The Langer Heinrich uranium mine achieved a milestone when it shipped its first batch of uranium concentrate since restarting production in March 2024.
The production and drumming of the uranium concentrate was completed on 30 March 2024, marking a crucial step in Langer Heinrich’s operational resurgence.
“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’s CEO, Ian Purdy.
This comes as the uranium mining giant announced that it had successfully raised N$169 million from a share purchase plan aimed at funding the restart of operations at the Langer Heinrich uranium mine in May 2022.
This 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.
Following the successful completion of the restart project and the recommencement of commercial production in March 2024, Paladin Energy, the mine parent company, has allocated N$477 million (US$26 million) in capital expenditure for FY2025 to ramp up production at the mine in Namibia.
According to the company, full-scale mining activities are expected to resume in FY2026, and the mine is projected to achieve significant production levels in FY2025, with higher volumes anticipated in the second half of the year.
Paladin forecasts production to fall within a range of 4.0 to 4.5 million pounds of uranium oxide (U3O8) for FY25 and achieve a plant recovery rate of 85-90%.
The company has also outlined its cost expectations, estimating a cost of production between N$ 514 (US$28) and N$569 (US$31) per pound of U3O8. The cost includes stockpile rehandling, processing, and site administration costs, but excludes general and administrative costs
