Paladin Energy Ltd. (TSX: T.PDN, Stock Forum) said that the Queensland Government announced that it will convene an implementation committee to oversee the recommencement of uranium mining in Queensland, Australia.
According to the Paladin Energy press release, the ban on uranium mining was an ideological relic from a previous time.
Minister for Natural Resources and Mines, Andrew Cripps, said with Queensland’s known uranium deposits worth an estimated $10 billion, the industry has enormous potential to support economic growth.
“With a pro-uranium position, priorities can now be made on deposit quality and markets, and thankfully the politics of access will not be a key determinant of going forward,” said John Borshoff, Managing Director and CEO.
Paladin 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.
On Monday, Paladin’s stock was up 5.9% and was trading at $1.25 a share. The company has a market cap of $1.04 billion, based on 835.6 million shares outstanding. The 52-week high and low was $2.11 and $1.12 respectively.