Paladin Energy has announced a N$2.8 billion syndicated debt facility to provide the company with capital flexibility ahead of the restart of operations at the Langer Heinrich mine, in Namibia, and to progress its growth options in Canada.
Paladin executed the facility, comprising a N$1.9 billion amortising term loan over five years and a N$946 million revolving credit facility with a three-year term, with Nedbank and Macquarie Bank.
“The debt facility will provide increased capital flexibility as we transition through ramp up and progress to full production at the Langer Heinrich mine,” commented CEO Ian Purdy.
Paladin will restart Langer Heinrich, which was placed on care-and-maintenance in August 2018, in the first quarter of this year.
Langer Heinrich has an estimated 17-year mine life, supported by ore reserves of 84.8-million tonnes with an average uranium grade of 448 parts per million.
Life-of-mine production is estimated at 77.4-million pounds of uranium.