[miningmx.com] — THE consequences of the Fukushima nuclear power plant disaster in March 2011 have now substantially been factored into the uranium market, according to Chris Sattler, CEO of Uranium One.
Sattler said demand for uranium has continued to grow as a result of the increasing reliance on nuclear power in emerging markets like China, India and the Middle East.
Reporting financials for the first quarter, Uranium One recorded a drop in profit as lower prices outweighed higher sales volumes.
The company’s JSE-listed shares were slightly lower on Tuesday, down 1.26% at R22.50 as comparative profit dropped from $14m to $4.5m.
Revenue fell 6% to $95.8m as the realised price of uranium dropped to $53 per pound, down from $61/lb, while sales volumes and production rose by 8% and 18% respectively to 1.8m lbs and 2.8m lbs.
Cash costs remained steady at $14.
The company owns assets in the USA, Australia, Tanzania as well as Kazakhstan.
