Australian miner Paladin Energy is on track to complete the ramp up of its Langer Heinrich uranium mine in Namibia to reach maximum output from July as higher prices help to accelerate mining investment, its Chief Executive said this Thursday.
Spurred by a global push for nuclear energy and a potential supply shortfall for the critical mineral, uranium prices surged to a two-year high of $101 a Pound in January before settling down to hover between $85-$90 a Pound.
Namibia, the world’s No 3 uranium producer after Canada and leader Kazakhstan, wants to cement its position after achieving record output last year when it topped 10 000 metric tons U3O8, commonly known as “yellowcake”, for the first time.
“We’ve had five quarter-on-quarter improvement in volumes and expect that trend to continue into FY 27, so we expect an absolute cracker of a year,” Paul Hemburrow, Paladin’s Chief Executive Officer, said, referring to Paladin’s output.
“Higher prices are good for everybody,” he said, in a telephone interview from Namibia during an investor visit.
China National Nuclear Corporation (CNNC) holds a 25% stake in the Langer mine. The two largest uranium mines operating in Namibia’s arid conditions are Swakop Uranium’s Husab and CNNC Rossing, both majority owned by Chinese companies.
Uranium yellowcake is mainly used to create nuclear fuel for power plants.
–Reuters–
