Paladin Energy has completed the restart project at its Langer Heinrich Mine (LHM) in Namibia on time and within budget, with a total expenditure of N$2,2 billion (US$119.7 million).
The uranium exploration and development company’s Chief Executive Officer, Ian Purdy, said the project was completed with no serious safety or environmental incidents reported.
“We are exceptionally pleased to report the completion of the Langer Heinrich Mine Restart Project. The project’s successful execution, both on time and within budget, reflects the dedication and hard work of our entire team. This achievement positions us well for a successful ramp-up of production at the mine.” he said.
A release by Paladin Energy revealed that the full-scale mining operations at Langer Heinrich are expected to resume in FY2026, with the goal of achieving nameplate production of 6 million pounds of U3O8 per annum by the end of calendar year 2026.
“The LHM will be in operational ramp up during FY2025, with ore feed sourced from previously mined stockpiled ore. Production levels are expected to be higher in the second half of the year. Mining activities are expected to re-commence in FY2026 ahead of achieving nameplate production of 6Mlb p.a by the end of CY2026,” said Purdy.
He further explained that while initial production utilises stockpiled ore, the LHM is currently ramping up and is expected to reach 4.0-4.5 million pounds of uranium oxide (U3O8) in 2025.
The first shipment of uranium concentrate, containing 319,229lb of U3O8, departed Namibia in July 2024.
“It is exceptionally pleasing to deliver our first quarterly production update since returning the Langer Heinrich Mine to production, the Langer Heinrich operations team has done an exceptional job in delivering early production and the operational knowledge gained has underpinned our FY2025 production guidance between 4.0 to 4.5Mlb of U3O8,” he said.
Furthermore, Paladin currently has N$896.1 million (US$48.9 million) in cash and cash equivalents, along with access to an untapped N$1.4 billion (US$80 million) credit facility.
The company also received a N$454.5 million (US$24.8 million) partial advance payment from a customer.
Danielle Lazarov was appointed as the company’s Chief People & Corporate Affairs Officer and in April 2024, Paladin consolidated its shares on a 10-for-one basis.
Paladin is an ASX 200 listed uranium company with its head office in Perth, Western Australia. It holds a 75% interest in the Langer Heinrich Mine in Namibia.
