Business
Uranium One Announces 72% Increase in Year to Date Production and Lower Cash Costs
Uranium One Announces 72% Increase in Year to Date Production and Lower Cash Costs
About this update from Alaska Hydro Corp.
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 13 /CNW/ -- Uranium One Inc. (\"Uranium One\") today reported operational and financial results for the quarter ending September 30, 2009. The financial statements, as well as the accompanying management's discussion and analysis, are available for review at www.uranium1.com and should be read in conjunction with this news release. All figures are in U.S. dollars unless otherwise indicated. All references to pounds sold or pounds produced are to pounds of U(3)O(8).Q3 2009 Highlights- Total attributable production was 834,800 pounds during Q3 2009, 19%higher than the production recorded during Q3 2008 and in line withtotal attributable production during Q2 2009.- Average total cash cost per pound sold decreased from $17 per poundduring Q2 2009 to $15 per pound during Q3 2009.- Attributable sales volume was 423,100 pounds during Q3 2009, in linewith scheduled deliveries under contracts with customers.Attributable sales volume to date in Q4 2009 is 550,000 pounds.- Average realized sales price was $50 per pound, which was $5 perpound higher than the average spot price during Q3 2009. Revenue was$21.3 million.- Earnings from mine operations were $9.4 million.- On August 7, 2009, Uranium One entered into a definitive agreement toacquire the licensed and permitted Irigaray ISR central processingplant, the Christensen Ranch satellite ISR facility and associatedU(3)O(8) resources located in the Powder River Basin of Wyoming for$35 million in cash.Jean Nortier, President and CEO of Uranium One commented:\"Our operations continue to generate some of the highest margins in the industry, with our total cash cost per pound sold decreasing by approximately 14% during the third quarter to $15 per pound. Well field development and acidification of new production blocks at South Inkai are continuing, and we are pleased to see that by the end of October Akdala and South Inkai were producing at the required rate to meet our 2009 production guidance of 3.5 million pounds.\"OutlookProductionDuring the remainder of 2009 and in 2010, the Corporation is focused on maintaining production from Akdala at current levels, ramping up production at South Inkai towards a level of 5.2 million pounds (2,000 tonnes U) in 2011, successfully commissioning its development projects, controlling costs at...