Malawi seeks more information on Paladin's Kayelekera sale
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(Kitco News) - The Government of Malawi is seeking more information about Paladin's proposed sale of its Kayelekera Mine interest to Lotus Resources.
"Paladin has now received advice from the Minister of Natural Resources, Energy and Mining of additional obligations to be met prior to consent being granted. These include the provision of further tax reporting information, corporate social responsibility and environmental assurances and responses to labour-related queries," wrote the company in a news release released today.
Paladin (ASX:PDN) said the sale will results in it being released from $5 million in ongoing care and maintenance costs.
Lotus is paying $3.41 million for the mine, plus a 3.5% royalty.
Paladin also runs the Langer Heinrich Mine in Namibia, also under care and maintenance due to low uranium prices.