Uranium One posts $9.5m Q1 loss, production up 10% Mining Weekly, By: Natasha Odendaal 14th May 2013 JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed Uranium One on Monday reported a net loss of $9.5-million for the first quarter ended March 31.
This was down from earnings of $4.5-million recorded in the comparative period the year before.
The group, which owns assets in Kazakhstan, the US, Australia and Tanzania, recorded a 60% drop in earnings from mine operations, including joint ventures (JVs), reaching $19.6-million during the first quarter, compared with the $49.3-million achieved in the corresponding period the year before.
Revenue for the period dipped to $5.2-million, from $5.3-million in the first quarter of 2012, while its JV operations contributed revenue of $57.4-million, down from the $90.6-million earned in the comparative quarter last year.
Uranium sales also declined year-on-year with 1.38-million pounds of uranium sold at an average price of $45/lb in the first quarter, compared with the 1.8-million pounds sold at $53/lb in the first quarter of 2012…… the company warned that the year ahead would be capital intensive as it incurred capital expenditure of $164-million on its assets in Kazakhstan, the US and Australia.
About $98-million was allocated for wellfield development, and the remaining $66-million for plant and equipment.
Uranium One noted that general and administrative expenses – excluding noncash items – were expected to reach about $40-million.
Exploration expenses were expected to reach $8-million. http://www.miningweekly.com/article/uranium-one-posts-95m-q1-loss-production-up-10-2013-05-1
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