Paladin Energy Sells Minority Interest in Langer Heinrich

Paladin Energy Ltd (TSX:PDN, ASX:PDN) signed an agreement on 18 January 2014 to sell a 25% joint-venture equity stake in its flagship Langer Heinrich uranium mining operation in Namibia to China Uranium Corporation Limited, a wholly owned subsidiary of China National Nuclear Corporation (CNNC), the leading Chinese nuclear utility, for consideration of US$190M.

According to Paladin’s news release:

The offtake component of the agreement will allow CNNC to purchase its pro-rata share of product at the prevailing market spot price. There is also an opportunity for Paladin to benefit by securing additional long term offtake arrangements with CNNC, at arm’s length market rates, from Paladin’s share of Langer Heinrich production.

Click here to view the full press release.