Chamwe Kaira
Paladin Energy has reduced its syndicated debt facility from US$150 million (about N$2.7 billion) to US$110 million (about N$2 billion) as the company strengthens its balance sheet during the production ramp-up at the Langer Heinrich Mine.
The company said the original US$150 million facility was signed on 24 January 2024 with Nedbank Limited and Macquarie Bank Limited.
Nedbank Corporate and Investment Banking acted as lead arranger and bookrunner for the lenders.
The details were published in Paladin Energy’s management discussion and analysis report for the quarter ending 31 March 2026.
Paladin completed the restructuring of the facility on 19 December 2025 after raising A$400 million (about N$4.8 billion) through equity raises completed in September and October 2025.
The company stated that the restructuring aimed to “right-size” its debt profile, enhance financial flexibility, and boost undrawn debt capacity.
Under the revised structure, the facility now includes a US$40 million amortising term loan, about N$730 million, maturing on 28 February 2029.
The previous term loan stood at US$100 million, about N$1.8 billion.
Principal repayments during the quarter reduced the outstanding balance to US$36 million, about N$655 million, by 31 March 2026, down from US$86.5 million, about N$1.6 billion, at the end of June 2025.
The revised facility also includes an undrawn US$70 million revolving credit facility, about N$1.3 billion, maturing on 28 February 2027 with options for two one-year extensions.
The revolving credit facility previously stood at US$50 million, about N$910 million.
The debt facility is secured by assets held by Paladin Finance Pty Ltd and Paladin Nuclear Pty Ltd, including shares and intercompany loans linked to the company’s Namibian operations.
Paladin said the Langer Heinrich Mine continued ramp-up activities during the quarter as operations moved from processing stockpiled medium-grade ore to primary mined ore.
Commercial production at the mine resumed in March 2024 after refurbishment work, with the first uranium oxide shipments recorded at the start of the 2025 financial year.
Mining activities during the quarter focused on the G pit.
Total mined material increased by 12% quarter-on-quarter to 6.17 million tonnes following the completion and commissioning of the remaining mining fleet.
Crusher throughput reached 1.21 million tonnes at an average ore feed grade of 503 parts per million.
Uranium oxide production reached 1.29 million pounds at an average recovery rate of 92%.
Paladin said plant performance remained stable and ramp-up activities are expected to be completed by the end of the 2026 financial year.
