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Published report sourced by FaceofMalawi indicates that Paladin Energy Limited has sold Kayerekera Uranium Mine in Karonga to a Chinese firm.
The development comes barely 20 months after the company closed its operation at the site due to what the company said dwindling price of the commodity at world market.
The mining which has not benefited Malawians since it was opened 10 years ago is said to have been sold to a China National Nuclear Corporation.
Secretary for Natural Resources, Energy and Mining, Ben Botolo confirmed of the development in an interview with Daily Times.
According tom Botolo, Paladin disposed all its shares through the Australian Stock Exchange.
When pressed on the effects of the changes, Botolo remained coy on the deal.
“Look it depends on the investors themselves. If they see Malawi as their strategic point where the product will be marketable, they will invest in the country.
“That company is strategising how to operate. It may have a different mode of operating. We will see what will happen,” Botolo was quoted as saying.
Meanwhile economic expert in the country have expressed doubt if the country will benefit from the deal.
