Uranium One announces $36.5m net loss for full year 2009

But, the group says it expects to nearly double production in 2010

(Reuters) - 

Uranium One Inc (UUU.TO: Quote) posted a net loss in 2009, hurt mainly by lower realized uranium prices, and said it expects to nearly double production in 2010.

The Canadian company, whose main operations are in Kazakhstan, said it sees attributable production of 6.8 million pounds in 2010 and about 8.0 million pounds in 2011.

For 2009, it produced 3.6 million pounds, an increase of 24 percent from 2008.

The company expects capital expenditures of $151 million and sales of about 6 million pounds in 2010.

For 2009, Uranium One posted a net loss of $36.5 million, or 8 cents per basic share, compared with net earnings of $22.3 million, or 5 cents per basic share, a year ago.

Revenue for the year rose 1 percent to $152 million, helped by higher sales volumes.

Earnings from mine operations fell 41.2 percent to $54.6 million. The company said average realized sales prices fell 30 percent in 2009.

Shares of the Vancouver, British Columbia-based miner closed at C$2.81 Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

© Thomson Reuters 2010 All rights reserved

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