Chamwe Kaira
Paladin Energy is increasing production at the Langer Heinrich Mine as the company moves through the final stage of its ramp-up plan.
The company said 2.3 million pounds of uranium oxide (U₃O₈) were produced during the first half of the 2026 financial year.
Production for the full financial year is expected to reach the upper end of the guidance range of 4 million to 4.4 million pounds.
Paladin stated that the rising global demand for nuclear energy supports the ramp-up.
The company said demand is being driven by the existing nuclear reactor fleet, reactors under construction and the extension or restart of reactors in the United States and other countries.
Government commitments are also expected to increase uranium demand.
During the COP28 and COP29 climate conferences, 31 countries pledged to triple global nuclear power capacity by 2050.
These countries include the United States, Canada, the United Kingdom and France.
Paladin said the expansion of nuclear power programmes will increase the demand for uranium used in nuclear fuel.
The company also pointed to plans by the United States to expand nuclear energy capacity from about 100 gigawatts to 400 gigawatts by 2050.
According to Paladin, this increase could add about 150 million pounds of annual uranium demand by 2050.
At the Langer Heinrich Mine, the company said operations continue to improve as it moves toward full mining and plant operations.
The mine produced 3 million pounds of U₃O₈ during the 2025 financial year.
The average realised uranium price during that period was about N$1 220 per pound, while production costs were about N$747 per pound.
During the first half of the 2026 financial year, the company sold 1.96 million pounds of uranium at an average realised price of about N$1 309 per pound.
Production costs during the period were about N$752 per pound.
Paladin said its uranium sales contracts remain in place through to 2030.
The company has contracted 23 million pounds of uranium for delivery over that period.
About 53% of the contract pricing is linked to market prices, while 47% is based on fixed or base-escalated pricing.
Paladin said about 85% of the Langer Heinrich ore reserve remains exposed to market pricing or is currently uncontracted.
This gives the company flexibility if uranium prices increase.
The company also maintains a long-term uranium supply agreement with China National Nuclear Corporation.
Paladin said its financial position has improved after raising new equity, launching a share purchase plan and restructuring its debt facility.
As of 31 December 2025, the company held about N$5.17 billion in cash and investments.
