Paladin Energy Ltd. confirmed May 25 that its 75%-owned Langer Heinrich uranium mine in Namibia is being placed under care and maintenance, and it has stopped presenting ore to the plant after securing the approval of relevant stakeholders.
In late April, Paladin kicked off preparatory measures to place the mine under care and maintenance and consulted the stakeholders to formalize the move, which the company sees as the "most logical decision" to preserve the mine's uranium resource and to mitigate operating losses.
Paladin has stopped presenting ore to the plant as the mine enters a "run-down" phase of up to three months. Upon completion of this phase, operations at Langer Heinrich will be completely suspended. The miner estimates that Langer Heinrich's ongoing care and maintenance cost will be lower than that of its Kayelekera uranium mine in Malawi and is likely to have a relatively low working capital requirement and short lead time to resume operations.
The miner flagged possible impairments arising from Langer Heinrich's suspension when its assets are reviewed.
