Paladin’s Namibia restart sharpens Africa’s uranium relevance during wave of reactor builds

Paladin Energy’s (ASX, TSX: PDN) restart of the Langer Heinrich uranium mine in Namibia has put the country back on the map as one of the world’s top nuclear fuel producers.

With the operation on track to hit 4 million lb. of uranium annually by the end of June, Namibia emerges as one of the world’s core uranium suppliers and sharpens Africa’s nuclear relevance globally. The World Nuclear Association (WNA) says Namibia accounted for 12% of global uranium mine output in 2024, behind only Kazakhstan and Canada.

“I expect that by the end of June, we should be at full production, both in the mine and in the plant,” CEO Paul Hemburrow said in a recent interview.

Africa’s current producers – Namibia, Niger and South Africa – supplied about 14% of world mine output last year, while those three, Botswana and Tanzania together account for about 21% of identified economically recoverable uranium resources, WNA data show.

The continent offers current production, significant undeveloped resources and diversification value at a time when uranium buyers are again thinking hard about security of supply. With 438 reactors operating globally and 79 under construction, steady pounds from Namibia, political disruption in Niger and the fate of several early-stage projects in the region such as Dasa, Tumas and Etango all now feed into the same market equation.

African supply

Niger remains geologically important, but politically it has become far more difficult. France’s Orano said in December 2024 that it had lost operational control of Somair and that Niger’s representatives were refusing exports; in June last year it said Niger’s government had announced plans to appropriate the mine.

World Nuclear Association data show Niger produced 962 tonnes of uranium in 2024, far below historical levels.

Elsewhere in Niger, the development queue is still alive. Global Atomic (TSX: GLO; US-OTC: GLATF) says underground development at Dasa in Niger has progressed to the fourth level.

In Namibia, uranium developer Deep Yellow (ASX: DYL), said in April last year market conditions were not yet strong enough to support a final investment decision on its permitted Tumas project. Bannerman Energy (ASX: BMN) announced a strategic financing deal with Chinese state-owned nuclear giant CNNC in February aimed at moving another permitted project, Etango, towards construction.

While those projects differ sharply in grade, scale and readiness, together they show why Africa remains central to the next wave of uranium supply.

Price sensitive

Langer Heinrich also tells a familiar uranium price-cycle story. Paladin approved the mine’s return to production in July 2022 and declared commercial production at Langer Heinrich in April 2024.

The restart followed years of low prices that had pushed the operation into care and maintenance.

The mine produced 2.3 million lb. uranium oxide in the financial first half ended Dec. 31 and Paladin said full-year output was trending toward the upper end of 4 million to 4.4 million lb. guidance.

“There’s an opportunity in Africa for global uranium miners to participate in the build-out of the nuclear power story,” Hemburrow said. “The key priorities are ensuring that we conclude the ramp-up of Langer Heinrich successfully to reach 100% production in the mine and the plant.”