John Borshoff leaves Paladin Energy and its shares soar

John Borshoff. Supplied

John Borshoff, the founder of uranium miner Paladin Energy, is stepping down as CEO after 21 years.

Alexander Molyneux, a senior mining industry executive with uranium experience, has been appointed interim CEO.

The board of directors acknowledged Borshoff’s dedication and significant contribution to Paladin. Borshoff will assist with the transition for the next six months while the company searches for a permanent CEO.

A short time ago Paladin shares were up more than 11% to $0.20.

The uranium industry in general was given a boost by Japan restarting one of its nuclear power plants, the first since the 2011 tsunami which caused a partial meltdown in Fukushima province. Japan switched off its 50 nuclear reactors following the disaster.

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