Bloomberg reported Paladin Energy Ltd. (ASX:PDN) gained the most in seven months in Sydney trading after signing a six-year supply deal.
As quoted in the market news:
The shares rose 10 percent to A$1.39, the biggest gain since Jan. 17, while Australia’s benchmark S&P/ASX 200 Index declined 0.3 percent.
Paladin, operator of the Langer Heinrich mine in Namibia and the Kayelekera project in Malawi, will receive an initial $200 million payment, allowing the company to repay debt, the Perth-based company said today in a statement. The company, which is developing assets in Australia, Canada and Niger, forecasts that uranium prices will climb this year.