Paladin Energy Ltd has announced that uranium concentrate production and drumming were achieved at the Langer Heinrich Mine (LHM) on 30 March 2024.
The company said focus will now shift to production ramp-up and building a finished product inventory, ahead of shipments to customers.
As part of the transition to production, Paladin’s Chief Operating Officer, Paul Hemburrow will assume responsibility for all LHM activities.
Paladin said it will provide guidance for the 2025 financial year on LHM operational parameters in July this year.
“Achieving first production at the Langer Heinrich Mine is an important milestone for Paladin. I would like to thank all our staff and contractors for their hard work and dedication in returning this globally significant uranium mine to production. I would also like to thank the Namibian Government and our local communities in the Erongo region for their continued support. With a return to production, a strong balance sheet and supportive uranium fundamentals, Paladin is exceptionally well positioned to generate sustainable returns for all our stakeholders,” said Paladin CEO, Ian Purdy.
The operation of the mine had been suspended in 2018 due to low uranium prices. Paladin received export permits from the Ministry of Mines and Energy in Namibia for 2024.
The company is forecasting total project capital costs of approximately US$125 million (previously US$118 million). The company said recruitment of approximately 90% of the operations team, with all critical roles filled with experienced personnel.
Paladin has a geographically diverse offtake book, with seven offtake agreements executed with top-tier counterparties in the US, Europe and China.
The company held US$61.6 million of cash and cash equivalents as at 31 December 2023 (excluding restricted cash of US$1 million), and has no corporate debt at balance date. In January 2024 Paladin executed a US$150 million syndicated debt facility to provide capital flexibility.
Paladin Energy is an Australian listed, independent uranium company with proven operations performance over 10 years.
