Australia-based uranium company Paladin Energy has initiated producing and drumming uranium concentrate at its Langer Heinrich Mine (LHM) in Namibia.
The company noted that it will focus on increasing production levels as well as accumulating a stockpile of finished product in preparation for future shipments to its customers.
As Paladin Energy transitions into this new phase of production, the company’s chief operating officer, Paul Hemburrow, will take on full responsibility for all activities at LHM.
Paladin CEO Ian Purdy said: “Achieving first production at the Langer Heinrich Mine is an important milestone for Paladin. I would like to thank all our staff and contractors for their hard work and dedication in returning this globally significant uranium mine to production.
“I would also like to thank the Namibian Government and our local communities in the Erongo region for their continued support.
“With a return to production, a strong balance sheet and supportive uranium fundamentals, Paladin is exceptionally well positioned to generate sustainable returns for all our stakeholders.”
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By GlobalData
In July 2022, Paladin unveiled its plan to relaunch production at LHM, which was shuttered in 2018 as a result of reduced uranium prices.
Before its closure, the mine produced more than 43 million pounds of natural uranium ore concentrate (U₃O₈).
Paladin’s decision to restart the mine was triggered by strong uranium market fundamentals and growth in uranium marketing activities.
Meanwhile, in January this year, Paladin executed a $150m (A$227.87m) syndicated debt facility, which will offer it financial flexibility to fuel its growth and operational activities such as supporting the Michelin exploration project in Canada.
