Business
Uranium One Announces a 147% Increase in Quarterly Production to a Record 1.8 Million Pounds in Q1 2010
Uranium One Announces a 147% Increase in Quarterly Production to a Record 1.8 Million Pounds in Q...
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n May 10, 2010 (Canada NewsWire Group) -- Uranium One Inc. ("Uranium One") today reported operational and financial results for the quarter ending March 31, 2010. 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).\n\n\n >\n\n\nJean Nortier, President and CEO of Uranium One commented:\n\n"During Q1 2010, Uranium One made excellent progress toward achieving the goals we set out for the year by demonstrating that we are firmly on track to achieve our production and cost targets. The acquisition of 50% of the Karatau Uranium Mine has dramatically enhanced our growth profile, and the continued ramp up of production at South Inkai is proceeding in line with our plans."\n\nOutlook\n\nUranium One's attributable production estimate for 2010 remains 6.8 million pounds. For 2011, attributable production is estimated to be 8.0 million pounds, including initial production from the Powder River Basin in Wyoming.\nDuring 2010, the average cash cost per pound sold is expected to be approximately $14 at Akdala and Karatau, and approximately $20 at South Inkai.\nUranium One's attributable sales estimate for 2010 continues to be approximately 6 million pounds.\nAttributable capital expenditures for full year 2010 are estimated to be $153 million, including approximately $92 million for the Company's mines and development projects in Kazakhstan, and $61 million for its development projects in Australia and the United States.\nOther 2010 expenditures are estimated to be $29 million for general and administrative expenses (excluding stock-based compensation), $7 million for exploration, and $1 million for care and maintenance expenses.\n\nQ1 2010 Operations and Projects\n\nFor the first quarter of 2010, Uranium One's attributable production was 1.8 million pounds U(3)O(8), an increase of 147% over attributable production of 0.7 million pounds for the comparable period in 2009 and 49% higher than production of 1.2 million pounds recorded in the fourth quarter of 2009. The increase is due to the inclusion of production from the recently acquired 50% i...