Paladin Energy Ltd

Paladin Energy Ltd

November 14, 2011 06:45 ET

Paladin Energy Ltd-Mid Quarter Operations & Market Update

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 14, 2011) - Paladin Energy Ltd. (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") provides an update on the status of its operations post September quarter as follows:

Langer Heinrich Mine

  • Post quarter Stage 3 ramp-up continues to track well with production at 90% of design capacity for period 1 October to 13 November.
  • Construction of Stage 3 expansion is almost complete, with the remaining NIMCIX modules nearing completion. Various Stage 3 modules are in operation and either in ramp-up or advanced stages of commissioning. The plant is operating at improved efficiencies benefiting from the new equipment that has come on line.

Kayelekera Mine

  • Remediation work has been completed and acid production began 7 October. Uranium production recommenced on 14 October with interim drying at LHM.
  • Bankers' completion test commenced on 1 November 2011. Production to date is in line with the target of achieving 90% of design capacity.
  • Relocated drying and packaging plant came back on line 12 November.

The early benefits of both the Stage 3 expansion at Langer Heinrich Mine and the operational improvements/rectification work at Kayelekera Mine are all now having a positive impact both on production and plant efficiencies.

Uranium Spot Price

On Friday 11 November, TradeTech advised that the uranium spot price rose by US$4/lb to US$56.25/lb as a result of strong demand with a total of 13 transactions involving 1.8Mlb U3O8 equivalent traded over the course of the week.

ACN 061 681 098

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