Langer Heinrich Mine Production Up

NAMIBIA’S Langer Heinrich Mine has announced a four percent increase in production following a 25 percent acquisition into the mine by the Chinese recently.

Langer Heinrich produced 632 tonnes for the March quarter, 4 percent above budget.

Overall recovery for the quarter was 85, 8 percent feed grade for the quarter down to 750ppm.

In January 2014 Paladin announced that it had signed an agreement to sell a 25 percent joint-venture equity stake in its flagship Langer Heinrich uranium mining operation in Namibia to China Uranium Corporation Limited, a wholly owned subsidiary of CNNC, the leading Chinese nuclear utility, for consideration of US$190 million.

Completion is now subject only to certain Chinese regulatory approvals (including the National Development and Reform Commission), which are expected to be obtained by June 2014.

Consents for the transaction from Paladin’s project financiers and the Bank of Namibia have been received and as a consequence on 16 April 2014 the US$20M deposit paid by CNNC has been released from escrow to Paladin and is non-refundable.

Securing CNNC as a joint-venture partner is considered a significant achievement by Paladin given CNNC’s stature and high regard in China and internationally due to its ability to develop, build and operate nuclear power plants.

Having this highly respected member of the Chinese nuclear power industry participating in Langer Heinrich is a very important and positive development for both the Company and for Namibia.

Source : CAJ News Agency