ASX uranium share Paladin Energy Ltd (ASX: PDN) is leaping higher on the market today.
The Paladin Energy share price is rising 2.34% to 54.8 cents. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.84% in the red.
Let's take a look at this ASX uranium share in more detail.
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What's going on?
Paladin shares are rising today after the company responded to media commentary on possible legislative changes in Namibia. Paladin has a 75% stake in the Langer Heinrich Mine, based in Namibia.
The company's share price tumbled yesterday amid media reports that the Namibian government is looking at owning a stake in mining operations within the country.
The country's mines and energy minister Tom Alweendo was quoted as saying:
We are making a case that local ownership must start with the state, which holds ownership of our natural resources.
In a release today, Paladin highlighted it is not aware of any "imminent" changes to the law that would impact ownership in the Langer Heinrich Mine.
Commenting on this issue, Paladin said:
Paladin has regular ongoing dialogue with all relevant Namibian Government Ministries as it
progresses with the restart of mining activities at the Langer Heinrich Mine.The company confirms that it is not aware of any imminent proposed Namibian legislative changes that would affect the ownership of the Langer Heinrich Mine, in which Paladin holds a 75% interest.
Paladin said the restart of the Langer Heinrich Mine is "on target" for maiden production in the first quarter of 2024.
Paladin Energy share price snapshot
The Paladin Energy share price has fallen 31% in the last year.
This ASX uranium share has a market cap of about $1.63 billion based on the latest share price.
