Langer Heinrich Mine had, by June 30, 2024, produced 517,597 pounds of uranium after starting commercial production on March 30, 2024.
The first customer shipment, 319,229 pounds of U3O8, departed Walvis Bay, Namibia, on July 12, 2024.
Paladin Energy, which owns 75% of Langer Heinrich Mine, says it received a cash payment of US$24.8 million, representing a partial advance under the terms of the customer offtake agreement about the shipment.
Paladin Energy says the mine will be in operational ramp-up during 2025, with ore feed sourced from previously mined stockpiled ore.
In addition to the stated production, the metal-in-circuit was increased across the plant as part of the initial operations activities.
The 2025 annual production guidance is 4.0 million pounds, with mining activities expected to re-commence in 2026 before achieving nameplate production of 6 mlb per year by the end of 2026.
The Langer Heinrich Mine Restart Project was completed on time and within the cost forecast, with a total project expenditure of US$119.7 million.
Paladin held cash and cash equivalents of US$48.9 million, excluding restricted cash of US$4.3 million, and US$70 million had been drawn down from the US$150 million debt facility as at June 30, 2024.
Paladin CEO Ian Purdy said the Langer Heinrich operations team had done an exceptional job of delivering early production.
Purdy also said the operational knowledge gained underpinned the company’s 2025 production guidance of between 4.0 and 4.5 million pounds of U3O8.
