#JustIn: Langer Heinrich on future-facing drive
Paladin Energy’s Langer Heinrich Mine (LHM) in Namibia is on track for “successful, long-life operations delivering real stakeholder value”, the Australian-listed, independent uranium company said in its interim financial report for the six months ended 31 December 2022.
The company re-iterated its intention that LHM starts producing again in the first quarter of next year.
LHM’s future-facing drive includes a robust environmental, social and governance (ESG) framework in place to support its accountability-led contribution to decarbonisation, Paladin said.
“The restart project continues to focus on general repairs and refurbishment to return the existing process plant to operational readiness, coupled with the engineering and procurement for the delivery of growth projects process upgrades to increase throughput capacity and operational availability,” it added.
According to Paladin, it has secured several offtake agreements.
These include four uranium offtake agreements are in place with industry leading US and European counterparties.
Paladin has also successfully agreed nomination volumes and negotiated to supply additional volumes to China National Nuclear Corporation (CNNC) in 2024 and 2025, in addition to negotiating an early payment agreement. CNNC owns 25% of LHM.
Paladin said it was currently negotiating a contract for a further tender award for the supply of uranium to a leading US utility.
“The company continues to engage with top-tier industry counterparties, as the company seeks to layer industry leading offtake agreements ahead of production,” it said.
For the six months under review, Paladin suffered a net loss after tax of about US$13.3 million from continuing operations, compared to a loss of nearly US$10.99 million for the same half-year in 2021.
“Net loss after tax from continuing operations increased by 21%, mainly as a result of increased LHM operations, finance, marketing and share based payment expenses (US$3 034 000) and the impact of movement in foreign exchange rates between the periods (US$6 942 000) with the Namibian dollar depreciating 5% against the USD in the current period, from US$1:N$16.15 at 30 June 2022 to US$1:N$16.97 at 31 December 2022.
“The cumulative impact was offset by reduced LHM depreciation of US$6 086 000 and increased interest and other income of US$1 750 000,” Paladin commented.
The company re-iterated its intention that LHM starts producing again in the first quarter of next year.
LHM’s future-facing drive includes a robust environmental, social and governance (ESG) framework in place to support its accountability-led contribution to decarbonisation, Paladin said.
“The restart project continues to focus on general repairs and refurbishment to return the existing process plant to operational readiness, coupled with the engineering and procurement for the delivery of growth projects process upgrades to increase throughput capacity and operational availability,” it added.
According to Paladin, it has secured several offtake agreements.
These include four uranium offtake agreements are in place with industry leading US and European counterparties.
Paladin has also successfully agreed nomination volumes and negotiated to supply additional volumes to China National Nuclear Corporation (CNNC) in 2024 and 2025, in addition to negotiating an early payment agreement. CNNC owns 25% of LHM.
Paladin said it was currently negotiating a contract for a further tender award for the supply of uranium to a leading US utility.
“The company continues to engage with top-tier industry counterparties, as the company seeks to layer industry leading offtake agreements ahead of production,” it said.
For the six months under review, Paladin suffered a net loss after tax of about US$13.3 million from continuing operations, compared to a loss of nearly US$10.99 million for the same half-year in 2021.
“Net loss after tax from continuing operations increased by 21%, mainly as a result of increased LHM operations, finance, marketing and share based payment expenses (US$3 034 000) and the impact of movement in foreign exchange rates between the periods (US$6 942 000) with the Namibian dollar depreciating 5% against the USD in the current period, from US$1:N$16.15 at 30 June 2022 to US$1:N$16.97 at 31 December 2022.
“The cumulative impact was offset by reduced LHM depreciation of US$6 086 000 and increased interest and other income of US$1 750 000,” Paladin commented.
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