Paladin Energy Shares Surge 13% on Strong Uranium Production Performance
Paladin Energy Ltd (ASX:PDN) rallied 12.9% to a 52-week high of A$13.14 after reporting a 16% quarterly production increase at its Langer Heinrich uranium mine. The Namibia-based operation produced 1.23 million pounds of U3O8 last quarter, with plant recovery rates holding steady at 91%.
December-quarter sales reached 1.43 million pounds at an average price of US$71.8/lb, keeping the company on track to meet the upper range of its 4.0-4.4 million pound annual guidance. Operational efficiency improvements drove production costs down to $39.7/lb, strengthening Paladin's position in the uranium market.
Investors responded enthusiastically to the operational update, bidding shares higher despite broader market weakness. The company's strategic contracts and cash reserves provide stability as it prepares to release interim results in the coming weeks.
