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Paladin to review FY'17 guidance, flags changes to Namibian mine plan

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Paladin to review FY'17 guidance, flags changes to Namibian mine plan

Paladin EnergyLtd. is analyzing and considering changing the uranium mineplan in a bid to substantially reduce costs.

As a result, the company's annual production and costguidance for fiscal 2017 is now under review. The company was looking toproduce over 5 million pounds of U3O8 at C1 cash costs in the range of US$22.50per pound to US$24.50 per pound.

In May, Paladin revisedthe mine's 2016 production guidance to about 4.8 million pounds of U3O8 andaverage C1 cash cost guidance to between US$24 per pound and US$26 per pound.

Meanwhile, the ASX-listed company is advancing strategicinitiatives for potential partnerships, strategic investment, funding andcorporate transactions.

"Discussions have advanced regarding various potentialtransactions. Paladin expects to announce the outcome of its process by the endof July," the company said July 18.

In addition, the company has decided to return threeexploration licenses and one application back to the government of Niger, dueto "very limited" prospects of an improvement in the country'ssecurity situation.

The three licenses included Tagait 4, Teremazour 1 andToulouk 1 prospects and the Ekazan 1 application, which formed the uranium projectin Niger.

For the quarter ended June 30, the company produced 1.1million pounds of U3O8, which was down 14% on a quarterly basis, while revenuejumped 205% to US$63 million.

The higher sales reflect a fixed price contract delivery anda large CNNC International Ltd.delivery in April.