Paladin posts first-quarter loss

Uranium miner reiterates full-year production guidance despite $US40m loss.

Uranium miner Paladin Energy Ltd made a $US40 million loss in the three months to September as uranium prices remain low.

Despite the loss, shares in the company were up one cent at 41 cents at 1218 AEDT.

The Africa-focused producer made a $US173 million loss in the three months to June.

Paladin said its flagship Langer Heinrich mine in Namibia produced a record 1.429 million pounds in the September quarter, which was an 11% improvement on the same period 12 months earlier.

The Perth based company said production guidance for the 2013/14 financial year remains unchanged at between 8.3 million and 8.7 million pounds.

"Now that production has reached design levels, sales and production volumes are expected to be comparable on an annualised basis," Paladin said.

Its average realised uranium sales price for the September quarter was US$41.38 per pound, as the spot price trades around eight year lows.

Paladin is looking to sell a stake in the Langer Heinrich mine.

It is also cutting jobs and costs in response to falls in the price of uranium.

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