In results released on Friday, Australia’s Paladin Energy showed a 47% increase in production from its Namibian and Malawian operations and record revenues of $208.7m on the back of a 31% increase in sales volumes for the nine months to March. The company said despite the concerns about the nuclear energy market following the tsunami damage to Japan’s Fukushima plant, it believes supply and demand imbalances will only widen in future as more plants, such as the 25 under construction in China, come on stream. Paladin is on an aggressive growth drive. Stage 3 of the expansion of its Langer Heinrich mine that would bring capacity to 5.2m lb is 92% complete and in February 2011 the company announced that it completed its acquisition of the uranium assets of Aurora Energy in Labrador, Canada for C$260.8m.
PALADIN ENERGY LTD. Mining News
Uranium miner Paladin Energy believes it will not be affected by planned changes in Namibia's policy on ownership of strategic minerals after the government said existing licenses would not be affected. "Paladin has welcomed this clarification, which removes any uncertainty over its operations in Namibia," the company said in a statement to the Australian Securities Exchange.
Paladin Energy Ltd-Mark Chalmers takes on role of executive general manager-production, on departure of Wyatt Buck
Paladin Energy Ltd. (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") advises that Wyatt Buck, Executive General Manager – Production will be leaving Paladin in May. He has decided to change direction and depart the uranium sector, taking a senior role with a company focussed on other commodities. We wish Wyatt all the best in his new venture and, on behalf of myself, management and the Board, sincerely thank him for his contribution and dedication over the past 5 years during a time of great growth for the Company.
Manager for Africa for Paladin Energy, which owns the Langer Heinrich uranium mine there, says that proposed BEE legislation may damage overseas investment in the highly prospective Namibian mining sector