|By Marketwired .||
|January 20, 2014 07:00 AM EST||
PERTH, WESTERN AUSTRALIA -- (Marketwired) -- 01/20/14 -- Paladin Energy Ltd (TSX: PDN)(ASX: PDN) ("Paladin" or the "Company") is pleased to advise that it signed an agreement on 18 January 2014 to sell a 25% joint-venture equity stake in its flagship Langer Heinrich uranium mining operation in Namibia to China Uranium Corporation Limited, a wholly owned subsidiary of China National Nuclear Corporation (CNNC), the leading Chinese nuclear utility, for consideration of US$190M.
The offtake component of the agreement will allow CNNC to purchase its pro-rata share of product at the prevailing market spot price. There is also an opportunity for Paladin to benefit by securing additional long term offtake arrangements with CNNC, at arm's length market rates, from Paladin's share of Langer Heinrich production.
The respective Boards of Paladin and CNNC have approved the transaction. Completion is subject only to certain Chinese regulatory approvals (including the National Development and Reform Commission), which are expected to be obtained by mid-2014, and routine consents for the transaction from Paladin's project financiers and the Bank of Namibia. CNNC has agreed to pay a US$20M non-refundable deposit to Paladin.
The Langer Heinrich mining operation in Namibia commenced uranium production in 2007 and has subsequently undergone two stages of expansion. It was the first successful conventional uranium mining operation to have been built in the world since 1992 when Areva established its McLean Operation in Canada. Langer Heinrich utilises a unique alkaline leaching process developed by Paladin. Langer Heinrich has a current design capacity of 5.2Mlb of uranium concentrate per annum and, following successful optimisation and debottlenecking, Paladin is targeting 5.7Mlb of production in FY14. This de-risked operation has a current 20-year mine life and, given sufficient uranium price incentive, is capable of being expanded further to produce approximately 8.5Mlb per annum.
The Government of Namibia has been formally informed of the agreement between Paladin and CNNC, which will be of great significance to the future development of the country's vitally important uranium mining sector.
About China National Nuclear Corporation
Paladin is pleased to have been able to attract CNNC as a joint-venture partner given the stature of this highly regarded organisation in China and internationally and given its ability to develop, build and operate nuclear power plants. Having this highly respected member of the Chinese nuclear power industry participating in Langer Heinrich is a very significant and positive development for both the Company and for Namibia.
As a major force in the Chinese national nuclear technology industry, CNNC has a full range of nuclear-technology industries and plays an important role in developing national nuclear power and related power plants.
CNNC is mainly engaged in the scientific research and development, construction and operation in such fields as nuclear power, nuclear fuel cycle, nuclear technology application and nuclear environmental engineering, as well as foreign economic co-operation and import and export businesses. Currently, it also assumes the roles as one of China's major nuclear investors, key nuclear power technology developer, principal designer and general contractor for domestic nuclear power plants (both in operation and under construction), operating technology service provider and nuclear power plant exporter, domestic franchise supplier for nuclear fuel cycle, primary force of expertise in nuclear environmental engineering, and the backbone organ for nuclear-technology applications.
The Langer Heinrich Joint Venture between Paladin and CNNC represents a formidable partnership focused on advancing global uranium production. The joint venture will ensure, with increasing uranium prices, the long term growth and development of the globally important mining operation at Langer Heinrich. This development also reinforces the importance of Namibia in the global uranium mining context with the key Chinese nuclear organisations now represented in uranium production in Namibia. China has ambitious nuclear electrification programmes extending for decades into the future. Obtaining direct access to sufficient global uranium supply is an essential element for China to be able to safeguard and grow this strategically important sector.
Paladin has been successful in attracting a highly-respected organisation such as CNNC because of the Company's achievements within the conventional uranium mining industry. Paladin has achieved its operational targets and, importantly, introduced significant technological advancement to its treatment plants so that Paladin has now become a world leader in mining, processing and treatment of low to medium grade uranium ores. Paladin, through its enterprise and vision, rejuvenated the uranium industry in Namibia and its success caused many other companies to follow it to Namibia, from which further uranium discoveries and opportunities have been realised in this country.
The Managing Director/CEO of Paladin, Mr John Borshoff, said, "Paladin has conducted an exhaustive and wide-ranging process, which we are delighted to have concluded with the introduction of one of the world's leading nuclear industry participants into our world-class Langer Heinrich project. The significant cash injection from this minority interest sale will largely be applied to debt reduction, which the Board considers an essential step during a time of unprecedented low uranium prices. This will help stabilise the Company, establishing an incredibly strong platform that will enable us to maximise the value of our assets and ensure increased production of much needed uranium once the price is sufficient to support the planned future growth of nuclear energy in China and elsewhere."
Mr Borshoff added: "Having already developed a solid relationship with what is currently the world's largest nuclear utility Electricite de France (EdF), Paladin has now established an important strategic long term relationship with CNNC, which will become a major participant on a global scale in the nuclear electrification industry. This is the next key step in building our Company and has far reaching positive implications both for Paladin and CNNC".
The Director-in-General, Department of Geology and Mining of CNNC Mr Du Yunbin stated, "I do believe, through the investment in the Langer Heinrich project, CNNC and Paladin will develop a long-lasting business relationship which is beneficial to each other and also bring long-term influence to the global uranium mining industry. We treasure this valuable business opportunity with Paladin. In accordance with CNNC's "open, inclusive, co-operative and win-win" corporate principles we are looking forward to having further prosperous co-operation with Paladin."
Paladin is being advised by financial advisers JPMorgan Australia Limited and Leonardo & Co (Paris) and by legal advisers Herbert Smith Freehills.
Paladin is a publicly-listed company with listings on the Australian, Canadian and the Namibian stock exchanges and has its headquarters in Perth, Western Australia. The Company specialises in uranium exploration, project development and uranium mining operations. It is the only company in the world to have developed two modern conventional uranium mines in the past 20 years and is recognised for successfully applying innovative mining technologies to both its Langer Heinrich Mine in Namibia and its Kayelekera Mine in Malawi. Paladin has an installed capacity to produce a total of 8.5Mlb per annum from both these operations. While creating this production base over the past eight years, Paladin concurrently established a strategically important, geographically diverse, project pipeline to support future growth of its uranium production base. Paladin has succeeded in positioning itself uniquely amongst the major uranium suppliers of the world with demonstrated successful achievements and offers a proven platform from which to replicate the growth that it has achieved over the past eight years with minimal risk.
ACN 061 681 098
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 25, 2016 08:15 AM EDT Reads: 1,440
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Sep. 25, 2016 08:00 AM EDT Reads: 1,479
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Sep. 25, 2016 08:00 AM EDT Reads: 1,487
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 25, 2016 08:00 AM EDT Reads: 1,660
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Sep. 25, 2016 07:30 AM EDT Reads: 1,751
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 25, 2016 06:30 AM EDT Reads: 2,797
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Sep. 25, 2016 05:45 AM EDT Reads: 1,605
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 25, 2016 05:30 AM EDT Reads: 981
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Sep. 25, 2016 04:45 AM EDT Reads: 1,503
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 25, 2016 04:15 AM EDT Reads: 1,682
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 25, 2016 04:15 AM EDT Reads: 1,381
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 25, 2016 03:15 AM EDT Reads: 3,352
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 25, 2016 02:45 AM EDT Reads: 1,715
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 25, 2016 02:45 AM EDT Reads: 879
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Sep. 25, 2016 02:15 AM EDT Reads: 1,215