Paladin Energy (TSX:PDN, Stock Forum) announced it had been notified today that China Uranium Corporation, a subsidiary of China National Nuclear Corporation – CNNC, has received all necessary regulatory approvals and customary conditions for the completiong of the US$190 million purchase of the 25% JV interest in the Langer Heinrich mine located in Namibia.
According to the news release, completion of the transaction is expected to take place on July 23, 2014 with a high-level delegation from CNNC to be present for the signing ceremony in Perth, Australia.
Paladin was in the news recently when the company provided an update on the Michelin Deposit mineral resource estimate four days ago.
Shares dipped 3.23% on the news to $0.30 per share.
Currently there are 964.4m outstanding shares with a market cap of $289.3 million.