[miningmx.com] – URANIUM One posted record revenue for its 2011
financial year and said earnings from mining operations increased 89% to $263m for
the period.
Net earnings for 2011 were $88m or $0.09 per share, compared to net losses of
$154m or $0.25 per share for 2010.
The adjusted net earnings for 2011 were $114m or $0.12 per share, compared to
adjusted net losses of $3.3m or $0.01 per share for 2010.
In June 2011, Uranium One became the operator of Mantra’s Mkuju River Project in
Tanzania and in January paid $150m to ARMZ which will both extend the term of the
Mantra purchase option to June 7, 20. This will result in Uranium One acquiring a
13.9% stake in Mantra from ARMZ, it said.
“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 remaining the world’s lowest cost supplier of
uranium,” said Chris Sattler, CEO of Uranium One.
“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 capitalize on this
growth,” he said.
