The restart of production at the Langer Heinrich Mine builds on the 10-year production history of the asset. The project has reserve life to support 17 years of operations with annual peak production representing around 4 percent of annual global uranium production.
Paladin Energy Ltd’s chairman, Cliff Lawrenson has said its plans are on track to execute the strategy of returning of the Langer Heinrich Mine to production early next year.
“The role of nuclear power in providing energy security and combatting global warming is becoming increasingly important. Geopolitical events and increasingly urgent decarbonisation measures are amplifying pressures for change in global energy markets,” he said.
Nuclear energy remains one of the most cost effective and lowest carbon emitting forms of energy generation and the only viable long-term source of low carbon emission baseload power, Lawrenson said.
He said government support for nuclear is also significant across Europe where it has been recognised as a green source of energy by the European Union.
“Chinese demand for uranium continues to strengthen to support their commitment to nuclear energy, with Chinese demand expected to grow from 18% to 35% of global requirements by 2040.”
Lawrenson said with limited investment in new uranium mines, there is a growing supply deficit that is anticipated to remain at over 40 million pounds per annum over the next decade.
“The Langer Heinrich Mine is set to deliver production into an increasingly supportive demand and price environment and Paladin stands ready to be part of a sustainable future.”
The restart project is well advanced with approximately 85% of the total works complete.
“We have secured a strong uranium offtake portfolio with leading top tier global counterparties that will underpin the restart of Langer Heinrich Mine. Its production is in strong demand from global utilities
given the strategic importance of Namibia as a reliable, independent jurisdiction and the proven nature
of our product.”