Martin Endjala
Western Australia-based uranium mining company Paladin Energy Limited, has announced that uranium concentrate production and drumming were achieved at the Langer Heinrich Mine (LHM) on 30 March 2024.
This follows its announcement in January 2024 that the restart of the project at Langer Heinrich is now 93 percent complete, and commercial production is expected within the next few months.
Focus will now shift to production ramp-up and building a finished product inventory, ahead of shipments to customers, and as part of the transition to production, Paladin’s Chief Operating Officer, Paul Hemburrow will assume responsibility for all LHM activities.
Paladin is expected to provide guidance for the key 2025 financial year of LHM operational parameters in July 2024.
The company’s Chief Executive Officer, Ian Purdy said achieving the 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,” said the CEO.
With a return to production, a strong balance sheet and supportive uranium fundamentals, Purdy is adamant that Paladin is well-positioned to generate sustainable returns for all its stakeholders.
Paladin holds 75 percent ownership of the mine. The Langer Heinrich Mine’s annual uranium output is enough to supply over ten 1,000 Meter Water Equivalent nuclear power plants for a year.
Earlier in January, Purdy said total project capital costs are expected to be at USD125 million, up from the previous estimate of USD118 million, with all major construction costs committed and including additional contractor resourcing forecast during the commissioning phase.
The company executed a USD150 million syndicated debt facility on 24 January 2024, and this will provide increased capital flexibility as production ramps up. Operation of the mine had been suspended in 2018 due to low uranium prices.
