Paladin forecasts 50Mlb/y uranium supply deficit over next decade
Australia-based uranium producer Paladin Energy has warned of a significant supply gap in the global uranium market, forecasting a shortfall of more than 50-million pounds a year of uranium over the next decade.
In his speech at the company's AGM, Paladin chairperson Cliff Lawrenson highlighted the lack of investment in new uranium production amid growing nuclear energy support.
Globally, there are more than 60 new uranium reactors under construction, and in China the commitment to nuclear energy continues to strengthen with nuclear energy demand expected to grow from 15% to 33% of global requirements by 2040.
Lawrenson also touched on the importance of diversified supply sources in the uranium market, particularly in light of recent geopolitical developments, pointing to the recent US ban on Russian uranium supplies.
He told shareholders that Paladin’s Langer Heinrich mine, in Namibia, will be delivering into an increasingly supportive demand and price environment. The Langer Heinrich mine was brought back into commercial production in March 2024, and the first shipment of uranium from the mine departed from Walvis Bay in July.
Operations at Langer Heinrich are currently in a planned 21-month ramp-up phase, with full production expected to be reached by the end of the 2025 calendar year. Once fully operational, the mine is expected to contribute significantly to the global uranium supply.
Earlier this month, Paladin downgraded its guidance from Langer Heinrich to between 3-million and 3.6-million pounds, compared with its previous forecast of 4-million to 4.5-million pounds, citing ramp-up challenges.
The company expects Langer Heinrich to achieve its production run rate of 6-million pounds a year by the end of 2025.
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