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Paladin Energy Ltd: Financial Report for the Six Months Ending 31 December 2009
09:32 EST Thursday, February 11, 2010
PERTH, WESTERN AUSTRALIA--(Marketwire - Feb. 11, 2010) - Paladin Energy Ltd ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) announces the release of its Financial Report for the six months ending 31 December 2009. The Financial Report is appended to this News Release.
Results
- Record total uranium oxide (U3O8) production of 987,310lb for the
December quarter compared to 673,982lb for the comparative period.
Record total production of 1,731,498lb achieved for the six months up
from 1,324,537lb for the comparative period.
- Langer Heinrich Mine achieved Stage 2 production levels in the December
2009 quarter with a 36% increase in production over the September 2009
quarter.
- Stage 3 construction to 5.2Mlb per annum underway.
- Stage 4 feasibility study for expansion to 10Mlb per annum underway.
- Kayelekera Mine production ramp-up slower than anticipated but improving
with latest design upgrades.
- Langer Heinrich Mine cost of sales for the six months to 31 December
2009 remained at US$26/lb as for the six month period to 31 December
2008. This represents increased efficiencies despite a strengthening in
the Namibian dollar exchange rate.
- Record quarterly sales volumes of 1,095,000lb for the quarter ended 31
December 2009 at an average of US$56/lb up from the comparative period.
Total sales volume for the six months reached 1,798,000lb averaging
US$56/lb. This represents a significant increase over the 1,123,000lb
sold in the six months ended 31 December 2008.
- Delivering into Paladin's long term contracting strategy with signing of
a substantial long term contract totalling 4Mlb commencing in 2012.
Corporate:
- Profit and Loss
3mths to 6mths to
31 Dec 09 31 Dec 09
US$M US$M
Revenue 62.6 101.2
--------------- -----------------
Gross Profit 14.7 29.6
--------------- -----------------
Exploration and Evaluation Expenses (4.4) (9.5)
Corporate and Other (4.0) (12.6)
Finance Costs (5.6) (10.8)
--------------- -----------------
Profit/(Loss) before Income Tax 0.7 (3.3)
Income Tax Expense (0.1) (16.1)
--------------- -----------------
Profit/(Loss) after Income Tax 0.6 (19.4)
Non controlling interests (0.2) 0.4
--------------- -----------------
Net Profit/(Loss) after Tax 0.4 (19.0)
--------------- -----------------
- Gross profit for the December quarter up by US$8.4M over the comparative
period reflecting higher sales volumes.
- Net profit for the December quarter of US$0.4M compared to net loss of
US$470.8M in the comparative quarter. Net loss for six months narrowed
to US$19.0M from US$475.6M in the comparative period.
- Strong balance sheet at 31 December 2009 with US$432.6M in cash invested
with Australian banks with a minimum AA Standard & Poor's credit rating.
.
Conference Call and Investor Update scheduled for 07:00 Perth, Tuesday 16 February 2010.
18:00 Toronto Monday 15 February 2010.
Details are included in a separate news release.
The documents comprising the Financial Report for the six months ending 31 December 2009, including the Report to Shareholders, Management Discussion and Analysis, Financial Statements and Certifications will be filed with the Company's other documents on Sedar (http://www.sedar.com) and on the Company's website (http://www.paladinenergy.com.au).
FOR FURTHER INFORMATION PLEASE CONTACT:
Paladin Energy Ltd
John Borshoff
Managing Director/CEO
+61-8-9381-4366 or Mobile: +61-419-912-571
john.borshoff@paladinenergy.com.au
or
Paladin Energy Ltd
Garry Korte
Chief Financial Officer
+61-8-9381-4366 or Mobile: +61-409-875-910
garry.korte@paladinenergy.com.au
or
Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
+905 337-7673 or Mobile: +416-605-5120 (Toronto)
greg.taylor@paladinenergy.com.au
www.paladinenergy.com.au
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