Pictured: Former Paladin chief executive John Borshoff
As the April edition of Australia’s Paydirt is almost ready to hit the stands, we take a look back 10 years and find that John Borshoff graces the cover of April edition in 2010.
Borshoff, the then chief executive of Paladin Energy Ltd, was flying on the back of two uranium mines in Namibia and Malawi, respectively.
Paladin was trading at above $3.40/share during that time such was the interest in the uranium sector, however, 12 months later the devastating incident at Fukushima, Japan, turned the industry upside down.
There as been no recovery in the uranium sector and only a brave judge would attempt at predicting when there will be one.
Nevertheless, news that the world’s largest operating uranium mine – Cameco’s Cigar Lake – was being forced into care and maintenance by Canadian authorities triggered a spot price response in the market.
With the uranium price at $US27/lb, players in the space, including Australia’s yellow cake stalwarts, received some positive reactions even in difficult market conditions.
Uranium companies are used to challenging conditions and in our May edition we will explore if there is a new dawn approaching for the yellow cake industry.