# Paladin Energy

Paladin Energy Ltd is a Western Australian based uranium production company.
It currently has one operating mine in Africa; the Langer Heinrich Mine (LHM) in Namibia. Paladin was listed on the Australian, OTC and Namibian Stock Exchanges, as well as the Munich, Berlin, Stuttgart and Frankfurt Exchanges. It also owns deposits in Western Australia.

## History

In February 2009, Paladin completed the takeover of Fusion Resources, adding the Duke Batman and Honey Pot deposits to the existing Mount Isa project area. The capacity of the LHM operation has been successfully expanded to a production rate of 5.2Mlb per annum.
According to diplomatic cables leaked in 2010, BHP Billiton attempted to lobby the Australian government in order to block the Aluminium Corporation of China (Chinalco) investment in Rio Tinto.
In 2012, Paladin joined forces with Rio Tinto to block the sales of BHP Billiton's Australian uranium deposit to Canadian mining company, Cameco.
Founder of Paladin, John Borshoff stepped down as CEO in 2015 as part of a board decision. Alexander Molyneux, took over as interim CEO of the company. In 2016, The Australian reported that Paladin may be in talks with Russian owned ARMZ Uranium Holding as well as China National Nuclear Corporation. CNNC is a 25% owner in Paladin's Namibian mine Langer Heinrich.
Paladin posted a loss of $22,9 million after tax in the six months to 31 December 2015.
In 2016, Paladin announced the sale of non-core Australian exploration assets to Uranium Africa. The value of the sale was A$2.5 million and included the Oobagoma project in Western Australia and Pamela/Angela project in the Northern Territory.
In July 2017, Paladin filed for insolvency, due to its high debt and consistently low uranium prices. The stock was also delisted from the Toronto Stock Exchange. To pay its debt, Paladin made a debt-for-equity swap on 2 February 2018, with 98% of its shares being transferred to its creditors. Its shares were subsequently reinstated for trading on the Australian Securities Exchange on 16 February.
In June 2018, former Newcrest executive Scott Sullivan was appointed to take over the CEO responsibilities from Alexander Molyneux.
On 24 June 2024, Paladin Energy announced a deal to purchase a Canadian mining development company, Fission Uranium Corp., for $1.14 billion. On 18 December, the federal Canadian government approved the deal after conducting a national security review under the Investment Canada Act. The deal was completed on 23 December.

## Uranium projects

The company's uranium projects include Langer Heinrich in Namibia and Manyingee in Western Australia. Each of these projects had feasibility studies carried out by previous owners during the 1980s, and Paladin secured them at low cost during the depressed uranium market.

## African focus
### Namibia

Paladin's Board approved the development proposal at a capital cost of US$92M in 2005; site works began in September 2005;and, the project construction was completed on time and within budget. The mine was officially opened by the President of the Republic of Namibia in March 2007.
In July 2016, it was reported that Paladin was looking to sell a further 24% stake in the Langer Heinrich Mine to an unnamed buyer.
In subsequent reports, it was stated that the buyer would be a division of the state-owned China National Nuclear Corporation (CNNC). The value is expected to be $175 million. However, in December 2016, Paladin reported that the sale had been delayed.

### Malawi

The uranium development in Malawi has been besieged by issues and international media attention since 2008. A report presented by the United Nations Human Rights Commission argued that Malawi would lose money and resources over the life of the mine.
In 2014, Paladin suspended production at Kayelekera, citing lowered uranium prices at the reason for suspension.

## Canada

In 2015, the Canadian Federal government granted an exemption to the current regulations on foreign ownership of active producing mines in Canada. Paladin was granted the right to have a majority ownership stake in the Michelin uranium mine, located in Newfoundland. Paladin was able to secure the exemption by demonstrating that no suitable Canadian owned company was attracted to the venture.

## Australian uranium mining ban

A uranium mining ban dating back to 1989 had been in place, hindering the group's Australian activities for more than a decade. This ban was overturned in October 2012, paving the way for firms like Paladin to take advantage of the vast resources available; exploration had not been prohibited and thus the reserves have been targeted and are ready for mining.
However, it was not all of Australia that lifted the ban. In 2015, the Government of Queensland reinstated the ban on all uranium mining activity. South Australia is still undertaking research into the effect of uranium mining in the state. Mining is still banned in New South Wales, Victoria and Tasmania.
Paladin owns the Valhalla deposit with both measured and indicated uranium resources of 24,425tU.

## Corporate governance

* Cliff Lawrenson – Chairman – Non-executive (Corporate)
* Ian Purdy – CEO (Commercial / Mining / Finance)
* Peter Main – Director – Non-executive (Finance)
* Peter Watson – Director – Non-executive (Technical)
* Joanne Palmer – Director – Non-executive (Finance)
* Melissa Holzberger - Director - Non-executive (Corporate
* Jeremy Ryan - Company Secretary
* Anna Sudlow – Chief Financial Officer