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BAN may be one of the very few bargains left!!! Paladin now able to look for some bargains Email Print Normal font Large font AdvertisementAdvertisementJamie Freed January 15, 2008 oTHE uranium producer Paladin Energy is expected to resume its focus on acquisitions now that it has overcome production issues at its brand new Langer Heinrich mine in Namibia. The mine, one of the first of a new breed of uranium mines since a recent increase in the price of the nuclear fuel, was unable to meet its original production forecast last year after a failure of its leach tank liners. "We were in suspension [as a company]," said the managing director of Paladin, John Borshoff. "We couldn't do other things until we got our credibility back and our performance where we said we would be." Paladin yesterday said it had met its second-half production target of 295 tonnes of uranium from Langer Heinrich. The mine's production is expected to reach its nameplate capacity of 1179 tonnes this year before a planned expansion to 1678 tonnes. Mr Borshoff said the board expected to approve the $US40 million ($44.7 million) to $US50 million expansion next month and to complete construction by the end of the year. "When you look at the guidance of all the uranium companies around the world today, Paladin is one of the few that is maintaining its guidance for 2008," he said. "I think that's a tremendous achievement." The construction of Paladin's second mine, Kayelekera in Malawi, should be completed by the end of the year. Mr Borshoff said Paladin should produce about 1723 tonnes of uranium from the two mines next year, rising to 2267 tonnes in 2010. The company, which last year bought the Queensland uranium explorer Summit Resources, has renewed its focus on acquisitions after working through the teething problems at Langer Heinrich. Since the uranium spot price has fallen from last year's record high of $US138 a pound, the value of many uranium stocks has dived. Mr Borshoff said the drop in the uranium price to its current level of $US90 a pound was "not one iota" of a concern, with the projected strong demand for nuclear power. But the fall in the share prices of uranium companies may help Paladin further its ambitions of buying more projects, particularly in North America. On Friday Deutsche Bank analysts deemed Paladin their "preferred pick" within the uranium sector with an $8.25 target price. The analysts said: "We forecast strong earnings growth from the company's stated production guidance and recognise that further upside opportunities are available to the company via production expansions at both Langer Heinrich and Kayelekera." Paladin shares closed 6c lower at $5.95, after trading to $6.18. |
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| Autor (Datum des Eintrages): | DaenischeSuedsee (14.01.08 21:54:17) |
| Beitrag: | 14 von 383 (ID:33046894) |
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