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Paladin Shares Rise After Uranium Has First Gain Since June

By Rebecca Keenan

Oct. 15 (Bloomberg) -- Paladin Resources Ltd., the Australia- based owner of a uranium mine in Namibia, rose by the most in more than a month in Sydney trading after the price of the nuclear fuel advanced for the first time since June.

The price of uranium for immediate delivery rose $3, or 4 percent, to $78 a pound, Denver-based TradeTech LLc said Oct. 12 in a weekly report. It has fallen from a record $138 in June as utilities cut demand and the U.S. auctioned additional supplies.

``I have been talking to some big funds recently that were just waiting for the signal of the turnaround in the uranium price,'' John Borshoff, Perth-based Paladin's managing director, said by phone from Geneva. He's in Switzerland while making presentations to investors in Europe.

Paladin rose 59 cents, or 8.7 percent, to $7.36 on the Australian Stock Exchange at the 4:10 p.m. Sydney time close. It was the biggest percentage gain since Aug. 20 when the stock rose by 11 percent to $5.50.

To contact the reporter on this story: Rebecca Keenan in Melbourne at [email protected]

Last Updated: October 15, 2007 02:58 EDT