Make Kitco Your Homepage

Malawi seeks more information on Paladin's Kayelekera sale

Kitco News

Editor's Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News