Business
Uranium One Reports Increase in Quarterly Net Earnings to $29.7 Million and Average Cash Cost per Pound Sold of $15 for Q2 2011
TORONTO, Canada and JOHANNESBURG, South Africa, Aug. 8, 2011 /CNW/ - Uranium One Inc. ("Urani...
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Canada and JOHANNESBURG, South Africa, Aug. 8, 2011 /CNW/ -\n Uranium One Inc. (\"Uranium One\") today reported quarterly revenue of\n $112.9 million for Q2 2011 based on sales of 2.0 million pounds at an\n average realized sales price of $58 per pound at a total cash cost per\n pound sold of $15. Quarterly production was 2.4 million pounds. Net\n earnings during Q2 2011 were $29.7 million, or $0.03 per share.\n\n\nQ2 2011 Highlights\n\n\nOperational\n\n\nTotal attributable production during Q2 2011 was 2.4 million pounds, 33%\n higher than total attributable production of 1.8 million pounds during\n Q2 2010.\n\n\nThe average total cash cost per pound sold was $15 during Q2 2011,\n similar to the average cash cost per pound sold during Q2 2010.\n\n\nFinancial\n\n\nAttributable sales volumes during Q2 2011 were 2.0 million pounds, 33%\n higher than 1.5 million pounds sold during Q2 2010.\n\n\nRevenue was $112.9 million in Q2 2011, 71% higher than $66.0 million in\n Q2 2010.\n\n\nThe average realized sales price during Q2 2011 was $58 per pound\n compared to $43 per pound in Q2 2010.  The average spot price in Q2\n 2011 was $56 per pound.\n\n\nEarnings from mine operations were $61.7 million during Q2 2011, a 151%\n increase from earnings from mine operations of $24.6 million in Q2 2010\n due to increased sales volumes and an increase in the realized sales\n price and similar operating expenses.\n\n\nNet earnings during Q2 2011 increased by 450% to $29.7 million, or $0.03\n per share compared to net earnings of $5.4 million, or $0.01 per share\n Q2 2010.\n\n\nAdjusted net earnings during Q2 2011 increased by 252% to $27.1 million,\n or $0.03 per share compared to adjusted net earnings of $7.7 million,\n or $0.01 per share in Q2 2010.\n\n\nCorporate\n\n\nOn June 7, 2011, Uranium One announced that its 51% shareholder, ARMZ,\n had completed the acquisition of Mantra Resources Ltd. Uranium One\n became the operator of Mantra's Mkuju River Project in Tanzania\n pursuant to agreements entered into with ARMZ in connection with the\n closing.\n\n\nChris Sattler, Chief Executive Officer of Uranium One, commented:\n\n\n\"The Uranium One team continues to post strong operational and financial\n results in 2011. This quarter saw a continued low cash cost with a\n higher than market average sales price. Fol...