July 17 (Reuters) - Cameco Corp. (CCO.TO: Quote, Profile, Research), the world's No. 1 uranium supplier, may be preparing a takeover bid for Australian uranium miner Paladin Resources Ltd. (PDN.AX: Quote, Profile, Research) to boost its sources of supply, the Australian Financial Review said on Tuesday. Citing no sources, the paper said it understood at least one fund manager had been approached by parties representing Canada-based Cameco. It said Paladin was aware of the takeover speculation but had declined to comment.
The speculation comes as Cameco's overhaul of its flooded Cigar Lake uranium mine in Canada is set to take months longer than it previously expected, potentially delaying production to 2011.
The mine, which sits on one of the world's richest uranium deposits, flooded last year, putting additional pressure on global uranium supply as demand has soared.
The paper said a drop in Paladin's share price has made it a possible takeover target. The Australian company cut its production forecast for its main Namibian mine last month.
Paladin acquired fellow Australian uranium miner Summit Resources Ltd. (SMM.AX: Quote, Profile, Research) in April.
© Reuters 2007. All rights reserved.
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