CEO John Borshoff
Paladin Energy
Paladin Energy
Australian uranium miner Paladin Energy had second quarter production of 1,442,851 pounds of uranium oxide, or U3O8, up 110% on the second quarter of 2010, the company said Monday. Financial year 2010 production was up 60% over the prior year, coming in at 4,316,126 lb U3O8, Paladin said. Financial year 2010 ended June 30. Paladin has two operating mines--Langer Heinrich in Namibia and Kayelekera in Malawi.
Most of the increased production came from the Kayelekera mine, which has been ramping up and went into commercial production in the second quarter. Sales for the second quarter were 855,000 lb U3O8 generating revenue of US$49.1 million, representing an average sales price of US$55.50/lb, the company said. Sales for FY 2010 amounted to 3,726,000 lb U3O8 generating revenue of US$202 million at an average sales price of US$54.21/lb; when the average spot price for the same period was US$43.99/lb, Paladin said.
The company said it has concluded a new medium term contract with a major Asian utility for the delivery of approximately 1.5 million lb U3O8 between 2011 and 2015 on undiscounted market price terms subject to an appropriate floor price and market risk-sharing ceiling price conditions.
Paladin did not disclose additional details about the deal. Paladin said it expected to produce 7 million lb U3O8 in FY 2011, which runs July 1, 2010 to June 30, 2011.
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Here's an insight of CEO John Borshoff
Paladin Energy
In 1991, when his West German employer withdrew from the dying Australian uranium industry, John Borshoff acquired the company’s databases and used them to found Paladin Energy. When Paladin listed on the ASX in 1994, the geological, metallurgical and environmental data gave the company enormous credibility.
John sees the years following Paladin’s listing as "character building". To survive in a period where funding for resources, and particularly uranium, was almost impossible, Paladin diversified its activities into software and IT companies.
In 2002, Paladin purchased the Langer Heinrich Project in Namibia for A$15,000 and John waited patiently for two years until funds became available to grow his company. In January 2004, he was able to start building two uranium mines in Africa – the world’s first new conventional uranium mines in 20 years.
Developing a uranium mine in Malawi was particularly difficult. The mine was the largest private investment in Malawi’s history, which would increase GDP by 10%. But the government had no precedent or framework to deal with the complexity of establishing this type of project, and John had to placate numerous, divergent interest groups.
Despite the challenges, both mines proved successful. Today, Paladin remains the second largest pure play uranium mining company in Australia and Canada and the eighth largest mineral resource company in Australia. The company has a market capitalization of $2.6 billion and employs 500 people. In addition to developing a strong pipeline of projects in Australia, John plans to expand Paladin into Africa, North America and Asia, taking advantage of the nuclear revival he expects in future decades.
Paladin Energy
In 1991, when his West German employer withdrew from the dying Australian uranium industry, John Borshoff acquired the company’s databases and used them to found Paladin Energy. When Paladin listed on the ASX in 1994, the geological, metallurgical and environmental data gave the company enormous credibility.
John sees the years following Paladin’s listing as "character building". To survive in a period where funding for resources, and particularly uranium, was almost impossible, Paladin diversified its activities into software and IT companies.
In 2002, Paladin purchased the Langer Heinrich Project in Namibia for A$15,000 and John waited patiently for two years until funds became available to grow his company. In January 2004, he was able to start building two uranium mines in Africa – the world’s first new conventional uranium mines in 20 years.
Developing a uranium mine in Malawi was particularly difficult. The mine was the largest private investment in Malawi’s history, which would increase GDP by 10%. But the government had no precedent or framework to deal with the complexity of establishing this type of project, and John had to placate numerous, divergent interest groups.
Despite the challenges, both mines proved successful. Today, Paladin remains the second largest pure play uranium mining company in Australia and Canada and the eighth largest mineral resource company in Australia. The company has a market capitalization of $2.6 billion and employs 500 people. In addition to developing a strong pipeline of projects in Australia, John plans to expand Paladin into Africa, North America and Asia, taking advantage of the nuclear revival he expects in future decades.
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