Paladin books $US173m loss in FY2012

Uranium miner Paladin Energy says it is looking forward to a year free of construction and commissioning activities after lodging a net loss of $US172.8 million for the 12 months to June 30.

Paladin said the loss, which was up from $82.3 million in FY2011, was mainly due to a $US133 million write-down in the value of the company’s Kayelekera mine in the September quarter, 2011.

Revenue was up to $US367.4 million, from $268.9 million the previous year, driving a rise in gross profit which reached $US26.7 million, up from $20.3 million in FY2011.

Paladin said FY202 was a milestone year, having achieved nameplate production levels at both its operating mines in southern Africa.

The company produced 4.4 million pounds of uranium from its flagship Langer Heirch mine, up 25 per cent on 2011, while the Kayelkerea mine delivered uranium output of 2.4 million pounds.

Cash costs came in at $Us39/lb, while Paladin’s average yearly sales price hit $US55/lb.

The company said it was looking forward to FY13 after a transformational 2012.

“FY13 will be the first year Paladin will operate without distracting construction and commissioning activities running in parallel,” the company said.

“In this new environment the company is well-placed to optimise efficiencies and costs on its operations and benefit from returns.”

At close of trade today, Paladin stocks were down 1.1 per cent, trading at $1.35.