8 November 2007
Company Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
Kayelekera Litigation Update
Project Proceeding on Schedule
The Board of Directors of Paladin Resources Ltd is pleased to announce that four of the six
Malawian Civil Society Organisations ("CSO’s") that commenced legal proceedings against
Paladin Africa Ltd and the Government of Malawi have settled their action on a positive and
amicable basis.
Each Party to the settlement has released each other from all actions and claims associated
with the litigation and each Party has agreed to not recommence litigation.
In reaching the settlement, the Parties that have settled engaged in constructive dialogue
which was facilitated by The Paramount Chief and the Chiefs of the Karonga Region.
Members of Parliament for the Karonga Region assisted in ensuring that the settlement
discussions addressed the matters of concern to the people of Karonga.
Notwithstanding that settlement has not as yet been achieved with all CSO's, Paladin is
confident that the alleged cause of action which was the basis of the action has now been
addressed. Further, the proceedings which were commenced were centred around an
affidavit from a member of one of the CSO's that has entered into the settlement.
Paladin's construction of the Kayelekera Uranium Project is to proceed without interruption or
modification. Construction is currently on schedule.
Under the settlement arrangements -
1. The Government of Malawi is to establish a working group to:
(a) review and make recommendations to amend the Mines and Minerals Act; and
(b) develop appropriate legislation with respect to the handling and transport of
radioactive substances,
PALADIN RESOURCES LTD
A.C.N. 061 681 098
GRAND CENTRAL 1ST FLOOR, 26 RAILWAY ROAD
SUBIACO WESTERN AUSTRALIA 6008
PO BOX 201, SUBIACO WESTERN AUSTRALIA 6904
TELEPHONE: (+61 8) 9381 4366 FAX: (+61 8) 9381 4978
EMAIL: [email protected]
Web: www.paladinresources.com.au
72896_1 2
in order to ensure Malawi has in place legislation which is to international best
practice by the time mining operations commence at Kayelekera. The CSO’s are to
be fully engaged in this process in order to obtain their views and opinions.
Paladin readily accepts these arrangements, as they reflect the Company’s stated
objective to meet international best practice in all its mining operations.
2. The Government of Malawi is to invite representatives of the CSO’s to join the
monitoring team which is to be established to monitor Paladin's environmental and
health obligations.
3. At the request of the Karonga community, the Government and Paladin have agreed to
amend the Social Responsibility Programme which had been agreed in the Development
Agreement. It is now agreed that US $8.2 million of the US $10 million which was to be
spent on a school and boarding facilities 3 years after the commencement of production,
is to be applied to the upgrading of the community water supply at Karonga. Physical
work will commence after detailed planning and tendering has been completed. Paladin
has agreed to immediately spend US $50,000 on emergency repairs.
4. All Parties have agreed that, in going forward they will engage in constructive dialogue
so as to ensure that there is a good understanding of the issues affecting each group.
The Paladin Board joins the Government and those of the CSO’s that have settled in
celebrating that this settlement represents a win for the Nation of Malawi and its people and
now the country can look forward to the establishment of an industry which will provide jobs
and national wealth generation, whilst operating to international best practice.
Yours faithfully
Paladin Resources Ltd
JOHN BORSHOFF
Managing Director
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