by Greg Klein | August 10, 2015
Even with Japan’s first nuclear restart expected imminently, one of uranium’s staunchest evangelists might not be in the business long enough to see his predicted price hike. On August 10 Paladin Energy TSX:PDN announced that its board and managing director/CEO John Borshoff “agreed that Mr. Borshoff will step down from his role with the company.” He stays on for a six-month transitional period while Alexander Molyneux takes over as interim CEO.
Having founded Paladin over 21 years ago, Borshoff continued to guide it through the post-Fukushima period, suspending operations at the Kayelekera mine in Malawi and selling off 25% of its Langer Heinrich operation in Namibia to China National Nuclear Corp. All the time he both reassured investors and warned consumers that severe price hikes were coming. At times, however, he had to push back his forecast dates as the recalcitrant commodity resisted his predictions.
While Paladin struggled with African operations, its much bigger rival Cameco Corp TSX:CCO went to enormous effort to expand production with its Cigar Lake mine in Saskatchewan’s Athabasca Basin, home to the world’s highest grades.
A geologist with over 30 years’ experience in Australia and Africa, Borshoff previously worked for International Nickel, Canadian Superior Mining and Uranerz. As a result of his achievements, “Paladin has built a unique position in the uranium mining industry and he is recognized as a world authority in this realm,” the company stated.
Non-executive chairperson Rick Crabb credited him for “the vision, tenacity and spirit to create and lead Paladin.”