Paladin Energy Ltd, listed on Australian, Canadian and Namibian stock exchanges, announced on December 15, it has repurchased $6 million of its convertible bonds.

The convertible bonds will mature in 2017 with an interest rate of 6%, said the uranium mining company who owns 75% of Langer Heinrich mine in Namibia.

Repurchasing the bonds cost about $5.6 million and will help the company, which used various funding to re-launch its activities on uranium, save a billion dollars.

In Africa, Paladin Energy Ltd also owns 85% of the Kayelekera mine in Malawi where it plans to soon complete feasibility study and restart production at the mine which is under maintenance.