Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Namibia: Paladin to invest $ 81 million to resume uranium mining at Langer Heinrich

Namibia's uranium production is expected to increase soon. Paladin Energy wants to take advantage of the price upturn to resume operations at Langer Heinrich. To do this, it will have to invest $ 81 million to produce 88.5 million pounds of uranium over 17 years.
 
Paladin to invest $ 81 million to resume uranium mining at Langer Heinrich

Resumption of mining at the Langer Heinrich uranium project will require an investment of $ 81 million. This is apparent from a restart plan released this week by Paladin Energy, the mining company owning the asset in Namibia.

In detail, it will take $ 34 million to raise cash, finance facility maintenance, purchase work equipment, recruit labor, and hire a mining service provider. The balance of the investment will be used for modernization and efficiency improvements, including an increase in the capacity of the processing plants.

It should be noted that the restart plan provides for three distinct phases over an estimated service life of 17 years. After the ramp-up phase, the mine will reach, in phase 2, a peak annual production of 5.9 million pounds of uranium dioxide in the seventh year of operation. The final phase, which will process all of the accumulated ore stocks, will achieve the production target of £ 88.5 million over the life of the project.




Paladin Energy is now negotiating drawdown agreements with its partners for future production, while also pursuing other optimization work related to the restart of the mine. As a reminder, Langer Heinrich was placed in maintenance in 2018 due to the low price of uranium. The resumption of activities in a context of slight improvement in prices should guarantee Paladin and the Namibian State satisfactory incomes.