Photo by: Bloomberg
TORONTO (miningweekly.com) – Canadian Uranium producer Uranium One has reported a drop in uranium output to 2.7-million pounds for the second quarter ended June 30, down from 3.6-million pounds in the comparable period last year.
The Toronto-headquartered company, with a globally diversified portfolio of assets in Kazakhstan, the US, Australia and Tanzania, reported a drop in revenue to $41.1-million from $119.7-million a year earlier, while attributable revenue dropped to $86.1-million, including joint venture revenue, from $174.1-million in the second quarter of the previous year.
The net loss for the period totalled $63.4-million, or $0.07 a share, compared with $10.6-million, or $0.01 a share, a year earlier.
Uranium One reported average total cash costs of $14/lb, compared with $19/lb for the same period in the previous year.
Effective June 4, the company no longer held subsoil rights to produce uranium from the Akdala, South Inkai and Kharasan mines, in Kazakhstan.
For the full year, the company expects total attributable output of ten-million pounds at an average cash cost per pound sold of about $14. Attributable sales were expected to total about 11.7-million pounds. Uranium One had previously expected total attributable output of 12.4-million pounds for the full year.
The company, which was bought out by Russian State-owned nuclear reactor builder and supplier Rosatom in October last year, expected general and administrative expenses, excluding long-term incentive plan compensation expenses, to remain at about $32-million and exploration expenses at $1-million.