Paladin profit up 1,383pc

Paladin Energy recorded a net profit after tax of $61.4 million in the first six months to December 31 2023, up from a $4.8 million loss during the prior corresponding period. 

The positive gain comes as the company plans to restart operations at its flagship Langer Heinrich mine in Namibia, with the first ore feed, sourced from existing stockpiles, processed at the facility's processing plant on January 20.

It is anticipated that the first commercial production at Langer Heinrich, which is approximately 93 per cent complete from a construction perspective, will begin at the end of 2024's first quarter. 

Paladin said the significant NPAT was due to factors including a higher uranium spot price, progress of the restart project, along with the reversal of an impairment charge impacting existing Langer Heinrich stockpiles previously acknowledged during the 2016 financial year.

From the impairment reversal charge, Paladin gained $US92.2 million, or $140.3 million. 

Aside from Langer Heinrich, the Perth-based company also has exploration interests in Australia and Canada. 

Paladin closed trade on Friday at $1.12 per share, down 3 per cent, while the present uranium spot price is $US98 per pound.