Paladin sells Australian non-core exploration projects

Source: Paladin Energy

Uranium company Paladin Energy has offloaded several of its non-core Australian exploration assets to Uranium Africa for $2.5 million.

According to Paladin, the assets sold include the Oobagooma project in Western Australia and the Angela/Pamela project in the Northern Territory. The company’s interest in the Bigrlyi project in the NT has also been sold.

“These assets are considered by the company to be non-core and it is unlikely that the company would be in a position to conduct any meaningful work developing these assets within the next decade,” Paladin said in an ASX statement.

Paladin expects the sale will also lead to annual savings due to a reduction in rates, rentals and statutory commitments that are required at the tenements.

Meanwhile, Paladin announced that the shareholding it owns in uranium explorer Deep Yellow has been sold for $2.6 million.