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.-NampaThe 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