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Paladin Energy Ltd (ASX:PDN) has said uranium production from its Langer Heinrich mine in Namibia is continuing broadly in line with expectations, despite numbers slipping in the December quarter as the ramp-up of the project progresses.
Langer Heinrich produced 638,409 million pounds (Mlb) triuranium octoxide (U3O8) during Q2 FY 2025, compared to 639,679 Mlb U3O8 in Q1 FY 2025, although this was still sitting within the revised production guidance of 3.0 – 3.6Mlb U3O8 for FY2025.
In November, the plant was shut down for improvement works, and in the following month, it recorded the highest monthly production volumes since the restart of commercial production in March 2024.
This December record comprised production of 308,604lb U3O8, with an average plant recovery of 88% for the quarter. The shutdown allowed for several achievements at the project, including a significant improvement in recovery rates and the stabilisation
of water supply to the plant.
In business terms, the December quarter was also pleasing as Paladin completed the acquisition of Fission Uranium Corp – whose focus is on the Paterson Lake South project in Canada – which has in turn boosted Paladin’s goal of becoming one of the world’s largest pure-play uranium companies.
(It has also listed on the Toronto Stock Exchange.)
“We continue to de-risk the operation, but recognise the LHM is still ramping up to full production and patience is required as our local team steadily achieves their goals,” Paladin CEO Ian Purdy while celebrating the company’s recent successes.
“The completion of the Fission acquisition and the addition of the PLS project during the quarter provides decades of future development opportunities for Paladin Canada.
“We are creating a leading Canadian development hub for the uranium sector, with exploration upside across all our properties in the Athabasca Basin and in Newfoundland and Labrador.”
Paladin shares shifted up on the news, and at 12:56 AEDT, they were trading at $9.14 – a rise of 9.46% since the market opened.
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