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Paladin proceeds with Malawi mine

URANIUM miner Paladin Resources Ltd has agreed to proceed with construction of its second new mine after negotiating a development agreement with the government of Malawi, which has taken a 15 per cent stake in the project. The decision follows completion of a bankable feasibility study, which concluded the Kayelekera project would cost $245 million. The annual output of the Kayelekera mine has been increased from 2.3 million pounds per annum to 3.3 million pounds, which will enable Paladin to exploit current record uranium prices. The bankable feasibility study was conducted by engineering firm GRD Minproc, which managed the design and construction of Paladin’s Langer Heinrich mine, currently being commissioned in Namibia. The agreement with the Malawi government involved a package of measures, with Paladin benefiting from lower tax and royalty rates. The corporate tax rate has been reduced from 30 per cent to an effective 27.5 per cent, and the 10 per cent resource rent tax in Malawi reduced to zero.

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