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 7.5Mlb when market conditions justify the capital expenditure required.
The Kayelekera Mine in Malawi, the Company's second mine, was officially opened in April 2009. In February 2014, after successfully establishing stable operations at design levels, the decision was taken to place Kayelekera on care and maintenance due to the low uranium prices being experienced. Production ceased in May 2014 after inventory run-down and the plant is now established on care and maintenance with approximately 220 permanent employees at the site. The project will re-commence production when market conditions are more favourable. Upon re-start, annual production of 3Mlb U3O8 for up to five years is expected, based on the existing known reserves, with potential for further reserves and hence production subject to exploration success in the region. The Company estimates that production may be re-established within nine months of a decision to do so.
Paladin is well placed to rapidly respond to improved market conditions, when they occur, through a combination of the re-start of Kayelekera and a Stage 4 expansion at Langer Heinrich which collectively are able to double current U3O8 production.
Following the closing of the takeover bid for Summit Resources Limited (ASX Code: SMM), Paladin holds an 82.08% interest in that company.