Photo by: Bloomberg
PERTH (miningweekly.com) – Uranium miner Paladin Energy has reported a decline in production during the three months to March, after placing its Kayelekera mine, in Malawi, on care and maintenance in February.
During the quarter under review, Paladin reported a combined production of just over two-million pounds from its Kayelekera and Langer Heinrich mines. This compared with the 2.2-million pounds of uranium oxide (U3O8) in the previous quarter.
The Kayelekera operation produced 696 710 lb during the quarter, compared with the 777 015 lb produced in the previous three months.
Paladin suspended operations at Kayelekera in February this year, citing the depressed price of U3O8, and the unsustainable cash demand to maintain the loss-making operation.
Production at the Langer Heinrich operation, in Namibia, declined to 1.39-million pounds during the three months to March, compared with the 1.43-million pounds produced over the three months to December.
For the full year, Paladin expected to produce between 7.8-million pounds and 8-million pounds U3O8, with the balance of production only sourced from the Langer Heinrich mine.
Meanwhile, Paladin on Tuesday also reported sales of 2.4-million pounds, generating a revenue of $88.56-million.