More nuclear plants are planned around the world. This factor will further increase the price of uranium, chairman of Paladin Energy Rick Crabb said this week when the company listed on the Namibia Stock Exchange. Buoyed by a high demand for uranium, Paladin Energy plans to increase production capacity at Langer Heinrich uranium mine from the current 2.6 million pounds of uranium oxide per year to 3.7 million pounds per year.

Paladin has begun constructing the second phase of the Langer Heinrich mine following its opening in March last year with the aim of increasing production capacity.
“We are also looking for more reserves near our mine,” he said. The mine already has proven reserves of about 50 million pounds of uranium on its site.
“Indications are that our proven reserves will increase to 105 million pounds and the lifespan of the mine is likely to increase from the current 17 years to 25 years,” said Crabb.
Crabb said the Kayelekera uranium mine in Malawi, which will open at the end of this year, will ship its first export in May next year, likely to markets in the United States.
“We have markets in the United States but we may also sell uranium from Malawi to Japan or Europe,” he said. The Kayelekera mine will produce 3.3 millions pounds of uranium oxide and has a life span of about 11 years, said Crabb.
“We are still looking at options on how we are going to ship the uranium from Malawi, which is landlocked. We may decide to use ports in Tanzania or Mozambique. But we are likely to use Namibia because the country already has experience in handling uranium exports. But we still have a year to decide,” said Crabb.
Paladin Energy this week dual listed on the Namibia Stock Exchange becoming the fourth uranium company to do so after Deep Yellow, Xemplar and Forsys.