Paladin Energy Limited’s (ASX:PDN) Aurora Energy business will start drilling next year thanks to a local autonomous Inuit government lifting a moratorium on uranium development.
The vote to lift the three year ban will allow Paladin’s program to start mid-next year. Drilling is expected to start in the third quarter.
The uranium producer paid $US1.90 a pound for Aurora’s 137 million pounds of uranium oxide resources in February. It was a comparatively cheap price partly to do with the moratorium on uranium mining.
Paladin Energy Limited (ASX:PDN) reported a net loss of $82 million for the year to June 30, 2011.
