Paladin widens loss, still mulling mine restart
PERTH (miningweekly.com) – Uranium company Paladin Energy has widened its net loss during the six months ended December, as operations at its Langer Heinrich project, in Namibia, remain suspended.
Net loss for the six months to December increased to $19.4-million, compared with a loss of $18.3-million in the previous corresponding period, while zero revenue was reported, compared with the $21.4-million in the first half of 2019.
Paladin chairperson Cliff Lawrenson said on Friday that during the interim period, the ASX-listed company completed a comprehensive restart study for the Langer Heinrich operation, and worked towards finalising the sale of its Kayelekera mine, in Malawi, after having received statutory consent from the Malawi Minister for Natural Resources, Energy and Mining.
“The past six months have been an exciting time for Paladin with significant development in our operational and commercial activities. The announcement of the initial parameters for the re-commencement of mining operations at Langer Heinrich highlights the extensive work the team have done,” said Lawrenson.
“Langer Heinrich remains well positioned to deliver production in a rebounding uranium demand and price market,” he added.
Langer Heinrich was placed on care and maintenance in May 2018, as uranium prices remained low.
A concept study to restart the operation verified that some $100-million in funding would be required to restart the operation. A prefeasibility study to restart the operation is now being undertaken.
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