Paladin selling assets

DEBT ridden Paladin Energy has sold its shares in John Borshoff’s Deep Yellow for $A2.6 million as well as its Australian exploration assets, the latter for $2.5 million to a new venture associated with another former company executive.

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The exploration assets located in Western Australia and Northern Territory were bought by Uranium Africa, an unlisted Sydney based company that back in August appointed former Paladin executive general manager Mark Chalmers as a non-executive director.

Chalmer’s board appointment happened at the same time as Chinese national Zheng Shi B.L. was appointed non-exec chairman, and when David Brunt, Mark Goulopoulos and Antonio Mazzotta also got directorships at the company.

Geologist Brunt was the leader of the team that found the Beverly 4 Mile uranium deposits – for which he won the 2008 Prospector of the Year award – and co-founded Uranium Equities.

Chalmers was a former managing director at Urani...