Australian mining company Paladin Energy has resumed production at the Langer Heinrich Uranium mine in Namibia.
First ore has been fed into the mine’s processing plant, with the full restart of operations 93% complete. The company aims to achieve commercial production by the end of Q1 2024.
The project is supported by $150 million in debt funding secured by Paladin Energy from financial institutions Nedbank and Macquarie Bank. The $150 million syndicated debt facility will provide financial stability as well as flexibility.
Ian Purdy, CEO of Paladin Energy, stated that, “After more than six years of care and maintenance, it is exceptionally pleasing to see production activities recommence at the Langer Heinrich Mine, with first ore feed to the processing plant achieved in January.”
Paladin Energy has already secured export permits with Namibia’s Ministry of Mines and Energy and has signed uranium processing and supply agreements with clients in Europe, the U.S., and China.
The mine was paused in 2018 due to low uranium prices on the global market and is expected to operate for 17 years once fully operational.
