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Yet another uranium company makes wider losses

graph-downwardEnergy 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 uranium-orein 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 | business and costs, Uranium, USA

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