[miningmx.com] — URANIUM One posted a narrower quarterly loss on Monday, helped by an increase in production, and forecast higher production in 2011.
For 2011, Vancouver-based Uranium One, whose main operations are in Kazakhstan, expects to produce 10.5 million pounds. For 2010, the uranium producer said its view remained unchanged from 7 million pounds.
The company reported a third-quarter loss of $10.2m or 2 cents a share, compared with a loss of $11.9m, or 3 cents a share, last year.
On an adjusted basis, the company posted a breakeven per share.
Revenue rose more than three-fold to $73.1m, primarily due to volume sold increasing to 1.7 million pounds, which partially offset a 14% drop in the average realised uranium price.
The average realised sales price in the quarter was $43 per pound.
In the quarter, Uranium One increased production to 1.7 pounds of uranium at an average cash cost of $12 per pound, down from $15 per pound last year.
The company’s shares, which have gained 32% in value since it lowered the interest rate in October on convertible debentures due 2015, closed at C$4.79 on Friday on the Toronto Stock Exchange.
