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

 

Vandag se Covid-19-data

4 ure gelede | Gesondheid

'n Visuele opsomming van die inligting vir Maandag 10 Augustus 2020, soos om 15:00 vanmiddag aangekondig deur die minister van gesondheid en maatskaplike dienste, dr....

Skerp styging in gevalle in Windhoek wek kommer, sê...

5 ure gelede | Gesondheid

Die minister van gesondheid en maatskaplike dienste dr. Kalumbi Shangula het die situasie in Windhoek as "kommerwekkend" beskryf met 79 nuwe Covid-19-gevalle wat vandag in...

Twee met ivoor, velle vasgetrek

9 ure gelede | Misdaad

Twee vermeende wildmisdadigers, mnr. Gabriel Kuutondokwa Nalitje en David Simon, is verlede Maandag in Windhoek glo met drie stukke ivoor en een elk luiperd- en...

Viskwotas: Tweede Fishrot gevrees

20 ure gelede | Misdaad

Leandrea Louw op Walvisbaai - Rolspelers in die visbedryf is bekommerd dat die land in 'n tweede Fishrot-skandaal gedompel sal word as viskwotas opgeveil word....

Olifante vertrap Noorde-plase

20 ure gelede | Omgewing

Elvira Hattingh - Twee troppe olifante het sedert Donderdag en oor die afgelope naweek verwoesting op plase teen die veterinêre kordonheining in die Noordooste gesaai,...

Tossing papers, tapping buttons

20 ure gelede | Tegnologie

Justicia Shipena WINDHOEKHaving started his coding journey in grade nine at De Duine Secondary School in Walvis Bay, Joachim Shilongo recently developed a...

'Beskerm jouself en ander'

20 ure gelede | Gesondheid

Henriette Lamprecht – Die ministerie van gesondheid en maatskaplike dienste gaan beheermaatreels in Windhoek verskerp in ’n poging om die toenemende skerp styging in Covid-19-gevalle...

Weer vir 11 Augustus 2020

20 ure gelede | Weer

WEERWAAK: Koue toestande sal môre in die Suide vestig. Die nodige voorsorgmaatreëls moet getref word. BINNELAND: Gedeeltelik bewolk en matig tot warm, maar baie warm...

#Covid19SafetyChallenge closing date extended

20 ure gelede | Gesondheid

Justicia Shipena LifeLine ChildLine, through Uitani Radio, invites young people of all ages to participate in the #Covid19SafetyChallenge.This competition aims to monitor how many...