URANIUM miner Paladin Energy plans to boost production and push ahead with the partial sale of its Namibia mine after more than doubling its full year loss to $US420.9 million.
The company managed to achieve its 2012/13 production targets but it continues to slash costs due to weak global uranium prices.
Shares in the company gained five cents, or nine per cent, to 58 cents at 1340 AEST on an upbeat production outlook and cost cutting.
Paladin Energy is now targeting combined production of between 8.3 million pounds to 8.7 million pounds in the 2013/14 financial year, up from 8.2 million pounds produced in full year 2013.
The company recently announced it had terminated the sale of a minority interest in its Langer Heinrich mine in Namibia.
Paladin had been negotiating with two nuclear power companies to sell a 15 to 20 per cent stake, but the buyer wanted to renegotiate the terms due to the uranium price slumping to its lowest level in eight years.
Still, the company is eager to sell some of the asset after receiving requests from other interested parties.
"Paladin will, in September, resume efforts to sell a minority interest in Langer Heinrich," the company said in a statement.
Based on investment bank UBS's recent $US1.1 billion valuation of Langer Heinrich, a successful sale would have gained $US165 million to $US220 million.
More than two years on from Japan's Fukushima nuclear disaster, the spot price of uranium is sitting at an eight-year low of about $US35 a pound.
Paladin posted a $US420.9 million full year loss in the 2013 financial year, more than double last year's loss of $US172.8 million.
It announced a $US335.9 million impairment for 2012/13.
The losses came as revenue rose to $US411.5 million in the year to June 30, up 12 per cent, from $US367.4 million in the previous year.
In full year 2013, Paladin's production rose 20 per cent to 8.2 million pounds.
Managing director John Borshoff said the company's forecast cost reductions in its 2013 financial year were exceeded at both its Langer Heinrich Mine and Kayelekera Mines in Africa, and further cost reductions were expected in 2014.
"Paladin remains focused on reducing costs across all facets of the business," Mr Borshoff said.
He added that a future global supply shortage of uranium was now unavoidable as more power plants were built in China while Japan looked to restart its reactors.
"It will be undeniably apparent sooner rather than later," he said.
The Perth-based company is undertaking a further review of costs across the organisation, focusing on exploration, corporate, discretionary capital expenditure and site costs.
Paladin did not offer a dividend.
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