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Uranium stocks melt down on new ‘resources nationalism’ push

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Namibia’s plan to nationalise a portion of its mines smashed some ASX stocks and comes just weeks after Chile threatened to do the same to its lithium sector.

Investors wiped 20 per cent off the market value of ASX-listed uranium miner Paladin Energy on Tuesday following a threat by Namibia to nationalise some of its natural resources.

“We are making a case that local ownership must start with the state, which holds ownership of our natural resources,” he said, according to Bloomberg. Paladin expected first production from Langer Heinrich to resume early next year. It was unclear on Tuesday whether that schedule would change in light of the government’s plan. Paladin’s partner in Langer Heinrich is the China National Nuclear Corporation.

 

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