A September Quarterly Report by Paladin Energy Limited, says the company has now received noteholder consent for the sale of its 85% stake in Kayelekela mine, in which the Malawi Government, which owns 15% stake.

In July, Paladin Energy’s Chief Executive Officer Scott Sullivan, the company will be will be $10 million richer, after the sale of the mine. “The sale was a well considered move from us,” said the CEO, “Our primary asset is Langer Heinrich, that’s where we need to direct our resources because this is our flagship asset that we value in this market. Kayelekera is a good asset but it needs to be in someone’s ownership. Our return is investing cash in Langer.”

Kayalekera Mine sales has been considered by the company since financial calamity hit the mining firm; in 2017, Paladin filed for insolvency, citing failure to pay a debt of USSD277 million. By July this year, the company reported to be in its worst state as a confidential report stated that the company did possess a “moderate to high” financial risk.