Paladin still pumping millions into Langer Heinrich

31 July 2020 | Sakenuus
Jo-Maré Duddy - Paladin Energy, owner of 75% of Langer Heinrich, will spend around N$87 million on the care and maintenance, as well as it restart plan for the mine in Namibia and uranium marketing in its new financial year.

In its quarterly activities report released yesterday, Paladin forecast expenditure of US$5.2 million on Langer Heinrich in its 2021 book-year which started on 1 July.

Of this, US$3.1 million will be dedicated towards the care and maintenance of Langer Heinrich. The mine ceased production in May 2018 due to the persistent low uranium price. More than 300 workers were retrenched when Langer Heinrich was put on care and maintenance.

Paladin, an Australian-based global uranium miner, will spend US$2.1 million on Langer Heinrich’s restart plan and uranium marketing in its 2021 financial year.

In its previous book-year, Paladin spent US$6.8 million on Langer Heinrich – US$3.7 million on care and maintenance and the rest on the restart plan, as well as uranium marketing.

Restarting mine

Paladin at the end of June said it needed US$81 million to restart Langer Heinrich.

The company said its restart plan is completed and “marks the completion of an extensive work package aimed at delivering a reliable mine restart to bring the globally significant Langer Heinrich Mine back into production under the right uranium pricing environment”.

Yesterday, Paladin said its current cash position of US$34.2 million provides financial flexibility. However, the company will “only consider a restart when it secures an appropriate term-price contract with sufficient term and value to deliver an appropriate return to all stakeholders”.

According to Paladin, The TradeTech weekly spot price average for the June 2020 quarter was US$32.71/lb, up 32% from the March quarter.

“Higher spot market prices are expected to flow through to long-term markets, with increased activity supporting price improvements,” Paladin said.

“Uranium inventory levels have continued to decline with overall US inventory levels (including suppliers) the lowest observed since 2012. In Europe, utility inventory levels have declined by 20% since the end of 2015.”

Soortgelyk

 

22 gevangenes toets positief vir Covid-19

6 ure gelede | Gesondheid

Twee-en-twintig gevangenes van die Sentrale Gevangenis in Windhoek is deel van die 34 nuwe Covid-19-gevalle wat in die hoofstad aangeteken is. Volgens die minister...

Beweerde baba-ontvoerder gou vasgetrek

12 ure gelede | Misdaad

Kristien Kruger – ’n Beweerde baba-ontvoering het inwoners van Havana geskok net weke ná twee gruvoorvalle in dié informele nedersetting in die hoofstad.’n Twee maande...

Noorde brand wéér

22 ure gelede | Omgewing

‘n Groot veldbrand woed tans naby Tsumeb, met een persoon wat sê hy kon bykans nie verby die vuur kom om die dorp binne te...

345 leerlinge toets positief vir Covid-19

22 ure gelede | Gesondheid

Henriette Lamprecht - Tot op hede het 345 leerlinge in Namibië positief vir Covid-19 getoets. Die meeste is in die Oshikotostreek en wel 170 (49,3%)...

Viskwota-sirkus

22 ure gelede | Landbou

Ronelle Rademeyer - Die regering se viskwotaveiling het klaaglik misluk.Van die beoogde N$628 miljoen wat die regering uit die kwotaverkope vir maasbanker, stokvis en monnikvis...

Jooste skors Nida-raad

22 ure gelede | Regering

Elvira HattinghDie huidige raad van direkteure vir die agentskap vir nywerheidsontwikkeling in Namibië (Nida), is gevra om hul kantore te ontruim en is die afgelope...

Weer vir 1 Oktober

22 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en baie warm in die Zambezistreek met 'n paar buie, andersins sonnig en baie warm tot warm in die //Karasstreek.KUS: Gedeeltelik bewolk...

Lucia sterk goed aan

22 ure gelede | Gesondheid

Tanja Bause Vier maande nadat Lucia Soroses (8) met ernstige brandwonde na die sentrale hospitaal in Windhoek verplaas is, sterk sy goed aan.Mnr. George Olivier...

Meer as miljard vir MIV-stryd

22 ure gelede | Gesondheid

Henriette LamprechtDie bekamping van MIV/vigs in Namibië het ’n reuse-hupstoot van miljoene Namibiese dollar gekry met die Amerikaanse president se noodplan vir vigsverligting (Pepfar) wat...