Paladin Energy Ltd is an Australian-based global uranium leader focussed on maximising the valye of its 75% stake in the Langer Heinrich Mine in Namibia. Langer Heinrich is a globally signficant, life-long operation, having already produced over 40 million pounds of U3O8 to date.
Paladin placed its Langer Heinrich Mine on care and maintenance due to the sustained low uranium spot price and to preserve resource and shareholder value. However, in March 2019 Paladin commenced feasibility studies aimed at re-positioning the Langer Heinrich operation for a restart when a suitable uranium incentive price is reached and to develop opportunities to reduce operating costs and potentially recover vanadium.
Beyond Langer Heinrich, the Company also owns a large global portfolio of uranium exploration and development assets.
Paladin is listed on the Australian Securities Exchange (ASX) and the Namibian Stock Exchange (NSX) under the symbol PDN. The Company also trades on the Munich, Berlin, Stuttgart, and Frankfurt Exchanges under the symbol PUR. Paladin is a uranium production company with two mines in Africa and projects in Australia and Canada.
Kayelekera Mine is located in northern Malawi, 52km west (by road) of the provincial town of Karonga and 12km south of the main road that connects Karonga with the township of Chitipa to the west.
Kayelekera is wholly owned through Paladin (Africa) Limited (PAL), a subsidiary of Paladin. In July 2009, Paladin issued 15% of equity in PAL to the Government of Malawi under the terms of the Development Agreement signed between PAL and the Government in February 2007, which established the fiscal regime and development framework for Kayelekera Mine.
The Mining Licence, ML152, covering 5,520 hectares, was granted in April 2007 for a period of 15 years, following the completion of the Development Agreement with the Government of Malawi. A Bankable Feasibility Study and EIA followed, and construction started in June 2007 with completion in early 2009.
Kayelekera produced 10.9Mlb between 2007 and 2014. Once uranium prices offer sufficient incentive for restart, production, with some RIP/elution upgrades, is expected to be approximately 3Mlbpa.
As a consequence of the continuing weakness in the uranium spot price, Paladin placed Kayelekera into care and maintenance in 2014. It is expected that production will recommence once the uranium price provides a sufficient incentive and grid power supply (ESCOM) is available on site to replace the existing diesel generators.
During care and maintenance the project will be maintained and secured with adequate staffing.
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