Paladin Energy
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| Type | Public (ASX: PDN)(TSX: PDN) |
|---|---|
| Industry | Energy, Mining |
| Founded | 1993 |
| Headquarters | Perth, Western Australia |
| Key people | John Borshoff, Managing Director/CEO |
| Products | Uranium |
| Revenue |  $11.2 Million USD (2007) |
| Website | www.paladinenergy.com.au |
Paladin Energy Ltd., formerly Paladin Resources Limited is Australia's second biggest sole uranium mining company behind Energy Resources of Australia, which is majority owned by mining giant Rio Tinto. It is headquartered in Perth, Australia.
The main focus of Paladin is the identification and development of uranium deposits in Australia and overseas. Paladin has control of two of the most advanced uranium mines in Africa. Its Langer Heinrich Mine started producing yellowcake in late 2006; it currently produces 3.7Mlb per year.[1] The Kayelekera Mine in Malawi achieved commercial production in July 2010.
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[edit] History
Paladin's history can be traced back to 1970 when Uranerz (Germany) set up operations. The company was interested in uranium, gold, base metals copper, platinum, and diamonds. Uranerz eventually lost interest in its Australian operations and when they packed up John Borshoff acquired their significant database. He then formed Paladin in 1993 and he listed the company on the Australian Securities Exchange and the Toronto Stock Exchange.
[edit] Criticism
Paladin Energy has a uranium mine in the northern district of Karonga in Malawi and has been accused of exploiting workers.[2] Malawian workers have accused them of grossly unequal pay between Malawian workers and expatriate workers. The company was awarded a 15 year contract and are only reimbursing the Malawi government 15% and received a resource tax break and corporate tax break.[3] A community based organization has petitioned the Malawi government to have access to information that will enable them to monitor mining activities for compliance with fundamental human rights (including health risks) and labor standards. The Karonga Natural Resources Development Committee chaired by Geoffrey Du Mhango was charged with overseeing the infrastructure and environmental impact being as a result of a uranium mining. Karonga.[4][5]. Serious public concern was first brought to light by a 2006 paper published by researcher Martin Mkandawire entitled, ‘‘The Kayelekera uranium mining activity: Economic benefit and environmental dangers’’. During the time of the negotiations the Minister of Energy and Mining was Henry Chimunthu Banda and the Minister f finance, Goodall Gondwe.[6].
[edit] Corporate Governance
- Rick Crabb – Chairman - Non-Executive (Legal/Corporate)
- John Borshoff – Managing Director/CEO (Technical/Commercial)
- Sean Llewelyn – Director - Non-Executive (Commercial/Finance)
- Donald Shumka – Director - Non-Executive (Finance)
- Peter Donkin - Director - Non-Executive (Finance)
- Philip Baily - Director - Non-Executive (Technical)
- Gillian Swaby – Company Secretary (Corporate)
- Garry Korte – Chief Financial Officer (Finance)
[edit] References
- ^ "Mining Journal - Paladin to raise US$300 million of convertible bonds". http://www.mining-journal.com/finance/paladin-to-raise-us$300-million-of-convertible-bonds. Retrieved 2010-10-31.
- ^ http://www.malawivoice.com/latest-news/paladin-energy-exploiting-malawian-workers/
- ^ http://www.malawivoice.com/latest-news/paladin-energy-exploiting-malawian-workers/
- ^ http://www.abc.net.au/lateline/content/2007/s1891379.htm
- ^ http://www.osisa.org/economic-justice/malawi/malawian-community-takes-miners
- ^ http://www.ecc-platform.org/index.php?option=com_content&view=article&id=1075:malawi-uranium-mining-sparks-controversy&catid=90:minerals-a-mining-news&Itemid=176
