Investing.com-- Shares of Australian uranium producer Paladin Energy Ltd (ASX: PDN ) fell sharply on Wednesday after the company withdrew its production guidance for fiscal year 2025.

The decision followed disruptions at its Langer Heinrich Mine in Namibia due to unseasonal heavy rainfall, Paladin said in a statement.

The severe weather event caused temporary suspension of operations, damage to infrastructure, and delayed mining activities.

While processing operations have resumed, delays in accessing higher-grade ore led Paladin to withdraw its previous output forecast, the company said.

Shares of the company fell as much as 9.1% to A$5.81 on Wednesday.

The company no longer expects to reach its target production run-rate of 6 million pounds of uranium by the end of 2025.

It expects to provide updated production guidance for FY2026 later this year.