Paladin Energy Ltd (ASX:PDN) has eased its loss in the first quarter of the current financial year, boosted by increased production from two of its mines in the African countries of Namibia and Malawi.
In the three months to 30 September, the uranium miner improved its net loss to $US8.2 million, from a loss of $US19.4 million in the same quarter of 2009.
In the period the Langer Heinrich mine recorded a 38 per rise in production to 900,000 pounds, while production at the Kayelekera mine rose to 463,000 pounds, up 414 per cent from the same time last year.
Overall uranium oxide output advanced 83 per cent to 1.36 million pounds.
Paladin has also advised that it is proceeding with the compulsory acquisition of remaining shares in NGM Resources Ltd (ASX:NGM), and says this acquisition is a significant addition to Paladin's portfolio of uranium exploration projects.
Paladin Energy booked a loss of $63.12 million in the year to 30 June 2010.
PDN Price at posting:
$4.83 Sentiment: None Disclosure: Held
