Paladin Energy shares climb on new uranium production

The news: Shares in Paladin Energy surged in morning trade on the ASX after the miner produced its first uranium concentrate from its Langer Heinrich mine in Namibia.

The numbers: Paladin shares were up 5.3% to $1.44 by 11:00am AEDT.

The context: Paladin said its focus would now shift to production ramp-up and building a finished product inventory, ahead of shipments to customers. The Perth-based company noted that it would provide guidance for the Namibian mine's key operational parameters for the 2025 financial year in July 2024.

What they said: Paladin CEO Ian Purdy said: "Achieving first production at the Langer Heinrich Mine is an important milestone for Paladin".

"With a return to production, a strong balance sheet and supportive uranium fundamentals, Paladin is exceptionally well positioned to generate sustainable returns for all our stakeholders."