[Paladin, 4 September] Paladin Resources has released its annual report for the year to 30 June 2007, in which it said that during the period it purchased 250,000 pounds (113.4 tonnes) of uranium oxide (U3O8) from third parties as a "strategic holding and to assist meeting some early contracted deliveries of Langer Heinrich production while the process of inventory-building at each conversion facility takes place." The company said that amount of material is expected to be replaced as inventory by June 2008 from Langer Heinrich production. Commissioning of the Langer Heinrich mine in Namibia had been slower than planned due to equipment failure in heat exchange systems, among other issues. The mine is due to reach full capacity of 1180 tonnes U3O8 by January 2008. Shipments of Langer Heinrich uranium concentrates have been made to conversion plants in the USA and Canada, and the first sale of uranium was made under a long-term contract in June 2007. Paladin reported earlier this year that it was 'making suitable commercial arrangements' with its customers to ensure delivery obligations. The company is establishing an integrated uranium trading entity "designed to take advantage of fundamental uranium market changes."
Further information
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WNN: Paladin set for uranium production in Malawi
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