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Energy Fuels announces 2018 results

Published by , Editorial Assistant
Global Mining Review,

Energy Fuels Inc. has reported its financial results for the year ended 31 December 2018.

Financial and operational highlights:

  • US$31.7 million of total revenue was realised by the company during the year.
  • At December 31 2018, the company had US$52.0 million of working capital, including cash and cash equivalents and marketable securities of US$41.7 million and approximately 430 000 lb of uranium concentrate inventory.
  • A gross profit of US$12.4 million was realised by the company, representing a 39% gross profit margin on mining and milling activities.
  • A net loss attributable to the company of US$25.4 million during the year.
  • 650 000 lb of U3O8 sales were completed by the company at an average realised price of US$47.37 per lb. 400 000 lb of sales were completed pursuant to long-term contracts at an average price of US$61.30 per lb and 250 000 lb of U3O8 were sold into contracts based on spot market prices at a weighted average price of US$25.07 per lb.
  • 917 000 lb of U3O8 were recovered by the company, of which 493 000 lb were for the company's own account and 424 000 lb were for the account of third parties.
  • In response to elevated vanadium prices, the company commenced vanadium production from the pond solutions at its 100% owned White Mesa Mill in late December 2018, and the first batches of finished vanadium product were produced in January 2019. The company is currently producing a 99.6% vanadium product that may be attractive to specialty aerospace, chemical and vanadium battery industries.
  • In response to a petition submitted by Energy Fuels and Ur-Energy in January 2018, the US department of commerce initiated an investigation under section 232 of the Trade Expansion Act of 1962 (as amended) in July 2018 into the effects of uranium imports on U.S. national security. Remedies sought in the petition include a quota to limit imports of uranium into the US, effectively reserving 25% of the US market for US uranium production, and a requirement for US federal utilities and agencies to buy US uranium.

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