Uranium One Announces Record Revenue of $530 Million and Total Cash Costs of $14 per Pound for 2011

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 5, 2012 /CNW/ - Uranium One Inc. (\"Uranium One\") today\n reported record revenue of $530 million for 2011 based on record sales\n and production of 9.9 and 10.7 million pounds. Uranium One also\n reported cash costs per pound sold of $14 for 2011.  Net earnings for\n 2011 were $88 million, or $0.09 per share and adjusted net earnings for\n 2011 were $114 million or $0.12 per share..\n\n\n2011 Highlights\n\n\nOperational Results\n\n\nTotal attributable production during 2011 was a record 10.7 million\n pounds, 43% higher than total attributable production of\n 7.4 million pounds during 2010.\n\n\nThe average total cash cost per pound sold was $14 per pound during\n 2011, compared to the average cash cost per pound sold of $13 per pound\n during 2010.\n\n\nTotal attributable production during Q4 2011 was a record 3.4 million\n pounds, 60% higher than total attributable production of 2.1 million\n pounds during Q4 2010.\n\n\nFinancial Results\n\n\nAttributable sales volumes for 2011 increased by 44% to a record 9.9\n million pounds, compared to 6.9 million pounds sold during 2010.\n\n\nRevenue increased by 62% to a record $530 million in 2011, compared to\n $327 million in 2010. The average realized sales price during 2011 was\n $54 per pound. The average spot price for uranium in 2011 was $57 per\n pound.\n\n\nEarnings from mine operations were $263 million during 2011, an 89%\n increase from earnings from mine operations of $138.7 million in 2010,\n due to increased sales volumes.\n\n\nThe net earnings for 2011 were $88 million or $0.09 per share, compared\n to net losses of $154 million or $0.25 per share for 2010.\n\n\nThe adjusted net earnings for 2011 were $114 million or $0.12 per share,\n compared to adjusted net losses of $3.3 million or $0.01 per share for\n 2010.\n\n\nCorporate\n\n\nDuring June 2011, Uranium One became the operator of Mantra's Mkuju\n River Project in Tanzania. On January 16, 2012, Uranium One elected to\n pay $150 million to ARMZ which will both extend the term of the Mantra\n purchase option from June 7, 2012 to June 7, 2013 and result in Uranium\n One acquiring a 13.9% stake in Mantra from ARMZ.\n\n\nThe Corporation issued ruble-denominated bonds with an aggregate\n principal amount of $463.5 million (RUB 14.3 billion) in December\n 2011,  In ...

More updates from Uranium One Mining Corp.