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Paladin cuts FY'16 U3O8 output guidance over issues at Langer Heinrich

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Paladin cuts FY'16 U3O8 output guidance over issues at Langer Heinrich

Paladin EnergyLtd. said May 10 that it is expecting to lose about 150,000 pounds ofU3O8 production during three months to June 30, due to issues with the performanceof water return sumps in a tailing storage facility at its Langer Heinrich uranium mine in Namibia.

As a result, the ASX-listed company has again the mine's full-year production guidanceto about 4.8 million pounds of U3O8 and average C1 cash cost guidance to betweenUS$24 per pound and US$26 per pound.

This compares to previous output guidance range of between 5.0million pounds and 5.2 million pounds of U3O8.

For thequarter ended March 31, Paladin Energy's net loss attributable to members of theparent widened to US$15.1 million from US$12.6 million a year ago, while at Langer Heinrich amountedto about 1.30 million pounds of U3O8, representing a 6% increase.

Salesrevenue rose by 22% to US$20.8 million in the three-month period, as a result ofa 35% increase in sales volume, which was partially offset by a 9% decrease in therealized sales price.