Australia-based uranium production company Paladin Energy Ltd (ASX: PDN) expressed its deepest condolences to the people of Japan following the tragic events of Friday 11 March 2011.

“We are very saddened by the catastrophic events and extreme loss of life following the dual natural disasters of an earthquake and tsunami”, stated John Borshoff, Managing Director/CEO of Paladin.

“We are encouraged that Fukushima plant managers are making public safety their highest priority and although the situation remains of grave concern it seems to be progressing slowly towards stabilisation of the damaged reactors”.

The company said has had numerous queries regarding its business with Japan and the impact of recent events.

“While the company endeavours to work with all participants in the nuclear sector and is developing a regional diversified sales portfolio, it does not currently have a commercial relationship with Japanese utilities,” Paladin said.

Paladin has a strong balance sheet with US$251.8M in cash as of 31 December 2010; is on track to produce 6Mlb to 6.3Mlb U3O8 in FY 2011; and commissioning of Langer Heinrich Mine Stage 3 expansion to 5.2Mlb U3O8 will occur in April giving the Company an installed capacity to provide 8.5Mlb U3O8 pa.

The company said it continues to believe that the medium and long-term outlook for nuclear power remains positive and that recent events could further exacerbate the supply situation, ironically putting Paladin in an even better position with respect to global demand.

There are more than 440 nuclear reactors operating safely around the world and growth of the fleet is assured with the 62 reactors currently under construction, with further expansion forecast from the emerging nuclear economies.