Langer Heinrich needs N$1.2b capital injection

By Business Reporter

A prefeasibility study (PFS) into the restart of the Langer Heinrich uranium project, in Namibia, has confirmed that $80-million (N$1.2billion) in capital will be required to support a 5.2-million-pound-a-year operation.

ASX-listed Paladin Energy last week said that there was an opportunity to increase production to 6.
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5-million pounds a year through additional high return, discretionary capital spend of -million (N0 million), further enhancing access to off take and financing.

“The Langer Heinrich mine is a world class uranium asset and this study confirms Paladin’s key position as a first mover back into production in a recovering uranium market,” said CEO Scott Sullivan.

The PFS estimated that all-in sustaining costs over the mine life would be around /lb with further cost improvements of around .

50/lb achieved through significant process changes after a restart of operations.

“Achieving production of over five-million pounds at a cost of under /lb and with a 12-month lead time on execution, were key targets of the board and executive team, and will see Langer Heinrich in an enviable position when uranium prices recover,” said Sullivan.
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“This study continues to demonstrate the high quality and potential of the asset and provides a solid foundation for a confident and successful restart.”

Paladin holds a 75% stake in the Langer Heinrich project, which was placed on care and maintenance in August of last year, following a fall in the uranium price.