South African ECA insures Malawian uranium mine project

(Marketwire, Perth, 13 February 2008) Paladin Energy has announced that bank approval and export credit from the Export Credit Insurance Corporation (ECIC) of South Africa have been obtained for the Kayelekera Uranium Project in Malawi. A resurgent interest in nuclear power is causing companies to race to provide radioactive fuel for an expected nuclear power renaissance. French President Sarkozy visited South Africa this week accompanied by 40 French business leaders, including the chief executive officer of Areva which built South Africa's Koeberg nuclear power plant and has bid against a consortium led by Westinghouse of the United States to build a second one. South Africa is suffering from energy shortages that have badly hurt its mining sector, and sees the expansion of its nuclear energy program as the way to solve the crisis in the long term.