Uranium One says Q4 output rose 42%
TORONTO – TSX- and JSE-listed Uranium One on Thursday reported fourth-quarter production of 1,2-million pounds, an increase of 42% compared with the group's attributable output in the third quarter of 2009.
Production for the full year rose 24% from 2008, to a best-ever 3,6-million pounds of uranium, the company said in a statement.
The production gains were mainly thanks to the successful ramp up in production at the new South Inkai mine, in Kazakhstan, Uranium One said.
The company also announced on Thursday that it had completed a C$270-million convertible debenture financing with a consortium of Japanese companies, and also received $20-million in dividends from its share of the Betpak Dala joint venture.
Uranium One owns 70% of the joint venture, which holds the Akdala and South Inkai mines in Kazakhstan.
The company also holds 30% of the Kharasan mine, and recently acquired a 50% holding in the Karatau mine, both of which are also in Kazakhstan.
The firm reported annual attributable sales of 3,2-million pounds of uranium in 2009, 44% higher than a year earlier.
Fourth quarter sales rose to a record 1,5-million pounds, more than triple the 0,4-million pounds reported in the third quarter.
Uranium One said it has received all the approvals it needs for its acquisition of the Irigaray in situ recovery central processing plant, the Christensen Ranch satellite ISR facility and associated uranium resources in the Powder River Basin, in Wyoming.
The deal is expected to close by January 31, and Uranium One aims to start first production from the Irigaray plant and Christensen Ranch well fields in 2011.
Finally, the company said it completed the sale of its 99% interest in the South Texas Mining Venture to Uranium Energy Corp, for 2,5-million restricted common shares in Uranium Energy, on December 18.
