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Paladin in no rush for sale
The West Australian

Paladin Energy chief executive John Borshoff has refused to be drawn on a time frame for the sale of a minority stake in its Langer Heinrich uranium mine, only saying it is "progressing".

The miner has been looking for a buyer for the Namibian mine since August when it was forced into a heavily discounted $88 million capital raising. Rumours were circulating late last year that a deal could be wrapped up before Christmas.

But Mr Borshoff, who is putting the final touches on the company's quarterly report due out this week, said yesterday there was no time frame for the sale.

"Things are progressing and we will see what the next month or so will bring," he said.

Paladin yesterday released an update for its Manyingee deposit, 80km east of Onslow.

The project now holds an inferred and indicated resource of 25.9 million pounds at an average grade of 850ppm, making it WA's fifth biggest uranium project.

Mr Borshoff said the project was still a long-term prospect and further developments would be outlined next year.

Speaking on the uranium price, which continues to hover around historic lows of $US34.50/lb, Mr Borshoff said he was confident of a turnaround this year.

The uranium price has caused severe capital flow problems for Paladin, and despite analysts and uranium miners predicting a recovery last year, it is yet to eventuate.

"It's unsustainable at the moment," Mr Borshoff said.

"Everyone has declared a moratorium on new projects. It's all hanging by a thread and at some point this year it has got to turn."