Paladin Energy tumbles after extreme weather hits production
Paladin Energy Ltd. shares tumbled after the Australian uranium miner withdrew production guidance for the 2025 fiscal year following disruptions at its Namibia mine caused by extreme rainfall.
While operations have now resumed at the Langer Heinrich mine, the weather incident disrupted plans for the early commencement of mining to access higher grade ore, it said in a statement Wednesday. The rain delayed the mobilization of key mining equipment and personnel.
Paladin’s share price fell 11.6% in Sydney on Wednesday, closing at the lowest level since May 2023.
The company still expects to improve production levels in the second half of this calendar year, it said in the statement.
Full-year earnings for fiscal 2025 are expected to decline 2%, with the following year’s projected to drop 11%, Morgan Stanley analysts led by Shannon J Sinha wrote in a note.
(By Nasteho Said)
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