Paladin Energy (ASX:PDN) has withdrawn its production guidance for the fiscal year ending June 30 as recent unseasonal heavy rainfall has resulted in water ingress into the open mining pits of its Namibian mine, according to a Wednesday Australian bourse filing.
The water ingress into the open mining pits of Langer Heinrich mine delayed access and postponed the start of mining operations, per the filing.
The company has resumed operations at the mine and still expects to improve production levels in the second half of the calendar year, but it does not see itself achieving nameplate run-rate guidance of six million pounds by the end of the said year.
The company will provide further details of production and mining in the March quarterly activities report in April and will provide guidance for the fiscal year 2026 with the release of its full fiscal year financial results in August.
The company's shares dropped 7% in recent Wednesday trade.
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