paladin generates record revenue in march qtr

Paladin Energy Generates Record Revenue in March Quarter on Uranium Sales

Friday, May 13, 2011

Uranium miner Paladin Energy (ASX: PDN) generated record revenue in the last quarter on strong commodity prices before the earthquake and tsunami in Japan cast a spotlight on the question of the safety of nuclear power.

Paladin increased uranium production by 47% to 4.231 million pounds uranium in the quarter, generating record quarterly revenue of US$92.5 million.

However, the shallow 9.0 Tohoku earthquake on 11 March 2011 off the coast of Japan caused significant accidents at four nuclear power plants in Japan with the release of radioactive material from the Fukushima-1 Power Plant.

Paladin addressed the issue in the company's recent quarterly report reminding readers that "nuclear power still has an impressive safety record when judged alongside other energy sources."

Paladin says: "the uranium supply/demand imbalance is real and will widen as existing and new plants under construction continue to consume current and future uranium production capacity."

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