PALADIN Energy expects to complete the ramp-up of its Langer Heinrich uranium mine in Namibia to reach maximum output from July as higher prices accelerate mining investment.
CEO Paul Hemburrow told Reuters in an interview that the company had achieved five consecutive quarters of volume improvements and anticipated “an absolute cracker of a year” in the 2027 financial year. Uranium prices surged to $101 a pound in January before settling between $85 and $90, said the newswire.
Namibia, the world’s third-largest uranium producer behind Canada and Kazakhstan, achieved record output last year when production exceeded 10,000 tons of U3O8 for the first time. China National Nuclear Corporation holds a 25% stake in Langer Heinrich.
The country has two new projects under development: Bannerman Energy’s Etango mine and Deep Yellow’s Tumas mine, requiring combined investment of around $756m. CNNC said on Thursday it plans to acquire a 42.8% interest in Etango for up to $322m through a subsidiary deal with Bannerman.
Bannerman CEO Gavin Chamberlain said a final investment decision was expected within six to 12 months, with first sales targeted for 2029. Etango could eventually produce 6.8 million pounds of U3O8 annually.
The Namibian Uranium Institute said production could double to more than 20,000 tons with planned projects, though this depends on future price developments. Major export markets include China, Europe, Japan and the US, said Reuters.
