Paladin hails MW power Transition
Uranium miner Paladin Energy Limited has hailed Malawi’s power transition from former president late Bingu wa Mutharika, who died of cardic arrest last Thursday, to the incumbent Joyce Banda.
Banda was sworn in on Saturday to become southern Africa’s first female president and the second on the continent after Liberia’s Ellen Johnson Sirleaf.
Paladin Energy managing director John Borshoff said the country has demonstrated stability and strenghth of its commitments to democratic principles at a time of national crisis.
The Australian Stock Exchange (ASX)-listed miner through its subsidiary Paladin (Africa) Limited owns 85 percent stake in Kayelekera Uranium Mine (KUM) in Karonga with the remaining stake held by the Malawi Government.
“As the most significant international investor in Malawi, Paladin is pleased to note the adherence of Malawi to its constitutional conventions and the smooth transition of power which occurred with the swearing-in of Mrs Banda as President,” said Borshoff.
He said Paladin looks forward to continuing to enjoy a close and cordial working relationship with the Malawi Government under Joyce Banda and wish her well for the future.
The company has since offered condolences to government and the people of Malawi who began a 10-day period of mourning of the late president.
In the quarter ending December 2011, output at the mine went up 90 percent largely as a result of the benefits obtained from the recent upgrade which significantly improved operating time.
At the same time, sales revenue increased by 50 percent to $173.4 million (K29.1 billion) as at the end of December 2011 from $115.8 million (K19.4 billion) in 2010 bouyed by higher sales volumes of 3.3 million pounds U3O8 compared to the December 2010 half year sales volume of 2.3 million pounds U3O8, according to financial report for the six months ended December 31 2011.
