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energy|financial|operations

Paladin shares plunge after lowering Langer Heinrich guidance

The Langer Heinrich mine in Namibia

The Langer Heinrich mine in Namibia

12th November 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Uranium producer Paladin Energy’s share price plunged nearly 30% on Tuesday after the Australian miner revised down its production forecast for the Langer Heinrich mine in Namibia.

The company cited weaker-than-expected performance in October and ongoing challenges in ramping up operations as key factors behind the revised guidance.

Paladin now expects to produce between 3-million and 3.6-million pounds of uranium from Langer Heinrich in the 2025 financial year, compared with its previous forecast of 4-million to 4.5-million pounds.

Paladin announced a two-week planned shutdown at the mine to carry out operational improvements and upgrades aimed at addressing production challenges.

Langer Heinrich is currently in the midst of a 21-month ramp-up period, with the mine now about seven months into the process. Paladin emphasised that production is expected to rise as the ramp-up progresses and higher-grade ore is processed in the latter half of the 2025 financial year.

“The company remains confident that, by the end of 2025, Langer Heinrich will achieve a production run rate of 6-million pounds per year,” Paladin said in a statement.

Paladin’s stock traded at A$6.88 a share.

Edited by Creamer Media Reporter

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