Paladin snuffs out more debt

Uranium miner Paladin Energy on Monday announced a $81.4-million reduction in its total debt, following a one-off repayment, which was expected to provide combined savings of some $7-million. The dual-listed miner had reduced its total debt to $362-million through a number of initiatives, including the repayment and termination of a $56.4-million Langer Heinrich syndicated facility agreement, and a repurchase of $25-million of its outstanding $237-million 6% convertible bonds, due in 2017.