Uranium One lifts adjusted profit despite uranium price slide
TORONTO (miningweekly.com) – Private miner Uranium One has reported an adjusted profit for the third quarter ended September 30 of C$30.1-million, or C$0.03 a share, up from adjusted earnings of C$7.3-million, or C$0.01 a share, a year earlier, as significantly improved sales volumes helped offset lower prices.
Uranium One, one of the world’s largest uranium producers, with assets around the globe, on Tuesday reported a net loss of C$63.6-million, or C$0.07 a share, compared with net losses of C$61.6-million, or C$0.06 a share, a year earlier.
The company reported impairment charges of C$67.8-million during the period.
Revenues rose to C$41-million in the period, up from C$8.5-million a year earlier, boosted mainly by sales of 6-million pounds of uranium from the corporation's operations and joint ventures, up from 2.9-million pounds a year earlier, while the company’s attributable output rose 5% to 3.2-million pounds.
The average realised price for uranium fell 24% to $37/lb, compared with $49/lb a year earlier, and the average costs per pound of uranium sold remained flat at $16/lb.
Last month, Uranium One closed the C$1.32-billion going-private transaction by Russia’s Atomredmetzoloto (ARMZ), and the company was delisted from the TSX.
The transaction had helped ARMZ to consolidate control over its uranium assets.
In January, ARMZ, which before the transaction owned 51.4% of Uranium One, offered minority shareholders C$2.86 a share. Uranium One shareholders approved the transaction on March 7, at a special meeting of common shareholders and option holders.
Uranium One’s cash and cash equivalents, including restricted cash totalled C$1.93-billion as at September 30, compared with C$442-million at December 31, 2012. Working capital totalled C$566.7-million at the end of the quarter.
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