Uranium-miner Paladin Energy will seek both organic and acquisitive growth as it brings a string of projects into production and seeks to step up into the ranks of large producers of the nuclear fuel, MD John Borshoff said on Tuesday.

The company would have to “grow and...eat, or be eaten”, he commented on a conference call.

“We hope that we will be here as a major company in the years to come.”

The company has $338-million in cash, which it plans to use for exploration, development and acquisitions, CFO Ross Glossop said.

Paladin expects to reach nameplate capacity at its Langer Heinrich mine, in Namibia, before the end of the year, and will start commissioning and ramp-up at the $200-million Kayalakera project, in Malawi, in January.

The firm produced 1,7-million pounds of uranium in the year ended June 30, but expects to increase annual output to as much as 9,3-million pounds in 2011/12.

Cameco Corporation, the world's biggest uranium miner, expects to produce 19,6-million pounds of uranium this year.

Paladin, which also has exploration and development assets in Australia, reported a loss of $36-million for the year, compared with a loss of $37,6-million a year earlier, after exploration, development and finance costs rose.

The Langer Heinrich mine generated $11-million in profit, after revenue rose to $101,9-million, the company said.

PALADIN NUCLEAR

Paladin has spent $31,8-million to build up a “strategic inventory” of about 530 000 lb of uranium, through third-party purchases, in preparation for the start-up of its uranium trading unit, Paladin Nuclear.

Borshoff said that the company continued to talk to a number of senior industry people as it worked to augment the Paladin Energy team.