Paladin Energy, operators of Kayelekela Uranaium Mine in Karonga Malawi and Langer Heinrich in Namibia has filed for insolvency at the Australian high court after the company failed to pay a debt of USD277 million to a France based company called Electricite de France, The Southern Times reported. Kayelekera Uranium Mine in northern Malawi was the country’s only large-scale mining operation. But for more than five years, the mine is not operating and is under ‘care and maintenance’ because of global low uranium prices. Malawi awarded a 15-year license to Paladin to mine uranium in Kayelekera in April 2007. In return, Paladin agreed to build a school, a clinic and rehabilitate the airport, among other promises. Economics Association of Malawi (Ecama) president, Henry Kachaje agreed with Gondwe saying the resumption of the mine is a mirage. “The company was not profitable and filing for insolvency and the appointment of administrators is meant to protect shareholders, clients and creditors,” Kachaje said. The development comes at a time when Malawi launched its first ever extractive sector transparency report, which showed that the sector raked $8 million into state coffers. Read more.