Paladin Energy has halted uranium mining at its Langer Heinrich Mine in Namibia due to heavy rainfall, which has disrupted access. The company’s shares fell significantly, reaching a low since March. Previously, Paladin had already reduced its production forecast due to operational challenges. Further assessment of the situation will occur once conditions improve.
Paladin Energy, an Australian uranium producer, has announced a temporary halt of operations at its Langer Heinrich Mine in Namibia due to recent heavy rainfall. This adverse weather has significantly obstructed access to the mine, prompting the company to suspend all mining activities.
The Langer Heinrich Mine, which Paladin owns 75% of, plays a crucial role in the company’s uranium output. Following the announcement, Paladin’s shares declined by as much as 8.9%, reaching their lowest point since March 13 and indicating a challenging trading session.
Previously, the mine had undergone maintenance in November and was restarted in December. However, due to operational difficulties and other delays, Paladin had reduced its annual production forecast, revising it to between 3.0–3.6 million pounds, down from 4.0–4.5 million pounds.
The company stated that the full extent of the impact from the inclement weather, as well as the disruption to production, will be evaluated once conditions improve and stabilize.
Paladin Energy has temporarily ceased operations at its Langer Heinrich Mine in Namibia due to heavy rainfall, which severely hampers access. The subsequent decline in its share price reflects investor concerns, particularly following a previous reduction in annual production forecasts. The company plans to assess the situation further when weather conditions stabilize.
Original Source: www.tradingview.com
