Paladin Energy Continues to Ramp Up Production at Namibian Uranium Mine in Fiscal Q1; Shares Tumble 18%

MT Newswires Live

Oct 28, 2024

Paladin Energy (ASX:PDN) continued to ramp up production at the Langer Heinrich uranium mine in Namibia, with production rising to 640,000 pounds of triuranium octoxide in the first quarter ended Sept. 30 from the prior quarter's 520,000 pounds.

The uranium producer said that while the ramp-up encountered some process recovery and efficiency challenges, the onsite team started implementing operational and process design changes that improved performance towards the end of the quarter, according to a Monday filing with the Australian bourse.

Also, no lost-time injuries or serious environmental incidents occurred during the quarter.

The company will undertake a two-week shutdown in November for further improvement and operational upgrades, the filing said.

The company's shares tumbled 18% in recent Monday trade.

Price (AUD): $10.02, Change: $-2.21, Percent Change: -18.07%

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