Chamwe Kaira
Global uranium demand is rising as more countries expand nuclear energy to strengthen energy security and meet decarbonisation targets. At the 28th Conference of Parties (COP28) and COP29, 31 nations, including the United States, Canada, the United Kingdom, and France, pledged to triple nuclear power capacity by 2050.
In the United States, new executive orders aim to quadruple the national nuclear fleet from about 100 GW to 400 GW by mid-century, which would add around 150 million pounds of uranium demand each year.
Paladin Energy, owner of the Langer Heinrich Mine in the Erongo Region, said during a presentation to the Citi Australia & New Zealand Investment Conference that this surge in demand comes amid a global uranium supply deficit caused by years of underinvestment and limited new mine development.
“Utilities worldwide are increasingly turning to Western-facing suppliers to diversify away from traditional sources such as Kazakhstan, Russia and Niger, which currently account for about half of Europe’s uranium imports. Global utilities are estimated to have one billion pounds of uncovered uranium requirements by 2035,” the company said.
Paladin Energy Ltd is positioning itself as a key global supplier through its dual-asset strategy focused on Namibia’s Langer Heinrich Mine (LHM) and Canada’s Patterson Lake South (PLS) Project.
The Langer Heinrich Mine, now in its final ramp-up phase, produced 1.1 million pounds of uranium oxide in the September 2025 quarter, its strongest output since restart. The mine achieved an average realisation price of US$67.4 per pound and maintained production costs at US$41.6 per pound, with average recoveries of 86%. Material mined rose by 63% from the previous quarter to 5.27 million tonnes, supported by infrastructure upgrades such as the commissioning of Tailings Storage Facility 6 and improved water and power systems.
Paladin has 14 long-term uranium sales agreements with tier-one customers across the US, Europe, and Asia, covering 24.5 million pounds of uranium oxide through 2030. About 85% of the Langer Heinrich Ore Reserve remains uncontracted or linked to market-related pricing, allowing the company to benefit from stronger uranium prices.
In Canada, the Patterson Lake South Project in the Athabasca Basin, considered one of the world’s top uranium regions, holds 93.7 million pounds of probable mineral reserves at a grade of 1.41% uranium oxide.
With assets in Namibia, Canada and Australia, Paladin Energy says it is well-positioned to take advantage of the growing uranium market as global demand for clean and reliable energy accelerates.
Caption
Uranium prices are rising as demand increases.
- Photo: Contributed
