Paladin Energy Shares Plunge Amid Operational Challenges

Paladin Energy Ltd (ASX: PDN) shares dropped 21% to $9.69 after the uranium producer’s first-quarter update revealed production issues at its Langer Heinrich Mine (LHM) in Namibia. Although production rose 23% from the previous quarter to 0.64Mlb U3O8, cash receipts fell short of current uranium spot prices, and production costs exceeded revenues. The company cited short-term operational issues, including ore feed variability, delays in the classification circuit commissioning, and water recovery issues. Paladin is implementing operational improvements but will pause operations for two weeks in November to address these challenges further, aiming to stabilize and optimize its production ramp-up at LHM.

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