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A year of losses for Namibia’ Rossing uranium mine

Namibia’s Rossing Uranium revenue tumbled in 2014 – official, Star Africa May 19, 2015  The impact of lower prices and the lower production figures in 2014 has strained Rossing Uranium’s revenue, which declined by 19 per cent compared to the previous year, leading to a net loss after tax of N$91 million (about US$8 million), compared to N$32 million (about US$2.7 million) profit in 2013.

The company’s turnover in 2014 was N$2.4 billion (about US$201 million), down from N$2.9 billion (about US$243 million) in 2013.

Managing director Werner Duvenhage revealed in a statement issued to APA on Tuesday that 2014 was a tough year due to continued decline of uranium globally, putting substantial pressure on the business.

“The challenging times currently experienced in our industry are mainly because of global influences. It was a tough year because the uranium price continued to decline globally, putting substantial pressure on our business, with the average uranium spot market price at US$33 (N$333) per lbs, much lower than the US$38 (N$418)) per lbs average in 2013,â€� he explained……….

Unfortunately, the uranium price declined further during the first half of the year, leading to a management and board decision to curtail production and meet only contractual commitments, with the resulting curtailment production plan effective from August 2014,� he said.

“The 2011 tsunami in Japan and its impact on the Fukushima nuclear plant still continued to plague the uranium market in 2014, with excess supply causing a decline in market prices.

“Nuclear plants in Japan remained off-line for most of the year. Supply has increased over the three years since the Fukushima incident.

“This is a recipe for continued weak prices in the near term. Utilities are holding large stocks in all forms, which defer their need to buy for one to three years on averageâ€�……http://en.starafrica.com/news/namibias-rossing-uranium-revenue-tumbled-in-2014-official.html

May 20, 2015 - Posted by | business and costs, Namibia, Uranium

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