Paladin Uranium Mine not Expected to Run at Maximum Capacity

Dow Jones09-04 11:17

0317 GMT - Paladin Energy "never expects" to sustain Langer Heinrich's nameplate production rate of 6 million pounds for a year, says a surprised Ord Minnett. "So we trimmed to 5.7" million pounds, the broker says of its annual production forecasts for FY28-FY30. It also raises projections for sustaining capex, citing new pits and tailings facilities. Ord's remarks follow an investor day, where it says it got a better grasp on "the strong resource upside" at Paladin's PLS project. Yet it thinks a capex estimate of US$1.2 billion is probably low. It expects other projects "will need to be deferred due to PLS funding challenges, which will no doubt include a significant capital raise." The broker downgrades to sell from lighten. Its target rises to 9.00 Australian dollars from A$8.50. The stock is up 3.1% at A$11.61.

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