S&P/ASX 200 Index (ASX: XJO) uranium stock Paladin Energy Ltd (ASX: PDN) is falling hard today.
Paladin shares closed yesterday trading for $6.83. In late morning trade on Friday, shares are changing hands for $6.22 apiece, down 8.9%.
For some context, the ASX 200 is up 0.1% at this same time.
Here's what's happening.
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ASX 200 uranium stock takes a weather hit
Miners can be impacted by inclement weather almost as much as farmers.
And that's just what's been happening to this ASX 200 uranium stock.
In an announcement this morning, Paladin Energy said that its Langer Heinrich Mine in Namibia had been hit by unseasonal heavy rains.
Paladin commenced production at the Langer Heinrich Mine on 30 March 2024 and has been steadily ramping up to full production levels.
Now, however, the heavy rainfall has limited access to the uranium mine, with management reporting that all operations have been temporarily suspended. The company said it will assess the full impact of the weather event and the resulting disruption to its production once conditions have stabilised.
"In assessing status, the safety of our people and contractors is our priority," Paladin added.
What's been happening with Paladin Energy?
Paladin Energy reported its half-year results on 26 February.
Over the six-month period, the ASX 200 uranium stock produced 1.3 million pounds of uranium at the Langer Heinrich Mine.
It delivered over 1.1 million pounds of uranium to customers, generating US$77.2 million in revenue over the period in what it called "a robust global uranium market".
The company said it received an average realised uranium price of US$68.80 per pound. That uranium cost the miner US$42.10 per pound to produce.
Post capital expenditure, Paladin Energy achieved free cash flow from operations of US$6.4 million for the half year.
Commenting on the half-year results on the day, Paladin CEO Ian Purdy said:
The past six months have been a period of remarkable achievement at Paladin that will transform the company into one of the world's largest independent uranium producers and position us as a multi-decade supplier to the global nuclear industry.
How has the ASX 200 uranium stock been tracking?
Paladin Energy shares have come under pressure over the past year amid the almost 30% retrace in global uranium prices.
With today's intraday slide factored in, shares in the ASX 200 uranium stock are down 55.7% over 12 months.
Longer term, Paladin Energy shares remain up 1,492% over five years.
