Kayelekera Mine output 9% below budget
Production at Kayelekera Uranium Mine (KM) in Karonga at 614 603 pounds [279 tonnes] for the September quarter was nine percent below budget due to the extension of planned shutdown.
In its quarterly activities report, the dual-listed miner, however, said solid and steady production was achieved at both the Langer Heinrich in Namibia and KM for the quarter.
“Kayelekera planned 16 day maintenance shutdown in August extended by seven days. However, the site achieved strong performance overall,” reads the report signed by Paladin Energy managing director and chief executive officer John Borshoff.
Sales revenue for the two mines was recorded at $69.2 million for the quarter, selling 1.6 million pound U3O8 at average price of $41.38 per pound.
Anticipated sales of approximately 2.6 million per pound are expected in the in the December quarter, said the company.
Paladin said cost savings and optimisation initiatives were announced for financial year [FY] 2014 and FY15 further improving unit cost profiles for Langer Heinrich and Kayelekera over this period and reducing corporate costs.
“Positive responses have been received on the minority sale of Langer Heinrich with the process advancing well,” said the company.
In response to reports on the performance of the company, Borshoff said yesterday that Paladin’s mines are operating at record levels.
“Production costs continue to trend lower with plans implemented to reduce costs further. Cost reductions have been implemented across the organisation that will reduce the draw on existing cash balances and extend the deadline for further cash,” he said.
Borshoff said Paladin company has reasonable confidence in an income to alleviate shareholder concerns regarding debt and expects to provide more detail in relation to this transaction in November.
He said the company’s project finance facilities are primarily secured against project assets and that securities cover the long term contracts which are with number utilities.
“These contracts do not allow the buyer to unilaterally cancel. In any event, any cancellation of these contracts would not trigger a cross default under Paladin’s existing convertible bonds,” he said, adding that both convertible bonds exclude default in respect of project finance indebtedness.
He said all of Paladin’s sales contracts are market practice and the ability to terminate is limited to non-performance (delivery of material) or the company being placed in receivership.
Borshoff said Paladin’s sales are not reliant or limited to sales contracts and a portion of production is placed into the spot market, adding that the global uranium spot market is liquid and trades in excess of levels where Paladin’s production would make a material price impact.
The next material debt maturity is the $300 million convertible bond maturing November 2015 and the company is fully compliant with the terms of the bonds.
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