Paladin bought 530,000 LB uranium on the spot markPaladin bought 530,000 LB uranium on the spot market
A smart move...BUY Low...Sell high..
====================================================================
Jamie Freed
August 27, 2008
PALADINENERGY has kick-started its new Paladin Nuclear marketing arm by buyinguranium at $US60 ($70) a pound on the spot market in expectation thenuclear fuel's price has bottomed.
The spot price of uranium, which had peaked at a record $US138 a pound last July, had fallen to $US59 in June.
After reporting a $US36 million loss yesterday broadly in line withmarket expectations, the managing director of Paladin, John Borshoff,said Paladin Nuclear had taken advantage of the price dip to purchase530,000 pounds on the spot market in June for $US31.8 million.
He said he thought the market had bottomed, as suggested by a recentrise to $US64.50 a pound after Cameco again delayed production from itsCigar Lake project in Canada.
...........