Paladin posts $US36M loss
Kristie Batten
Mining Net News
PALADIN Energy has posted a $US36 million ($A42 million) after tax loss for the financial year ending June 30.
The figure is a 4.2% reduction on last year’s loss of $37.6 million.
However, following the first full year of production at the Langer Heinrich uranium mine in Namibia, Paladin recorded revenue of $101.9 million – a 809.8% increase.
The company said increased production at Langer Heinrich has led to an $11 million profit.
During the year, Paladin spent $13.1 million spent on exploration, $30.7 million in financing costs and $25.1 million in other expenses including corporate and marketing costs and employee benefits.
A further $10.6 million relating to non-cash share based payments was expensed.
Paladin said despite the loss, the company had a strong balance sheet with net assets of $1.4 billion, including $338 million in cash, of which $250 million is invested in US treasury bonds.
In February, the company raised $325 million in an issue of convertible bonds.
During the year, Paladin spent $17.8 million upping its stake in uranium explorer Deep Yellow to 15.3%.
It also began a strategic inventory build up of 530,000 pounds of uranium for Paladin Nuclear, at a cost of $31.8 million.
After initial production problems, the company said Langer Heinrich was on target to produce 1.71 million pounds of uranium by the end of 2008.
The stage II production expansion project to 3.7Mlb per annum is on target to be completed by the end of 2008 and, by June 30, the company had spent $8.9 million on the project.
The company reported sales of 1.4Mlb uranium from Langer Heinrich for the financial year, at an average realised price of $66.
Construction of the Kayelekera uranium project in Malawi remains on time and on budget, Paladin said, with the company receiving $167 million in financing during the year.
Project expenditure to June 30 totalled $100 million, while a further $45 million has been committed.
Paladin said all senior operations staff for Kayelekera have been recruited and commissioning is scheduled for January 2009.
Closer to home, the company continued exploration at the Bigrlyi joint venture, the Mount Isa JV and Isa North uranium projects.
Earlier this year, Paladin and JV partner Cameco were awarded the Pamela and Angela uranium deposits in the Northern Territory.
Shares in Paladin closed 17c down today to $5.43.
The figure is a 4.2% reduction on last year’s loss of $37.6 million.
However, following the first full year of production at the Langer Heinrich uranium mine in Namibia, Paladin recorded revenue of $101.9 million – a 809.8% increase.
The company said increased production at Langer Heinrich has led to an $11 million profit.
During the year, Paladin spent $13.1 million spent on exploration, $30.7 million in financing costs and $25.1 million in other expenses including corporate and marketing costs and employee benefits.
A further $10.6 million relating to non-cash share based payments was expensed.
Paladin said despite the loss, the company had a strong balance sheet with net assets of $1.4 billion, including $338 million in cash, of which $250 million is invested in US treasury bonds.
In February, the company raised $325 million in an issue of convertible bonds.
During the year, Paladin spent $17.8 million upping its stake in uranium explorer Deep Yellow to 15.3%.
It also began a strategic inventory build up of 530,000 pounds of uranium for Paladin Nuclear, at a cost of $31.8 million.
After initial production problems, the company said Langer Heinrich was on target to produce 1.71 million pounds of uranium by the end of 2008.
The stage II production expansion project to 3.7Mlb per annum is on target to be completed by the end of 2008 and, by June 30, the company had spent $8.9 million on the project.
The company reported sales of 1.4Mlb uranium from Langer Heinrich for the financial year, at an average realised price of $66.
Construction of the Kayelekera uranium project in Malawi remains on time and on budget, Paladin said, with the company receiving $167 million in financing during the year.
Project expenditure to June 30 totalled $100 million, while a further $45 million has been committed.
Paladin said all senior operations staff for Kayelekera have been recruited and commissioning is scheduled for January 2009.
Closer to home, the company continued exploration at the Bigrlyi joint venture, the Mount Isa JV and Isa North uranium projects.
Earlier this year, Paladin and JV partner Cameco were awarded the Pamela and Angela uranium deposits in the Northern Territory.
Shares in Paladin closed 17c down today to $5.43.