Paladin Energy Ltd is listed on the Australian Securities Exchange, the Toronto Stock Exchange and the Namibian Stock Exchange under the symbol “PDN”. Paladin is a uranium production company with projects currently in Australia and two operating mines in Africa with a strategy to become a major uranium mining house. Since 1998, during a period of sustained downturn in global uranium markets, Paladin accumulated a quality portfolio of advanced uranium projects each having production potential.
The Langer Heinrich Mine in Namibia is Paladin’s flagship project. Having reached its initial production of 2.7Mlb U3O8 per annum in 2008, the mine completed its Stage 2 ramp-up to 3.7Mlb U3O8 per annum in 2010. Construction and commissioning of the Stage 3 expansion was completed in the 2011/2012 financial year with the project achieving nameplate of 5.2Mlb U3O8 in the final quarter. An additional Stage 4 expansion is currently under consideration to 10Mlb by 2014.
The Kayelekera Mine in Malawi, the Company’s second mine, provides an excellent follow-up to Langer Heinrich. Kayelekera Mine was officially opened in April 2009 and is now operating close to design production rates. Annual production will be 3.3Mlb U3O8 for eight years with potential for a further 1.1Mlb U3O8 per annum for another four years.
Following the closing of the takeover bid for Summit Resources Limited (ASX Code: SMM), Paladin holds an 82.08% interest in that company.