Uranium from Langer Heinrich in 2024

Paladin Energy’s Langer Heinrich uranium mine in Namibia suffered a net loss after tax of about US$19.97 million – around N$337 million – for the year ended 30 June 2022.As such, it contributed nearly 46% to Australian-based Paladin’s consolidated net loss of about US$43.9 million for the year under review. Paladin’s mining interests in Australia suffered a net loss of nearly US$24 million.Langer Heinrich’s net loss in the past financial year is significantly smaller than the nearly US$34.1 million it suffered in its 2021 book year.The local mine’s results are contained in Paladin’s latest annual report, released last week. Langer Heinrich reported a gross profit of US$7 000, down from US$12 000 in 2021.Paladin owns a 75% controlling interest in Langer Heinrich Uranium, with 25% owned by China National Nuclear Corporation (CNNC) Overseas Uranium Holding Limited, a wholly owned subsidiary of CNNC.The mine, which started commercial production in 2007, was placed on care and maintenance in 2018 due to low uranium prices. In June 2021, Paladin announced a plan to restart the mine.In July this year, the group said it would re-open Langer Heinrich and that commercial production was expected in the first quarter of 2024. Capital cost to restart production is estimated at about US$118 million or nearly N$2 billion.STRATEGYIn its latest annual report, Paladin said the decision to return Langer Heinrich to production was supported by a successful uranium marketing strategy that has delivered cornerstone offtakes with leading global counterparties. In addition, strong uranium market fundamentals continue with positive macro tailwinds for uranium driven by nuclear power’s position as a reliable, low carbon baseload power source.Paladin also has “a well-defined Mine Restart Plan providing a low-risk pathway to a return to production”, the group said.According to Paladin: “The significant and detailed planning for the recommencement of activities at Langer Heinrich has provided a detailed scope of the key work activities and critical path items for the successful commencement of production.”Key work packages for its 2023 financial year include the completion of detailed engineering and design; the purchase of all project materials and equipment packages; the mobilisation and commencement of multi-disciplined plant refurbishment and upgrade works; as well as work packages to ensure the stable and long term provision of water and power to site.“The extensive work streams we have conducted reinforce our confidence in Langer Heinrich as a low-risk, robust, long life operation that is positioned to take advantage of improving uranium market conditions and deliver sustainable value creation for all of our stakeholders,” Paladin said.GREENThe mining group said it is committed to making a valuable contribution to the reduction in carbon emissions.“The uranium that will be mined and processed at the Langer Heinrich Mine will be used to resource nuclear power plants, displacing gas and coal-fired electricity.“Paladin’s future production can reduce CO₂ emissions by an average of 58 million tonnes per year, and around 1.3 billion tonnes² over the life of the Langer Heinrich Mine.”According to Paladin’s annual report, the group spent more than US$2.8 million or N$47 million on the care and maintenance of Langer Heinrich in the past financial year. Around US$2.2 million or N$37 million was invested in restart study expenditure.At its peak in 2015, Langer Heinrich employed 341 people permanently. It retained only 19 employees when it entered care and maintenance. According to the annual report of the Chamber of Mines in Namibia (CMN), this number dwindled to only 15 in 2021.

Uranium from Langer Heinrich in 2024

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Namibian Sun 2025-03-18

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Uranium from Langer Heinrich in 2024

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Namibian Sun 2025-03-18

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