The administrators of Paladin Energy have entered into an agreement with Deutsche Bank to refinance some of the troubled uranium miner’s debt and fund ongoing work at the Langer Heinrich mine in Namibia.

Under the agreement, Deutsche Bank will acquire an existing $US20 million revolving credit facility with South Africa-based Nedbank and increase it to $US60 million, with a term of 12 months.

About $US45 million of that facility will be available for Paladin and joint venture partner CNNC Overseas Uranium Holdings to draw down on to fund working capital needs at Langer Heinrich, while the remaining $US15 million will be made available to Paladin and KPMG as its administrators to fund general corporate needs.

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