BUZZ-Australia's Paladin Energy faces worst day in 7 years on output forecast cut

Reuters
2024-11-12
BUZZ-Australia's Paladin Energy faces worst day in 7 years on output forecast cut

** Shares of Paladin Energy PDN.AX tank as much as 28.9% to A$6.880, poised for their worst session since mid-May 2017 - if current losses hold

** Uranium producer slashes FY25 production forecast for its Langer Heinrich mine in Namibia to 3.0–3.6 Mlb from 4.0-4.5 Mlb, and withdraws all other guidance in relation to FY25

** Co says production forecast cut is due to operational challenges and delays in ramping up of production in mine

** Says it expects production to be higher in the second half of FY25

** Stock hits lowest level since late June 2023

** Including day's moves, stock has fallen 27.1% this year, as of 2330 GMT

(Reporting by Archishma Iyer)

((Archishma.Iyer@thomsonreuters.com;))

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