Paladin Energy has announced that its Langer Heinrich Mine (LHM) has successfully reached its first production milestone following a restart.
This comes as the uranium mining giant announced that it had successfully raised N$169 million from a share purchase plan (SPP) aimed at funding the restart of operations at the Langer Heinrich uranium mine in May 2022.
The funding was secured from a pool of applications totalling over N$1.2 billion, which formed part of a larger N$2.4 billion fundraising initiative planned by the company. The mine restart project commenced early work activities immediately, with the goal of resuming uranium production at the mine in 2024.
The Mine had been placed under care and maintenance in 2018 due to adverse conditions in the uranium market.
The production and drumming of uranium concentrate was completed on 30 March 2024, marking a crucial step in LHM’s operational resurgence. With this accomplishment, the mine will now shift its focus towards ramping up production and building a finished product inventory.
“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,” said Paladin CEO Ian Purdy.
Purdy further emphasised Paladin’s strong position with a return to production, a robust balance sheet, and favourable uranium market fundamentals, indicating the potential for sustainable returns for all stakeholders involved.
“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,” he said.
The company’s Chief Operating Officer, Paul Hemburrow, will take on the responsibility for all LHM activities as part of the transition to production, ensuring smooth operations and continued progress. Paladin plans to provide guidance for key operational parameters for the fiscal year 2025 in July 2024, outlining its strategic vision and targets for the upcoming period
