Paladin Energy Ltd
Paladin Energy Ltd
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A 12-day plant unit outage at Paladin Energy’s Langer Heinrich uranium operation in Namibia has cut Mar 2015 qtr (Q3 2015) production 10% on the previous qtr to 1.23Mlb U3O8.
A since repaired plant component failure has cut Paladin Resources’ Namibian U3O8 production 10%
Uranium producer Paladin has cut its FY15 production guidance by a further 3.7% to 5-5.2Mlb as a consequence of the failure of the pre-leach thickener at its Langer Heinrich project in Namibia, an event that cost it about 100,000lb in lost production in the first half of March.
The reduction is the third since Paladin began the year predicting output would be 5.4-5.8Mlb U3O8.
Paladin has established a new relationship with China Investment Corporation, one of the world’s largest sovereign wealth funds, through the issue of $US50M of convertible bonds. The deal represents the “upsize option” of the Australian miner’s agreement with JP Morgan Securities last month to issue $100M of convertible bonds.
CEO-MD John Borshoff says the CIC investment reduces the need for additional funding in the medium term and supports Paladin’s ambition to become a Tier 1 uranium producer.
Uranium miner Paladin stands to lose up to 100,000lb U3O8 production in the June quarter due to the failure of the centrewell on a pre-leach thickener that will reduce production for about 10 days at its Langer Heinrich project in Namibia.
Paladin says the pre-leach thickener #2 was likely to be off-line for 8-12 days for repairs, reducing plant performance to about 45% of capacity while it relies on pre-leach thickener #1.
Uranium miner Paladin Energy has launched a potential $US150M offering of senior, unsecured convertible bonds to fund its offer to buy any or all of its $300M convertible bonds due Nov 2015.
The initial offer is for $100M worth of convertible Mar 31 2020 bonds, with potential within the next 30 days to issue a further up to $50M of the same.
Uranium producer Paladin Energy has posted an after-tax net loss of $US59.3M for the Dec 2014 half (H1 2015) from H1 2013’s $255M loss on production from its 75%-owned Langer Heinrich Mine (LHM) in Namibia down 45% to 2.33Mlbs and total revenue down 36% to $109.7M.
While cutting its H1 2015 loss to $60M, a 45% U308 production drop has forced lower FY2015 guidance of up to 5.5Mlbs
Uranium producer Paladin Energy has lifted Dec 2014 qtr production from its 75%-owned Langer Heinrich mine in Namibia by 27% on the previous qtr and sales by 79%, but cut FY2015 production expectations by about 5%.
While recovering from a disastrous Sept 2014 qtr to post significant Dec qtr advances, they haven’t been enough to sustain FY2015 production guidance. By Mark Mentiplay