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Paladin Energy Ltd Annual Report 2009 a Global Perspective Realising Today’S Opportunities and Identifying Tomorrows

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Paladin Energy Ltd Annual Report 2009 a Global Perspective Realising Today’S Opportunities and Identifying Tomorrows PALADIN ENERGY LTD ANNUAL REPORT 2009 A GLOBAL PERSPECTIVE REALISING TODAY’S OPPORTUNITIES AND IDENTIFYING TOMORROWS Langer Heinrich CONTENTS Highlights 2 Directors’ Report 62 Chairman’s Letter 4 Remuneration Report 68 Nuclear Power – Resilience & Growth 6 Contents Of The Financial Report 77 Management Discussion And Analysis 10 Consolidated Income Statements 78 Review Of Operations 16 Consolidated Balance Sheets 79 Health & Safety 32 Consolidated Statements Of Changes In Equity 80 Financial Review 34 Parent Entity Statements Of Changes In Equity 81 Sustainable Development 44 Consolidated Cash Flow Statements 82 Environment 45 Notes To The Consolidated Financial Statements 83 Social Responsibility 49 Directors’ Declaration 158 Our People 52 Independent Audit Report 159 Corporate Governance Statement 54 Additional Information 161 Corporate Directory 165 COMPANY PROFILE Paladin Energy Ltd’s principal activity is the acquisition, exploration, evaluation, development and operation of uranium mines and the sale and trading of uranium oxide (U3O8). It is listed on the Australian Securities Exchange (Member of S&P/ASX100), the Toronto Stock Exchange and the Namibian Stock Exchange under the symbol “PDN” and currently operates two uranium mines in Namibia (Langer Heinrich) and Malawi (Kayelekera). Paladin is a world leader in modern uranium extraction, with its two mines being the first new conventional uranium mines developed in the past 25 years, both at the forefront of new technology. CORPORATE VALUES CREATE shareholder wealth and develop the CONTRIBUTE to the growth and prosperity of the considerable opportunities it has countries in which Paladin operates by generated to become a major player in conducting operations in an efficient the global uranium supply market. and effective manner and by seeking out opportunities for expansion. OPERATE with a safe best practice philosophy having due regard for the environment. RESPOND to the attitudes and expectations of the communities in which it operates as REWARD employee performance and provide a part of its corporate social responsibility fulfilling work environment. obligations. ACT with integrity, honesty and cultural sensitivity in all of its dealings. The Annual Report covers both Paladin Energy Ltd (referred throughout as the Company or Paladin) as an individual entity and the Group consisting of Paladin Energy Ltd and its controlled entities. HIGHLIGHTS KEY ACHIEVEMENTS FOR THE YEAR 2008 2009 AUGUST OCTOBER NOVEMBER MARCH Langer Heinrich Langer Heinrich Kayelekera Initial investment Resource SEPTEMBER reached OCTOBER Resource JANUARY in NGM increased by nameplate increased by Resources Interest in Deep Angela/Pamela Valhalla 64% production for 27% Limited Yellow Limited Exploration Resource September (ASX: “NGM”) New Ore (ASX: “DYL”) Licence increased by quarter (14%) with Reserve increased from granted to 18.5% exploration Estimate 75% 15.3% to 19.6% Cameco/ holdings in Niger increase Paladin joint venture 60% 36% 16.4% INCREASE IN INCREASE IN INCREASE IN PRODUCTION GROSS PROFIT MEASURED & INDICATED RESOURCES 372Mlb 2.74Mlb $12.2M TOTAL TOTAL TOTAL RESOURCES PRODUCTION EXPLORATION FOR YEAR SPEND 2 Annual Report 2009 Mr John Borshoff Managing Director/CEO MARCH APRIL JUNE MARCH Skal Resource Kayelekera Mine Langer Heinrich Paladin increased by APRIL officially opened JUNE Stage III AUGUST completes 46% expansion A$429M private Takeover Paladin added First drawdown to 5.2Mlb pa placement of Fusion to MSCI Global of Kayelekera receives Board Resources Ltd Standard US$167M approval and adds 7Mlb of Indices for project finance Project Finance resources Australia, and facility Completion Test Dow Jones Satisfied African Titans 50 Index 3 Year Production Outlook OVER 30 ACTUAL FORECAST ANALYSTS 10 COVER 9 PALADIN 8 7 6 Mlb 5 U3O8 4 3 2 2nd 1 0 Mine 2007/08 2008/09 2009/10 2010/11 2011/12 COMMISSIONED Langer Heinrich Production IN 2 YEARS Kayelekera Production Paladin Energy Ltd 3 CHAIRMAN’S LETTER In June 2009, The Board approved a further expansion (Stage III) to the Langer Heinrich Mine which will increase production from 3.7Mlb pa to 5.2Mlb pa. Langer Heinrich Mine Operating Mine Plus Expansion Reserves 66Mlb Resource 164Mlb 4 Annual Report 2009 A growing international presence Rick Crabb Chairman The 2008/09 financial year may have been with the Stage II expansion project, which only. This applied also to our Managing tumultuous on credit and equity markets, will boost production to 3.7Mlb U3O8. Director/CEO. Bonuses were paid to but the economic turmoil had no impact Although some delay was experienced modest levels, having regard to the on the business at hand for Paladin. with construction of Stage II, it was outstanding achievements of management Thanks to a clear strategy, dedicated staff, substantially completed by June 2009 and in delivering the only new conventional a stable contracted uranium price and is now nearing full operational capacity. uranium mines built in the world for comfortable cash reserves, the Company As announced on 30 June, the Board has more than a decade. The Remuneration continued to develop its two uranium approved the Stage III expansion, which Committee resolved to offer a bonus mines and various exploration and pre- will take nominal production to 5.2Mlb pa of A$720,000 to Managing Director/ development projects. U3O8, utilising existing water and power CEO John Borshoff, recognising his infrastructure. By 2011, therefore, Langer achievements on a number of fronts (as Certainly the Company’s share price Heinrich will be a true world class mine detailed elsewhere in this Annual Report), retreated during the stock market trough, with at least a 20-year life in a stable however Mr Borshoff chose not to receive to a low of A$1.60, but responded well to regime. any bonus, as he felt it was important to reach a high of A$5.47 on 3 June 2009. In show leadership and restraint - a selfless my view, this recovery reflects the positive The Company continued to build its act in these extraordinary times. outlook for nuclear power and thus for Mount Isa uranium resource base, the uranium market. More particularly, it both by ongoing exploration drilling of Nevertheless, shareholders do need reflects what I believe to be the unique existing projects and by the acquisition to understand that the market is very characteristics of Paladin, namely proven of additional ground through the takeover competitive for experienced personnel capacity to build and operate new mines; of Fusion Resources Limited. Work is in the uranium business. Due to its early a large resource base and substantially continuing on the project pre-feasibility mover status, Paladin is fortunate having uncommitted future production. My study and we would expect to progress a strong contingent of people rich with Board also has a firmly-held view that to a full feasibility study during 2010. As uranium experience (and enhanced Paladin should remain independent and I have stated before, Paladin is prepared by Paladin’s own activities over recent thus we have not taken the path of some to progress this project whilst patiently years). The Company therefore needs to other uranium companies in bringing awaiting Queensland’s uranium policy remunerate its key staff appropriately to power utilities or other nuclear industry to come into line with the position of ensure that we retain them. participants onto the share register. We the Federal Government and the other believe that the world needs another resource-based States. For the past financial year, Directors’ fees major independent uranium producer and remained unchanged and the Board has that Paladin has the capacity to fulfil that Following the change of government in resolved that this should be the case also role. Western Australia to one supportive of for this current financial year. uranium mining, the Company has re- In April 2009, the President of Malawi, activated work on its Manyingee in-situ Once again, it is my pleasure to thank Dr Bingu wa Mutharika, officially opened recovery uranium project. Initial work John Borshoff and his dedicated team the Kayelekera Mine. This operation is will focus on resource expansion and in Australia, Africa and elsewhere for ramping up production and is achieving environmental evaluation. another year of hard work and outstanding expectations. It will make a significant achievements. contribution to shareholder wealth and The Board and management continued I commend you to closely study the to the Malawian economy. Sadly, after a during the year to evaluate a number of information provided in this Annual sustained injury free period throughout an international acquisition opportunities Report, as I think it will provide you with intensive development programme, fatal within clearly understood parameters good insight into the uranium market and accidents have occurred on site during designed to achieve the Company’s the great potential that I firmly believe this year, underscoring the risks inherent strategic goals. This process will Paladin offers its shareholders, customers in large-scale construction enterprises. be ongoing and I feel confident that and stakeholders in this dynamic industry. A thorough review of safety procedures rewarding outcomes for shareholders will is being undertaken, as the expectation eventuate. of all involved in our Company is that I believe that I should inform shareholders workplace safety is paramount. of the Board’s current position concerning executive remuneration.
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