‘Accelerated schedule’ for Langer Heinrich
Paladin Energy says will cost US$81 million – about N$1.25 billion at current exchange rates – to restart Langer Heinrich.
Jo-Maré Duddy - ASX-listed Paladin Energy, the majority shareholder in Langer Heinrich, said it has developed an accelerated schedule with an optimised project execution plan for the Namibian uranium mine.
The plan includes the possibility of self-funding early works in Paladin’s 2022 financial year, as well as fast tracking first production when a decision to restart is made.
Releasing its latest quarterly report, the Australian-based global uranium miner said it would cost US$81 million – about N$1.25 billion at current exchange rates – to restart 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 CEO Ian Purdy said: “The Restart Plan Update is the conclusion of an extensive work stream that has reinforced our confidence in Langer Heinrich as a low risk, robust, long-life operation.”
Paladin owns 75% of Langer Heinrich, while CNNC Overseas Uranium Holding Limited, a wholly-owned subsidiary of China National Nuclear Corporation (CNNC), has the rest.
Paladin is listed on the Australian Stock Exchange (ASX) and has a dual-listing on the Overall Index of the Namibian Stock Exchange (NSX).
The plan includes the possibility of self-funding early works in Paladin’s 2022 financial year, as well as fast tracking first production when a decision to restart is made.
Releasing its latest quarterly report, the Australian-based global uranium miner said it would cost US$81 million – about N$1.25 billion at current exchange rates – to restart 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 CEO Ian Purdy said: “The Restart Plan Update is the conclusion of an extensive work stream that has reinforced our confidence in Langer Heinrich as a low risk, robust, long-life operation.”
Paladin owns 75% of Langer Heinrich, while CNNC Overseas Uranium Holding Limited, a wholly-owned subsidiary of China National Nuclear Corporation (CNNC), has the rest.
Paladin is listed on the Australian Stock Exchange (ASX) and has a dual-listing on the Overall Index of the Namibian Stock Exchange (NSX).
Comments
Namibian Sun
No comments have been left on this article