Paladin Energy Ltd
Paladin Energy Ltd
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Paladin Q1 2016 U3O8 production down 19%, but big improvement expected in the current qtr
Uranium producer Paladin narrowed its attributable net loss for the year to June 2015 to $US267.8M (FY14: $338.4m) despite a 39% reduction in revenue to $199.5M ($328.5M). The result includes $180.8M impairment on Queensland exploration assets.
Output from Langer Heinrich mine in Namibia fell 13% to 5.037Mlb while C1 cash costs rose 5% to $29.07/lb. Paladin predicts FY16 production of 5-5.4Mlb at $25-27/lb.
Paladin Energy founder and MD John Borshoff has agreed to step down after 22 years leading the Australian-based uranium producer. John Feary reports
Mining veteran and uranium sector cheerleader John Borshoff is parting company with Paladin Energy, the Australian and African uranium exploration and production company he founded and has led since 1993.
Paladin says the board had reached agreement with Borshoff that he will step down from his role as MD-CEO, while serving out 6 months’ notice in a transition role. Former SouthGobi Resources chief Alexander Molyneux has been named interim CEO pending a permanent appointment.
Australian uranium producer Paladin is predicting a reduction of nearly $US6/lb in total cash costs at its Langer Heinrich mine in Namibia – from $36.44/lb to $30.74/lb – from a cost reduction drive that includes renegotiated mining contracting terms, further optimisation of the bicarbonate recovery plant and deferment of some capital spending.
Paladin says its changes should bring overall cash flow to a break-even level that’s sustainable even in a continuing low price environment.
A strong final quarter performance has enabled Paladin to reach production of 5.04Mlb U3O8, just reaching its 5-5.2Mlb guidance despite plant availability and utilisation issues.
June qtr (Q4) sales were 1.77Mlb at $US41.50/lb, generating gross sales revenue of $73.3M. C1 costs were $26.03/lb, in line with expectations. FY16 production guidance is 5-5.4Mlb with steady costs despite lower milled ore grade.
Paladin Energy has been granted a rare exemption from Canada’s Non-Resident Ownership Policy that will allow it to retain majority ownership of its Michelin deposit in Newfoundland and Labrador.
Australian-based uranium miner Paladin has won Canadian government approval to retain majority ownership of the Michelin project in Newfoundland and Labrador through to production.
Natural resources minister Greg Rickford approved an exemption from regulations requiring 51% Canadian ownership of uranium mining projects. MD-CEO John Borshoff says the historic decision would allow Paladin to introduce a minority JV partner if desired.
Energia Minerals is selling its Carley Bore Uranium Project in Western Australia to uranium miner Paladin Energy, owner of the neighbouring Manyingee Uranium Project, for $A15.8M in shares and cash.
The sale proceeds will be used to bring Energia’s advanced Gorno Zinc Project, near Bergamo in N Italy, into production in 2017.
Energia’s $15.8M sale of its W Australian uranium project to Paladin Energy adds impetus to 2017 prodn from Energia’s Italian zinc project. By Mark Mentiplay