nuclear-news

Yet another uranium company makes wider losses

Energy Fuels makes efforts to sustain current drop in uranium prices  Proactive Investors by Deborah Bacal 16 Nov 13 Energy Fuels (TSE:EFR)(OTCQX:EFRFD), which recently gained a majority stake in one of the largest and highest grade uranium projects in the U.S. through its acquisition of Strathmore Minerals, reported widened third quarter losses as a result of a drop during the period in both uranium spot and term prices, which it sees rising in the future.

For the three months to September 30, America’s largest conventional uranium producer, which says it has a strategy in place to beat current low prices, reported net loss was $70.47 million, or $4.30 per share, compared to $19.16 million, or $1.41 per share, a year ago. Revenues fell slightly to $24.5 million from $25.03 million.

As a result of the downward trend in prices through to the end of the quarter and Energy Fuels’ expectations to place the Pinenut mine on stand-by in July of next year, the company said it recorded an impairment loss of $60.26 million in the period. ince July 1, the spot price of uranium dropped from $39.65 per pound to its current price of $35.35 per pound, the company noted, and the long term price declined from $57.00 per lb. to $50.00 per pound.

November 16, 2013 - Posted by Christina Macpherson | business and costs, Uranium, USA