First Uranium Gold, Uranium sales rises in last FY

Metal Recycling News  |  2012-07-02 09:44:16   |   By

First Uranium Corporation (TSX:FIU, JSE:FUM) has announced on Monday that total gold sales for its financial year ended March 31 2012 lifted marginally to 146‚445 ounces from the 142‚630oz sold in the year to end-March 2011.

JOHANNESBURG (Scrap Monster): First Uranium Corporation (TSX:FIU, JSE:FUM) has announced on Monday that total gold sales for its financial year ended March 31 2012 lifted marginally to 146‚445 ounces from the 142‚630oz sold in the year to end-March 2011.

The slight increase was primarily due to the 21% decrease in gold production at the Ezulwini Mine‚ which offset the 19% increase in gold sales at Mine Waste Solutions (MWS).

Total uranium sales rose sharply from 20‚500 pounds in FY 2011 to 82‚862 pounds in FY 2012 following the recommissioning of the uranium plant at Ezulwini Mine in April 2011.

Consolidated revenue of $195m was reported‚ an increase of 30% from $151m in 2011‚ and this resulted in the corporation reflecting a $7m gross profit from operations compared with a consolidated gross loss of $6m in 2011.

The consolidated pretax loss narrowed by 24% from a pretax loss of $236m in FY 2011 to $179m‚ driven primarily by the impairment of the Ezulwini Mines assets in 2012.