Paladin Resources` new uranium mine in Namibia will generate N$1.5 billion (US$201.8 million) in foreign exchange every year, says managing director John Norshoff.
The Langer Heinrich mine, situated 80 km (50 miles) east of the Namibian port of Walvis Bay, will also generate N$35 million in royalties for the government, Borshoff said today at a ceremony to mark the official opening of the mine.
"It`s an important milestone for the uranium industry as it represents the revival of the world`s nuclear industry," Borshoff said.
Uranium miners are increasing production after prices more than doubled in the past 12 months.
Paladin has spent N$620 million (US$83.8 million) developing the mine. (March 15 Bloomberg)
paladin mine to generate more
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