Paladin Energy's shares have soared with investors cheering the uranium miner's performance, notching up record production for the 2012-13 financial year.
Australia's largest uranium pure-play produced 8.26 million pounds (mlb) of the heavy metal for the year, in line with guidance, and up 20 per cent on the previous year.
Its shares had shot up 8.5 cents, or 8.85 per cent, to $1.045 shortly before noon.
Revenue for the year of $US408.4 million was a 14 per cent increase on the previous year.
It also enjoyed strong sales of $US107.4 million for the three months to June.
But despite the results, Paladin has been forced to endure recent weakness in uranium prices.
It realised only $US46.22 for a pound of uranium in the fourth quarter, compared to an average $US49.48 for the year.
That is partly attributable to uncertainty surrounding the timetable for reactor re-starts in Japan, where 48 out of 50 nuclear power plants have been offline since the 2011 Fukushima nuclear disaster.
However, it is not all bad news on that front, with construction beginning in May on a reactor for Emirates Nuclear Energy Corporation in the United Arab Emirates(UAE).
That project will operate along with a another UAE reactor, on which construction began in July 2012.
"Worldwide, there are now 68 nuclear power plants under construction, six more than at the time of the Fukushima events," Paladin said in a statement.
Meanwhile, production was strong at Paladin's Kayelekera and Langer Heinrich mines, in Malawi and Namibia respectively.
Its flagship mine Langer Heinrich produced a record 1.35 mlb for the June quarter, and an annual production of 5.3 mlb, a 20 per cent rise on the previous year.
Paladin wants to sell a minority stake in that mine to put a dent in its $US740 million of debt and says it is confident of doing so, despite a planned sale being delayed.
Kayelekera delivered a record 789,430 lbs for the June quarter, and 2.9 mlb for the year, also a 20 per cent increase on the previous corresponding period.
The company expects production for 2013-14 to be between 8.3 and 8.7 mlb.
Terrorist attacks on the Areva mining operations at Arlit and in the nearby town of Agadez in Niger have halted Paladin's planned activities on its nearby exploration properties there.
The company is currently in discussion with Niger authorities and has applied for a force majeure consideration so it can halt expenditure until the security situation improves.
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