Name of the Project
Langer Heinrich uranium restart project.

Location
Namib Desert, in Namibia.

Project Owner/s
Langer Heinrich Mauritius Holdings is the holding company of Langer Heinrich Uranium, which holds 100% of the Langer Heinrich tenements.

Paladin Energy owns 75% of Langer Heinrich Mauritius Holdings, with 25% owned by CNNC Overseas Uranium Holdings.

Project Description
Langer Heinrich has an estimated 17-year mine life supported by ore reserves of 84.8-million tonnes with an average uranium grade of 448 parts per million.

Life-of-mine production is estimated at 77.4-million pounds of uranium, up from a previously stated  76.1-million pounds.

Langer Heinrich was placed on care and maintenance in August 2018, owing to the sustained low uranium price.

Paladin completed a concept study on Langer Heinrich in February 2019, which identified multiple options to reduce operating costs, improve process plant performance and potentially recover a saleable vanadium product.

A two-stream prefeasibility study (PFS1 and PFS2) was started in March 2019 to improve the details of the restart plan and pursue further improvement options to clearly present a compelling investment case.

PFS1 focused on confirming effective care and maintenance plans, practices and costs while developing a more detailed plan to execute a rapid restart at Langer Heinrich in an improved uranium market.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Estimated capital expenditure of $81-million has been confirmed for the restart of the project. A further $30-million would be required to take production to 6.5-million pounds a year of uranium.

Planned Start/End Date
The execution time for the restart project is 18 months from project start to first production, with full production achieved after a further 15 months.

Latest Developments
Paladin Energy’s technical programmes to restart work at the Langer Heinrich mine are now complete and have reinforced its confidence in the mine as a robust, competitive and long-life operation that is ready to rapidly restart production in a favourable uranium price environment.

Paladin will now focus on exploring value enhancement opportunities at Langer Heinrich and across its broader asset portfolio.

The company has said that it continues to engage with global nuclear energy to secure uranium offtake contracts with sufficient duration and value to underpin the restart of the mine.

Paladin has developed an accelerated schedule with an optimised mine project execution plan, which may be implemented to meet customer requirements, and includes the possibility of self-funding early works this year and fast-tracking first production when a decision to restart is made.

The mine remains on care and maintenance.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Paladin Energy, tel +61 8 9381 4366 or email paladin@paladinenergy.com.au.