Paladin Energy Ltd
Paladin Energy Ltd
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The strong recovery in uranium market fundamentals and its own marketing progress have prompted Paladin Energy to return its 75%-owned Langer Heinrich mine in Namibia to production.
Langer Heinrich, which produced over 40Mlb U3O8 in 10 years before being suspended in 2018 due to low prices, is targeted to deliver first uranium in the March 2024 qtr.
Paladin expects to spend $US118M, up from its previous guidance of $87M, on general repairs and refurbishment plus process upgrades to lift capacity and operational availability.
Uranium veteran Paladin Energy is set to begin early works including workforce mobilisation and long-lead equipment ordering after raising $A200M in a fully underwritten placement to fund the restart of its 75%-owned Langer Heinrich mine in Namibia.
CEO Ian Purdy says the placement of 278M shares at 72cps won strong support from high-quality existing and new institutional investors in Australia and internationally. It will be followed by a $15M opens on April 6.
Uranium miner Paladin Energy is considering moderate increases in life of mine production and operating costs as part of an updated restart plan for its 75%-owned mothballed Langer Heinrich mine in Namibia.
The Australian-based company has confirmed the restart cost estimate of $US81M for a development with targeted production over a 17-year mine life of 77.4Mlb U3O8, up from 76.2Mlb previously. LOM C1 cash costs are updated to $27.40/lb from $26.90/lb primarily due to increases in estimated contract mining rates.
Lotus Resources reports encouraging early results from testwork into ore sorting technology that could hold the potential for significant economic improvements for its Kayelekera uranium project in Malawi.
A 500kg parcel of run of mine ore from Kayelekera is being tested at magnetic and sensor separation industry leader Steinert’s facility in Perth, Western Australia.
Australian-based Lotus Resources plans to move immediately towards a feasibility study on the reopening of its Kayelekera uranium project in Malawi after a scoping study highlighted its potential as a viable long-term operation.
Lotus, which acquired Paladin Energy’s 65% stake in the mothballed mine for $A9.8M in cash and shares in June, says the study identified $US50M capital cost for a development with alternative 8-year or 14-year mine life scenarios to produce up to 23.8Mlb U3O8 at a C1 cost of $33/lb.
Australia-based Paladin Energy’s restart plan for its mothballed Langer Heinrich Uranium Mine in Namibia envisages a 3-phase, $US81M pre-production cash operation with a 17-year LoM and peak production of 5.9Mlb pa U3O8 for 7-years.
Paladin’s Langer Heinrich Uranium Mine restart plan flags 17-year LoM peaking at 5.9Mlb pa for 7-years.
Australian-based explorer Lotus Resources has followed up its just-completed acquisition of Paladin Energy’s 65% interest in the mothballed Kayelekera uranium mine in Malawi by posting a 31% in mineral resources to 37.5Mlb contained uranium (27.1Mt @ 630ppm U3O8).
The update, including measured/indicated resources of 31.2Mlb, has the potential to extend the life of the mine.
Paladin Energy has flatly denied media reports of an alleged spillage of uranium following record rainfall at its mothballed Kayelekera mine in Malawi.
Paladin acknowledged there was a “relatively minor” release of run-off water from Kayelekera storage ponds on Mar 5, but continuous analysis found it was within World Health Organisation compliance and statutory licence limits.
Australian-based Paladin Energy says it has confirmed its mothballed Langer Heinrich mine as a first mover once the global uranium market recovers based on initial findings of a PFS that is assessing the potential for a low-cost, low-risk restart of the Namibian project.
Low prices led Paladin to shutter the mine in May 2018, and CEO Scott Sullivan says the first stream of the PFS confirmed an estimated cost of $US80M to reopen it producing an initial 5.2Mlbpa after a 12-month development timeline.