Paladin Exploring Potential Langer Heinrich Uranium Restart

Paladin Exploring Potential Langer Heinrich Uranium Restart

Paladin says a concept study was underway in Q4 to optimize the uranium operation “in preparation for a restart decision.”

Australia’s Paladin Energy (ASX:PDN) reported sales of 475,000 pounds of U3O8 during the December 2018 quarter, with the material going for an average price of US$31.41 per pound.

The company, which released its quarterly activities report on Wednesday (January 16), also provided updates on its Langer Heinrich mine and its Kayelekera mine.

Langer Heinrich, located in Namibia, was transitioned to care and maintenance in August 2018. However, Paladin reported that a concept study was underway this past quarter to optimize the operation “in preparation for a restart decision.”

This will see the company explore options to improve mining and processing at the site to reduce costs, increase throughput and productivity and examine vanadium by-product recovery.

Mining was suspended at Langer Heinrich in 2017, although the decision to put it on care and maintenance didn’t come until May 2018. The company said at the time that the move “was not taken lightly,” but was “the most logical decision to preserve [the mine’s] valuable uranium resource and mitigate operating cash flow losses.”

Between the time that mining was suspended and care and maintenance began the company used medium-grade stockpiled ore to produce uranium.

Paladin expects the concept study for Langer Heinrich, along with a subsequent prefeasibility study, to be completed sometime this year. The uranium price has seen some improvement since the asset went offline, with prices up 40 percent in 2018 and market participants predicting further gains in 2019.

Meanwhile, Kayelekera, located in Malawi and also currently on care and maintenance, saw activity focused around cleaning and maintaining the project’s water treatment plant. This is to prepare for water treatment during the 2018/2019 wet season; the mine’s site surface water drainage system also went through an annual refurbishment.

Revenue for Paladin came to US$14.9 million in the fourth quarter, on par with what it predicted at the end of Q3 and up from the US$6.6 million in revenue it generated during that period.

Adding to the company’s Q4 activity was the acquisition of Summit Resources, which Paladin formerly held an 82.08-percent stake in. The company announced its takeover intentions in early August; by mid-November, Paladin had acquired 100 percent of Summit’s shares.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Tempus Closes A $1.9 Million Private Placement

Tempus Resources Ltd (“Tempus” or the “Company”) (ASX:TMR)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the “Placement

The Placement has been completed utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as “Canadian flow-through shares” at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Appendix 2A

The announcement can be viewed at:

Keep reading... Show less

Massive Sulfide Nickel Drilling Update

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased provide an exploration update on its flagship Ta Khoa Nickel-Cu-PGE project, for which assay results have been received from drilling at its Massive Sulfide Vein (MSV) prospects (refer Table 3, Table 4 & Appendix 1).

Keep reading... Show less

Novo Completes Malmsbury Option Exercise with GBM Resources Limited

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has completed its option exercise to earn a 50% interest in the Malmsbury gold project (the “ Malmsbury Project ”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“ GBM ”) following the satisfaction of all conditions precedent, including receipt of Australian Foreign Investment Review Board approval (refer to the Company’s news releases dated March 30, 2020 September 24, 2020 and January 15, 2021 for further details).

“We are thrilled to complete our option exercise at Malmsbury,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We see Malmsbury as a Fosterville analogue given its similar position along the eastern margin of the prolific Bendigo Zone, epizonal orogenic setting and historic high-grade gold production. Our geologic team will pursue aggressive field work over the next few months with the goal of developing drill targets for testing later this year.”

Keep reading... Show less

Rare Earth Elements Demand is Still Growing

Rare Earth Elements are 17 silvery-white heavy metals with special magnetic capabilities. REEs have diverse applications and are commonly used in lasers, glass, superconductors, hard drives, wind turbine generators, and magnetic materials. Despite the name, REEs are abundant in the world, often found underground alongside uranium in sand structures called monazite. REEs concentrate must first be separated from the sand. Neodymium and praseodymium (NdPr) represent about 80% of the value of REE concentrate. Demand for these elements is growing because of their use in electric vehicles, wind turbines, and appliances. Adams Intelligence expects the demand for NdPr to double in the next five years. Removing REEs from monazite and then separating REEs into individual components is a complicated process. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less

Top News

Related News