Kayelekera mine in record production
Paladin Energy’s Kayelekera Mine (KM) in Karonga has achieved a record production which is four percent above the March quarter with 789 430 pounds (358 tonnes) produced during the June quarter.
In its quarterly activities report signed by Paladin Energy Limited managing director and chief executive officer John Borshoff, released on Thursday, the dual-listed uranium miner’s record output of 2.9 million pounds (1 344 tones) for 2013 is 20 percent higher than 2012.
The company expects a combined production for 2013/14 to be between 8.3 and 8.7 million pounds.
Paladin combined revenue for the year of $408.4 million was a 14 percent increase on the previous year from sale of 8.2 million pounds (3 745 tonnes), a 23 percent jump over last year, at an average price of $49.48 per pound.
The miner listed on Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX) also enjoyed strong sales of $107.4 million for the quarter ending June at an average price of $46.22 per pound.
Paladin wants to sell a minority stake in that mine to put a dent in its $740 million of debt and says it is confident of doing so, despite a planned sale being delayed.
