More news: Shares in Paladin Energy plunged in early trading after the uranium miner withdrew its full-year production guidance following a “one-in-fifty-year” rainfall event that disrupted operations at its Langer Heinrich mine in Namibia last week.
Paladin shares were down 8% to $5.88 at 10:30am AEDT.
Paladin Energy scraps guidance after Langer Heinrich shutdown
The news: Uranium miner Paladin Energy has withdrawn its full-year production guidance after a “significant weather event” forced it to pause operations at its Langer Heinrich mine in Namibia last week.
The numbers: Paladin said its 75%-owned project experienced a “one-in-fifty-year” rainfall event, resulting in short-term disruptions to operations and halting plans to accelerate mining to access higher grade ore.
The context: There was reported damage to access roads and minor civil infrastructure on the Langer Heinrich site and to the haul roads to the mine. Access has now been re-established and processing plant operations have resumed.
However, the disruption has led Paladin to withdraw production guidance for the 2025 financial year. While the miner still expects to improve production levels in the second half of the current calendar year, it now does not expect Langer Heinrich to achieve its nameplate run-rate guidance of 6 million pounds by the end of December.
Langer Heinrich is still midway through a planned 21-month ramp-up period. Its latest suspension came after Paladin cut its full-year production guidance and withdrew all other guidance due to a series of challenges at the mine.
Source: ASX
