Uranium One Announces 28% Increase in Q2 2012 Production to 3.0 Million Pounds; Average Total Cash Costs of $16 per Pound

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 13, 2012 /CNW/ - Uranium One Inc. (\"Uranium One\") today\n reported quarterly revenue of $96.8 million for Q2 2012 based on sales\n of 1.9 million pounds at an average realized sales price of $52 per\n pound. Attributable production for the quarter was 3.0 million pounds\n at an average total cash cost per pound sold of $16.\n\n\nQ2 2012 Highlights\n\n\nOperational\n\n\nTotal attributable production during Q2 2012 was 3.0 million pounds, 28%\n higher than total attributable production of 2.4 million pounds during\n Q2 2011.\n\n\nRecord quarterly production achieved at South Inkai, Zarechnoye,\n Kharasan, Willow Creek and Honeymoon during Q2 2012.\n\n\nThe average total cash cost per pound sold was $16 per pound during Q2\n 2012 compared to $15 per pound during Q2 2011.\n\n\nThe Willow Creek Mine was successfully commissioned and reached\n commercially viable production levels during Q2 2012.\n\n\nProduction of sulphuric acid commenced in July 2012 at the Corporation's\n SKZ-U joint venture.\n\n\nFinancial\n\n\nAttributable sales volumes for Q2 2012 were 1.9 million pounds, compared\n to 2.0 million pounds sold during Q2 2011.\n\n\nRevenue was $96.8 million in Q2 2012, compared to $112.9 million in Q2\n 2011. The average realized sales price during Q2 2012 was $52 per pound\n compared to $58 per pound in Q2 2011. The average spot price in Q2 2012\n was $51 per pound.\n\n\nEarnings from mine operations were $40.1 million during Q2 2012, a 35%\n decrease compared to earnings from mine operations of $61.7 million in\n Q2 2011.\n\n\nThe net earnings for Q2 2012 were $29.2 million or $0.03 per share,\n compared to net earnings of $29.7 million or $0.03 per share for\n Q2 2011.\n\n\nThe adjusted net earnings for Q2 2012 were $8.8 million or $0.01 per\n share, compared to adjusted net earnings of $27.5 million or $0.03 per\n share for Q2 2011.\n\n\nCorporate\n\n\nAt its 36th Session in St. Petersburg, the UNESCO World Heritage Committee approved\n an application by the Tanzanian Government for a minor adjustment to\n the boundary of the Selous Game Reserve, removing the Mkuju River\n Project and an adjacent buffer zone from the Selous Game Reserve World\n Heritage Site.\n\n\nThe Corporation signed a coordination agreement with ARMZ which sets out\n a framework for enhanc...

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