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First Uranium delays uranium plant commissioning Posted: Mon, 11 Aug 2008 [miningmx.com] -- FIRST Uranium Corporation (FUM) reported mixed progress on development of its Ezulwini gold and uranium mine during the June quarter which is the first of its financial year to end-March 2009. CEO Gordon Miller said the Ezulwini gold plant was commissioned during the June quarter as planned and produced its first gold during July but commissioning of the uranium plant had been delayed to October. Miller commented that, “although the final commissioning stages of the uranium plant at the Ezulwini mine have been delayed until October 2008 as a result of the late delivery of certain equipment, we believe that this will not affect our planned production for the fiscal year as the capacity of the mills and the uranium plant will exceed the planned near-term capability of the mine to produce ore.” He added the current mine production from the ME section of the Ezulwini mine was being stockpiled on surface to feed the 100,000t/month uranium plant during its commissioning phase. Milled pointed out FUM had not yet signed any long-term contracts to sell uranium although it had an option to use a take and pay agreement with Nufcor. He commented, “As long-term supply contracts are currently all tending to be of a fixed delivery nature, First Uranium wants to complete the commissioning of at least one of its uranium plants prior to entering into any such uranium contracts.” FUM lost $5.8m for the quarter (first quarter 2008 - $5.5m profit) because of the higher level of expenditure as well as foreign exchange losses on conversion of SA rand financial items into US dollars. Click Here to subscribe to our daily newsletter
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