Australian listed uranium company, Paladin Energy Limited announced the completion of its 85% stake in the Kayelekera Uranium Mine, selling to 2 buyers namely Lotus Resources Limited (65%) and Lily Resources Pty Ltd (20%).

A statement signed by Paladin Chief Executive Officer, Ian Purdy, said the company’s total cash spent for 2021 financial year is forecast to be less than $10 million. “The completion of the sale is a positive step forward for Paladin and one which will deliver significant financial benefits to the company. We can now prioritise our efforts and resources on maximising the value of our world class Langer Heinrich operation.

The mining firm, will however, hold the interest on trust pending receipt of the final in-country approvals. Paladin suspended production at its Kayelekera Uranium Mine in 2014 for a care and maintenance exercise, then 6 years later sold its stake in the mine for $5 million, comprising $200,000 in cash and $4.8 million in Hylea shares.