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Paladin Energy selling 24% stake in flagship uranium mine for US$175M

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Paladin Energy selling 24% stake in flagship uranium mine for US$175M

Paladin EnergyLtd. struck a deal with a major player in the global nuclear powerindustry to sell a 24% stake in its flagship Langer Heinrich uranium mine in Namibia forUS$175 million.

The deal, which also includes long-term arrangements foruranium off-take, is expected to close in the fourth quarter, the company saidJuly 21.

The parties are preparing definitive documentation for thesale and off-take agreements.

Upon completion of the deal, Paladin will hold a 51% stakein the mine, and will continue to be the operator.

Paladin holds a 75% stake in the project and owns the remaining 25% of the Langer Heinrich project.

Meanwhile, the company signed a binding terms sheet withMGT Resources Ltd.for the sale of a 75% stake in the Manyingee uranium property, excluding the Carley Boredeposit, in two stages.

Upon closing, MGT will acquire a 30% initial interest inManyingee for US$10 million and will form a joint venture over the project withPaladin.

MGT will then have an option to acquire an additional 45% ofthe joint venture for US$20 million. The option will be exercisable for oneyear following the joint venture's preparation of a plan to conduct a fieldleach trial for uranium extraction by in-situ recovery.

Under the terms of this deal, MGT will also issue options toPaladin to acquire new shares equivalent to 5% of the former's share capitalfor a year from closing at 6 Australian cents each, and two years from closingat 8 cents per share.

Likewise, Paladin will issue options to MGT to subscribe fornew shares equivalent to 2% of the former's issued share capital for a yearfrom closing at 35 Australian cents per share, and two years from closing at 45cents per share.

The company recently said it was changing theLanger Heinrich uranium mine plan in a bid to substantially reduce costs. As aresult, the company's annual production and cost guidance for fiscal 2017 isnow under review.