Paladin Energy Ltd: 30 June 2011 Annual Report
(firmenpresse) - PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 08/31/11 -- Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN)(ASX: PDN) announces the release of its Annual Report incorporating the financial statements for the year ended 30 June 2011. The Annual Report is appended to this News Release.
Proven production growth and transitioning into an optimisation phase
Paladin has delivered consistent growth in production over the past five years as it established the Company as an independent, global leader in the uranium industry. This production growth is set to continue with the completion of the Langer Heinrich Stage 3 expansion and finalisation of the Kayelekera Mine debottlenecking that will take Paladin to an installed annual production capacity of 8.5Mlb of U3O8.
To view the Graph associated with this press release, visit the following link:
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This rapid growth in the period 2005-2010 required a high level of capital investment and resourcing to plan, execute and deliver the projects. During this period costs have been disproportionate to the concurrent production levels as new expansion capacity was installed. The staging of development projects means that, with the imminent completion of the Stage 3 expansion, the Company will move into a phase where there is a natural break in project construction and costs will become much more synchronised with production output. This will complete the high investment and working capital requirements of the past five years. Paladin will use this window to consolidate and undertake essential cost and production optimisation measures across all of its operations.
Paladin has continued to receive inquiries from a range of parties interested in securing sales contracts or equity participation at a project level. The Company is currently evaluating partially monetising some of its non-producing assets through the introduction of strategic minority partners. Paladin believes this will better demonstrate the significant value of these projects and increase cash resources.
As part of this transition from rapid growth to optimisation, Paladin has embarked on a company-wide initiative to reduce costs. Discretionary exploration programmes will be reduced and corporate overheads will be reviewed with targeted reduction objectives.
Final 2011 Year Results
(References to 2011 and 2010 below refer to the equivalent twelve months ended 30 June 2011 and 2010 respectively.)
The documents comprising the Annual Report for the year ended 30 June 2011, including the Appendix 4E, Management Discussion and Analysis and Financial Statements are attached and will be filed with the Company's other documents on Sedar (sedar.com) and on the Company's website (paladinenergy.com.au).
Conference Call
Conference Call and Investor Update scheduled for 07:00 Perth & Hong Kong, Friday 2 September 2011.
19:00 Toronto, Thursday 1 September 2011 and 24:00 London, Thursday 1 September 2011.
Details were included in a separate news release made on 24 August 2011.
To view the Annual Report in full, please visit the following link:
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ACN 061 681 098
Contacts:
Paladin Energy Ltd
John Borshoff
Managing Director/CEO
+61-8-9381-4366 or Mobile: +61-419-912-571
Paladin Energy Ltd
Garry Korte
Chief Financial Officer
+61-8-9381-4366 or Mobile: +61-409-875910
Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
+905 337-7673 or Mobile: +416-605-5120 (Toronto)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2011 - 13:35 Uhr
Sprache: Deutsch
News-ID 61085
Anzahl Zeichen: 4036
contact information:
Town:
PERTH, WESTERN AUSTRALIA
Kategorie:
Mining & Metals
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