Langer Heinrich Mine

Langer Heinrich mine in Namibia is Paladin’s flagship project. Having reached its initial production of 2.7Mlb U3O8 per annum in 2008, the mine completed its Stage 2 ramp-up to 3.7Mlb per annum in the 2010 financial year. Subsequently, the Company has completed a Stage 3 expansion and began producing at a 5.2Mlb per annum rate. An additional Stage 4 expansion review is currently nearing finalisation with the view to potentially increasing production up to 10Mlb per annum at a later date when the economics justify the additional investment required. Substantial technical work has been completed on this project since its discovery in 1973, mainly by Gencor (the original explorer), a large South African mining house that evolved into BHP Billiton. Paladin acquired Langer Heinrich in 2002, and started a BFS in 2004.[citation needed] Paladin’s Board approved the development proposal at a capital cost of US$92M in 2005; site works began in September 2005;and, the project construction was completed on time and within budget. The mine was officially opened by the President of the Republic of Namibia in March 2007