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In five years, Perth-based Paladin Resources NL went from an obscure gold exploration company into one of the key players in Australia's emerging uranium industry and back to bitter obscurity. Paladin's Managing Director is John Borshoff, a geologist who spent nearly five years as chief executive of Uranerz, the Australian subsidiary of the German-based mining combine Uranerzbergbau. Uranerz closed its Australian operations in 1991, but Borshoff was able to acquire their massive database of Australian uranium geology. Paladin Resources NL was floated on the stock market in 1993, and its prime focus at this time was exploration for gold. But early in 1996, the Liberal-National coalition was elected to power. Their first environmental policy statement was to axe the ALP's infamous Three Named Uranium Mines policy and allow the industry to expand unhindered. Paladin turned aggressively to uranium exploration. In January 1997, the Paladin-Brightstar Joint Venture was formed with Uranium Australia (now known as Black Range Minerals NL) in order to secure uranium holdings around Australia. They now hold nearly 70% of the prospective ground in the Frome Basin in South Australia, not far from where the Beverley and Honeymoon projects are drawing insidiously toward full production. The JV partners also hold exploration licences in the NT and at Gascoyne and Ponton in WA. Paladin's boldest move came in June 1998. A company press release announced that Paladin had purchased the Manyingee and Oobagooma deposits from Cogema subsidiary Afmeco. With ownership of these deposits, Paladin's attention turned to preparations for mine development.
The slump in world uranium markets caught Paladin by suprise. Paladin Resources lost $2 million in the 1999 financial year and saw its share price shot to bits for most of the year. Paladin intended to bring the in-situ leach prospect at Manyingee to an Environmental Impact Statement within 12 months:
In March 1998, Paladin bought an 80% stake in the Kayelekera uranium deposit in the north of Malawi, a small, densely populated southern African country. Then in February 2000, Paladin signalled its growing unease with the anti-nuclear climate in Australia, buying 20% of Perth-based software company ST Synergy. The sharemarket seemed to approve, nearly doubling Paladin's share price to 15c (for a while). Paladin Resources announced on September 29 a $5.7 million deal to acquire 100 per cent of telecommunications company Netcare Corporation Pty Ltd. Paladinl changed its name to Netcare Corporation Ltd and raised up to $15 million to fund the rollout of its telecommunications network. A separate entity Paladin Energy Minerals NL (PEM), which listed a year later, houses the company's mineral assets, including the Kayelekera uranium project in Malawi. The company had seemingly abandoned hopes of bringing Western Australian projects on-line until recently, but 3 WA projects remain live, and there have been recent moves to expand WA holdings which suggest the directors believe their long wait to move to development may nearly be over. Manyingee – Paladin's former flagship Western Australian project. A plan has been developed to bring this project to full feasibility within a 3 year period. It is planned that this proposed In-Situ Leach(ISL) project will produce 500 tonnes of uranium oxide per year with a mine life of at least 10 years. Oobagooma - Paladin's second-string project, 73km north of Derby on E04/146 and 776 (overlapping). Still held legally by AFMECO c/- Paladin resources. Ponton E28/1523 , 160km east-north-east of Kalgoorlie, north of Cundeelee Aboriginal Reserve. Straddles the Queen Victoria Nature Reserve, which is also listed on the National Estate Register (site NER/9706) as the Queen Victoria Spring Nature Reserve, applied for 09/12/04.Updated August 2005
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'Grand Central' L1, 26 Railway Road http://www.paladinresources.com.au Directors Mr Rick W Crabb (Chairman, Director)Mr John Borshoff (Director, Managing Director) Mr Ron Chamberlain (CFO) Mr George Pirie (Director) Mr Ian Noble (Director) Mr Sean Llewelyn (Independent Director) Website : Email :
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the Anti-Nuclear Alliance of Western
Australia
email robin@anawa.org.au |
