Paladin Energy Posts Increased Production In Africa

Paladin Energy Posts Increased Production In Africa

Posted on July 18, 2013 02:30 pm 

VENTURES AFRICA – Uranium miner, Paladin Energy, on Wednesday said it had posted a “record production” in the full year to June this year, boosted by exceptional yield at its African operations.

Overall production surged 20 percent, touching 8.25 million pounds of uranium oxide (U3O8) during the period under review.

Namibia’s Langer Heinrich mine generated an unprecedented 20 percent increase to 1.35 million pounds of U3O8 in the quarter to June.

In Malawi’s Kayelekera mine, Paladin posted a 20 percent leap to an exceptional 789 439 lb of U3O8 during the same quarter.

The surge in annual yields at Langer Heinrich and Kayelekera follow Paladin’s change in strategy. The new strategy brought about new initiatives at the mines.

Paladin said its austerity measures had worked well for the company with more benefits likely in the next financial year.

Paladin added that in the 12 months to June, C1 expenses at Langer Heinrich were cut by about 9 percent when likened with the previous reporting period.

C1 expenses at Kayelekera were lessened by 24 percent compared to the previous reporting period.

Paladin is listed on the Australian Securities Exchange, Toronto Stock Exchange and Namibian Stock Exchange.

The firm also trades on the Munich, Berlin, Stuttgart, and Frankfurt Exchanges.

Paladin is a uranium production firm with mining projects in Australia and two mines in Africa. Its strategy aims to make the firm a major uranium mining company.

Since 1998, Paladin amassed a quality collection of cutting-edge uranium ventures each having production capability.