Paladin Energy Limited has bemoaned low prices of Uranium on international market.

Uranium is Malawi’s biggest mineral, however since its discovery it has not visibly benefited Malawians.

In its Quarterly Activities report released last week, Paladin says the TradeTech weekly spot price average for the June quarter was $21.95/lb, a 2 percent decrease compared to the March quarter.

Paladin Chief Executive Officer, Scott Sullivan, said the price was, however, 3 percent better compared to the June 2017 quarter.

Sullivan said after hitting a 2018 year-low of $20.10/ lb in early April, spot prices increased to $22.75/lb at the end of June 2018.

“After a quiet first calendar quarter, spot market activity was particularly high from mid- April onwards. The increased activity was triggered by a series of market developments including curtailment of the sale of excess US Department of Energy inventories and potential government support for nuclear and coal operators in the USA,” Sullivan said.

Paladin on February 7, 2014 dropped a bombshell to Malawi when it announced that it was stopping production at its Kayerekera Mine in Karonga due to a price slump. The firm then put the mine under care and maintenance.

A recent Open Oil Financial Model and Analysis revealed that Kayelekera needs a break-even price of $58 pound to reopen.

For the past four years, communities around Karonga have been praying for an upsurge in the price of the yellow cake which would trigger the opening of the mine.

Weak prices for the yellow cake in May forced Paladin to put its Namibia’s Langer Heinrich Mine (LHM) on care and maintenance as well.

Sullivan said, during the last quarter activities at Kayerekera were restricted to water treatment.

“During the quarter, the lime or membrane water treatment plants operated for a total of 1,205 hours during the period from 17 January to 20 June 2018 discharging approximately 539,000m3 to the Sere River within licence conditions,” Sullivan said.