Paladin ready to mine uranium in Nam

WINDHOEK - Paladin Resources Ltd has obtained bank approval for the debt component of the funding required to develop the Langer Heinrich Uranium Project in Namibia.

Paladin announced on Monday that it has accepted credit

committee-approved offers of financing totalling US$71 million

(about N$461,5 million), consisting of a seven-year project finance

facility of US$65 million and a standby cost overrun facility of

US$6 million.

The company said these facilities are being provided by Societe

Generale Australia branch (as lead arranger), Nedbank Limited and

Standard Bank of South Africa Ltd.

 

Drawdown on the financing is subject to completion of legal due

diligence and documentation, and fulfilment of other conditions

usually attached to this type of funding.

 

"This project-financing approval has been concluded only three

weeks after the mining licence was granted by the Namibian

Government.

 

This has been achieved as a result of the large amount of

preceding work that had been carried out to secure debt funding and

the focus and dedication by all involved," the Australian mining

company said.

 

According to the company, the Langer Heinrich Project is already

in its construction phase and site works are scheduled to start in

September.

 

The early-stage project development is currently being serviced

by funds raised via private placement in April this year.

 

With debt funding now in place, the company plans to raise

further equity for the balance of funds required to enable project

completion and provide sufficient working capital for the mining

start-up and the production ramp-up period.

 

-Nampa

 

The company said these facilities are being provided by Societe

Generale Australia branch (as lead arranger), Nedbank Limited and

Standard Bank of South Africa Ltd.Drawdown on the financing is

subject to completion of legal due diligence and documentation, and

fulfilment of other conditions usually attached to this type of

funding."This project-financing approval has been concluded only

three weeks after the mining licence was granted by the Namibian

Government.This has been achieved as a result of the large amount

of preceding work that had been carried out to secure debt funding

and the focus and dedication by all involved," the Australian

mining company said.According to the company, the Langer Heinrich

Project is already in its construction phase and site works are

scheduled to start in September.The early-stage project development

is currently being serviced by funds raised via private placement

in April this year.With debt funding now in place, the company

plans to raise further equity for the balance of funds required to

enable project completion and provide sufficient working capital

for the mining start-up and the production ramp-up period.-Nampa

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