Uranium One reports record revenue
Uranium One posted record revenue of $530 million as sales rose to levels that had not been previously reached by the company and production increased by a significant margin in FY2011, Mining Weekly reported.According to the news outlet, the firm, which produces uranium at mines in Kazakhstan, Australia and the U.S., reported net earnings of $88-million, compared with the losses of $154 million for 2010. Along with the rise in profits, mine production reporting showed that the company fared well in that aspect as well.
Mining Weekly reported that the company was able to produce 10.7 million pound of uranium and was able to keep the cost per pound of the commodity down to levels that it had not yet achieved, roughly $14 per pound.
"Despite the challenges that the nuclear power industry faced during 2011, our company’s strategy has not changed and we will continue to focus on increasing production from our assets and remain the world’s lowest-cost supplier of uranium. We expect demand for uranium to continue to grow through this decade and Uranium One, as one of the world’s largest producers, is well-positioned to capitalise on this growth," Chris Sattler, the company's chief executive, said in a statement.
The company also plans to produce more of the commodity in the coming years, as initial projections have the production levels at 11.6-million pounds in 2012 and 12.5-million pounds in 2013, according to Mining Weekly.
Business Live reported that the 62 percent increase in revenue for the company was attributed to the globally diverse nature of its assets.