Paladin Energy’s uranium production drops 4% for year ended 30 June

The company’s net loss narrowed 20% to $338.4m from $420.9m in last year.

Gross loss before impairments is $3.4m, compared to a gross profit before impairments of $55.9m in 2013, affected by lower uranium prices.

Sales volume for the year increased 5% to 8.665 million lbs over sales of 8.25 million lbs U₃O₈ last year.

Higher inventory impairment at Kayelekera mine, which was placed on care and maintenance, totaled $40.7m compared to $30.9m in 2013.

Uranium sales dropped by 20% to $329.5m from $411.5m in the last year due to a 23% decline in the realized sales price to $37.9 per lb.

At Langer Heinrich mine, Paladin Energy produced 5.59 million lbs, a 6% rise over the previous year, with overall recovery of 87% and feed grades of 783ppm U₃O₈.

For the fiscal 2015, the company expects to produce 5.4 million lbs to 5.8 million lbs U₃O₈ at Langer Heinrich.

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