- Paladin Energy (PDN) makes an official decision to bring the Langer Heinrich mine in Namibia back into production
- The company will conduct general repairs to bring the existing process plant into operation and will also aim to improve its efficiency
- The first production from the mine is slated for the March quarter of 2024
- Paladin has increased its total project capital expenditure guidance from US$87 million (A$127.8 million) to US$118 million due to inflationary pressure and brought forward work
- Shares in Paladin Energy are down 1.18 per cent to 62.75 cents at 10:24 am AEST
Paladin Energy (PDN) has made an official decision to bring the Langer Heinrich mine in Namibia back into production.
The company will conduct general repairs to bring the existing process plant into operation and will also aim to improve its efficiency.
Paladin is busy mobilising a project workforce to the site and is now focussing on engineering and design works, purchasing materials and equipment, and preparing to start construction.
Paladin CEO Ian Purdy said the decision to restart the mine was supported by a strong uranium market and Paladin’s current offtake agreements.
“The Langer Heinrich Mine remains a low-risk, robust, long-life operation that is poised to take advantage of the improving uranium market conditions and deliver sustainable value creation for all our stakeholders,” Mr Purdy said.
The first production from the mine is currently slated for the March quarter of 2024.
Paladin has increased its total project capital expenditure guidance from US$87 million (A$127.8 million) to US$118 million due to inflationary pressure and work being brought forward to supply power and water to the site.
However, the company said it would provide 100 per cent of the project’s funding, if required, through priority loans.
Shares in Paladin Energy were down 1.18 per cent to 62.75 cents at 10:24 am AEST.