#JustIn: Paladin, Deep Yellow calm spooked investors
Paladin Energy, majority shareholder in the Langer Heinrich Mine, and Deep Yellow, developer of the Tumas uranium project, have reassured investors and shareholders that they were not aware of any legislative changes in Namibia that would affect the ownership of their assets in the country.
This follows international news reports yesterday that government wants a stake in all mines in Namibia.
The reports triggered a slump in the share prices of, among others, Paladin and Deep Yellow.
Paladin had to halt trading in its shares on the Australian Stock Exchange (ASX) after its share price plunged nearly 20%. Deep Yellow closed 5.9% lower on the ASX than Monday.
Investors were spooked after several international global news sites quoted some of Alweendo’s opening remarks on Monday at the oversight workshop in Swakopmund on maximising the potential of the mining and energy sectors in Namibia.
According to Reuters and Bloomberg, Alweendo said: “We are making a case that local ownership must start with the state, which holds ownership of our natural resources.
“The proposed state ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum production, for which it does not have to pay.”
Paladin CEO Ian Purdy in a statement this morning said: “Paladin has regular ongoing dialogue with all relevant Namibian government ministries as it progresses with the restart of mining activities at the Langer Heinrich Mine. The Company confirms that it is not aware of any imminent proposed Namibian legislative changes that would affect the ownership of the Langer Heinrich Mine, in which Paladin holds a 75% interest.”
Deep Yellow’s CEO John Borshoff issued a statement yesterday, saying: “Deep Yellow interreacts constantly with relevant government ministries and departments and advises that it is not aware of any elevated discussions with industry regarding government equity in mining projects.”
Namibia Media Holdings (NMH) approached Alweendo for comment last night, but has received no response yet.
This follows international news reports yesterday that government wants a stake in all mines in Namibia.
The reports triggered a slump in the share prices of, among others, Paladin and Deep Yellow.
Paladin had to halt trading in its shares on the Australian Stock Exchange (ASX) after its share price plunged nearly 20%. Deep Yellow closed 5.9% lower on the ASX than Monday.
Investors were spooked after several international global news sites quoted some of Alweendo’s opening remarks on Monday at the oversight workshop in Swakopmund on maximising the potential of the mining and energy sectors in Namibia.
According to Reuters and Bloomberg, Alweendo said: “We are making a case that local ownership must start with the state, which holds ownership of our natural resources.
“The proposed state ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum production, for which it does not have to pay.”
Paladin CEO Ian Purdy in a statement this morning said: “Paladin has regular ongoing dialogue with all relevant Namibian government ministries as it progresses with the restart of mining activities at the Langer Heinrich Mine. The Company confirms that it is not aware of any imminent proposed Namibian legislative changes that would affect the ownership of the Langer Heinrich Mine, in which Paladin holds a 75% interest.”
Deep Yellow’s CEO John Borshoff issued a statement yesterday, saying: “Deep Yellow interreacts constantly with relevant government ministries and departments and advises that it is not aware of any elevated discussions with industry regarding government equity in mining projects.”
Namibia Media Holdings (NMH) approached Alweendo for comment last night, but has received no response yet.
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