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Uranium company in dire financial straits

World`s least wanted uranium stock –  Moneyweb Barry Sergeant|13 January 2010 “………….To date, First Uranium……. uranium production is yet to see the light of day. Stock exchange regulators in a number of jurisdictions have been on the retreat for the past few years, in the wake of some of the biggest, babbling, investment scandals yet to besiege mankind. So far, First Uranium has apparently managed to say off the radar screen, but promises in its Toronto prospectus have turned out to be a shoddy disgrace……………

From its formation in 2006 up to September 30 2009, First Uranium has spent $465m on capital expenditure at Ezulwini and MWS, a number vastly higher than the funds raised at listing time…………….First Uranium has also loaned around $20m from Simmer & Jack, which has onerous enough capital expenditure requirements of its own……………..

First Uranium’s production targets have not only been missed by a factor of years; physical production targets have also been cut heavily, twice, from original targets, and may have to be cut again. This has cooked up a highly toxic cocktail: delayed production, cuts in projected output, completely blowing the budget on capital expenditure, and increasing financial vulnerability as anticipated revenues fall way behind what was projected. The time value of money is a cruel leveller.

World`s least wanted uranium stock – Investment Insights | Moneyweb

January 14, 2010 - Posted by Christina Macpherson | 2 WORLD, business and costs | antinuclear, nuclear, uranium