Paladin Energy
Paladin Energy (ASX: PDN) is a uranium production company with projects currently in Australia and two operating mines in Africa with a strategy to become a major uranium mining house.
Paladin Energy signs strategic MOU with China's CGNPC Uranium Resources
Thursday, August 05, 2010
Paladin Energy (ASX: PDN) has signed a wide ranging Memorandum of Understanding (MOU) with CGNPC Uranium Resources Co. Ltd (CGNPC-URC), setting a framework of co-operation between the two companies.
The strategic agreement is for long term sales of uranium, potential participation in Paladin’s growth strategies, and possible expansion of joint venture relationships in the Northern Territory with Energy Metals (ASX: EME).
CGNPC-URC, through the subsidiary China Uranium Development Company Limited, holds a 69.34% interest in Energy Metals.
Although this MOU is non exclusive, it provides a further platform from which Paladin can build upon.
John Borshoff, managing director/CEO, said Paladin has a strong project development pipeline and remains the only fully independent publically listed uranium company with a geographically diversified production base.
CGNPC-URC is the wholly owned subsidiary of China Guangdong Nuclear Power Holding Corporation (CGNPC). CGNPC is the premier nuclear utility in China and its reactor build programmes will account for about 50% of China’s anticipated growth in nuclear power to 2020.
CGNPC-URC is a wholly owned affiliate of CGNPC responsible for uranium procurement either through purchase of uranium product or development of new mines.
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