PDN 0.00% 12.5¢ paladin energy ltd

uranium is strong despite loss - paladin

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    Uranium is strong despite loss - Paladin
    11-November-08 by AAP

    Uranium miner Paladin Energy has posted a small quarterly loss despite achieving nameplate production at its flagship mine in Africa, and says demand for the commodity in the medium to long term "remains extremely strong".

    The company reported net loss for three months to September 30 of $US4.7 million ($A7.05 million).

    This was down on the after tax loss of $US14.5 million ($A21.75 million) for the corresponding period in 2007 due to higher sales revenue after performance improved at its Langer Heinrich mine in Namibia.

    The latest result includes a $US13.3 million ($A19.97 million) profit for the mine, but finance costs and other expenses increased.

    The company said the uranium oxide price was $US53 per pound at the end of the September quarter, down from $US59 per pound at the end of June this year.

    "The spot uranium price has weakened since the end of the (September) quarter, down to $US46 per pound this week ... consistent with the sell down of most commodities as a result of continuing international credit problems and the liquidation of commodity investment positions," Paladin said.

    It said it expected demand for uranium from India to be strong this year, while the outlook for Russia and major Asian nations also was positive.

    Paladin said its quarterly uranium oxide production of 650,554 pounds at Langer Heinrich equated to 2.6 million pounds on an annualised basis, which will be expanded to 3.7 million pounds per annum.

    The company said the expansion was on budget and on schedule for completion at the end of calendar 2008.

    Shares in Paladin were down ten cents, or 3.95 per cent, to $2.43 at 1212 AEDT.

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