Paladin posts $193.5m interim loss
PERTH (miningweekly.com) - Uranium miner Paladin Energy this week posted an interim loss of $193.5-million on the back of a $96-million impairment cost at its Kayelekera operation, in Malawi.
This was a further deterioration on the net loss of $120.2-million reported over the previous corresponding period.
The miner said the impairment was incurred as a result of the continued uranium price weakness.
Revenue for the period under review was up 13% to $194.9-million, compared with the $172.7-million reported in the previous corresponding period, as sales volumes increased by 21%, from 3.32-million pounds of uranium oxide to just over four-million pounds.
The average realised price for uranium was $48.63/lb for the six months, compared with the spot price of $45.95/lb in the previous corresponding period.
Paladin noted that uranium sales volumes were expected to fluctuate quarter-on-quarter, owing to the uneven timing of contractual commitments, and resultant scheduling by customers. Now that production had reached design levels at both the Kayelekera and Langer Heinrich mine, in Namibia, Paladin expected sales and production volumes to be comparable on an annualised basis.
Combined production for the half-year reached a record high of 4.12-million pounds of uranium oxide, a 34% increase over the December 2011 half year, achieving 97% of nameplate production for the half-year.
Quarterly combined production records were also set during the three months to December, with the Kayelekera and Langer Heinrich mines producing 2.19-million pounds of uranium oxide, a 14% increase on the previous quarter, and 103% of nameplate production for the quarter.
Looking ahead, Paladin expected to produce between 8-million and 8.5-million pounds of uranium during the 2013 financial year.
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