Paladin Energy has spent US$61 million on goods and services from local and regional businesses and organisations during 2024 for the Langer Heinrich Mine Restart Project.
The Langer Heinrich is using stockpiled ore to feed the plant ahead of the expected restart of production in 2026 and before achieving nameplate production of 6 Mlb per annum.
The mine, which restarted operations on March 30, 2024, has more than 460 workers.
During the September 2024 quarter, the Langer Heinrich Mine produced 0.64 Mlb U3O8 compared to 0.52 Mlb U3O8 in the last quarter.
Sales totalled 0.62 Mlb of U3O8, with successful deliveries completed to the company’s customers in Europe, the US, and Asia.
Paladin Energy signed three additional sales agreements during the quarter and has approximately 23 mlb of production contracted through 2030.
As of September 30, 2024, Paladin held cash and cash equivalents of US$55 million, excluding restricted cash of US$4.6 million, and US$95 million had been drawn down from the company’s US$150 million debt facility.
Paladin CEO Ian Purdy said the ramp-up of production at the Langer Heinrich Mine continues to de-risk the project and demonstrates the benefits of the plant upgrades delivered during the Restart Project. Purdy said while output in the second quarter of the ramp-up encountered some process recovery and efficiency challenges, the onsite team implemented operational and process design improvements, improving performance towards the end of the quarter.
“Our global clean-energy customers have begun receiving and processing our product, with Paladin now delivering on its mission to resource a carbon-free future.
“With a large-scale uranium mine back in production, an exceptional operations team, a world-class contract book, and a positive outlook for future uranium pricing, Paladin is well positioned to deliver continued shareholder returns,” Purdy said.
Paladin Energy has planned to shut down operations at the Langer Heinrich Mine to allow for further improvement and operational upgrades to be implemented.
This is scheduled for November 2024 and is expected to run for approximately two weeks.
