Sydney, Australia — MININGREVIEW.COM — 07 October 2008 – Paladin Energy Limited – which is listed on the Australian, Toronto and Namibian Stock Exchanges – has reached nameplate production at its Langer Heinrich mine in Namibia for the quarter ended 30 September 2008, producing 650 560lb of uranium for this period.
Revealing this in a letter to the Australian Securities Exchange here, the company pointed out that this quarterly production amounted to 2 602 239 lb on an annualised basis. Stage I design (or nameplate production) is clearly specified at 2 600 000lb of U3O8 per annum.
Paladin Energy managing director John Borshoff said in the letter that the board regarded this as a significant milestone for the company, highlighting the fact that Paladin was establishing itself as the premier emerging uranium mining house.
“This achievement should provide further confidence that the current Stage II expansion already underway, and the contemplated follow-up Stage III expansion, would reach their stated production targets with the group showing strong evidence of its production and operational competency,” he added.
The statement revealed that work had already started on the company’s Stage II expansion which was aiming to increase production to 3.7-million pounds of uranium by May next year.
Paladin was also considering a Stage III expansion plan to increase output to about 6.0 million pounds of uranium a year by the end of 2010.
Meanwhile Paladin’s US$167 million (R1.4 billion) Kayelekera project in Malawi is scheduled to start production next year with 1.6 million pounds, doubling up to 3.3 million pounds per annum from 2010 onwards. This would make total company production in Africa 4.7 million pounds for 2009 and 7.0 million pounds for 2010.