrich Mine in Namibia, the announcement said.

"Settlement will take place on 23 July and a high level Chinese delegation will be in attendance in Perth for the signing/settlement ceremony. The company nominated by China Uranium Corporation Limited as the party to the transaction is CNNC Overseas Uranium Holding Limited," said John Borshoff, CEO of Paladin Energy. Paladin also operates a uranium mine in Malawi.

The Langer Heinrich mining operation commenced uranium production in 2007 and has subsequently undergone two stages of expansion. It was the first successful conventional uranium mining operation to have been built in the world since 1992 when Areva established its McLean Operation in Canada.

Langer Heinrich has a current design capacity of 5,2 million pounds of uranium concentrate per annum and is targeting 5,7 million pounds of production this year.

The mine has a 20 year mine life and, given sufficient uranium price incentive, is capable of being expanded further to produce approximately 8,5 million pounds of uranium oxide per annum.

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