Uranium Resources Inc. (URRE, Financial) filed Quarterly Report for the period ended 2009-09-30.
Uranium Resources, Inc. was formed in 1977 and incorporated in the state of Delaware in 1987 to acquire, explore and develop properties for the mining of uranium (hereinafter sometimes referred to as ``U3 08``) in the United States using the in situ leach mining process (``ISL``). The Company has two developed mining properties - Kingsville Dome and Rosita - both located in South Texas. Uranium Resources Inc. has a market cap of $58.02 million; its shares were traded at around $1.03 with and P/S ratio of 3.13.
Uranium Sales. In the first nine months of 2009, we sold 94,000 pounds, generating revenue of $4.6 million ($49.11 per pound), compared with sales of 246,800 pounds in the same period in 2008 generating revenue of $16.354 million ($66.28 per pound). The decrease in sales revenue was the result of the reduction in pounds sold, as well as from lower prices we received because of lower uranium market prices in 2009 compared to the prior years period.
Cost of Uranium Sales. Our cost of uranium sales from the sale of produced uranium in the first nine months of 2009 was $6.0 million compared with $26.4 million in the same period of 2008. Total cost of uranium sales includes royalties and commissions related to our uranium sales, production costs, including operating expenses, depreciation and depletion expenses, amortization of our restoration and reclamation cost estimates, exploration costs and impairment costs for the write-down of uranium assets. The following table details the direct cost of uranium sales and royalties and commissions breakdown for the three and nine months ended September 30, 2009 and 2008.
Operating Expenses. During the first nine months of 2009, operating expenses for Kingsville Dome, Vasquez and Rosita operations and production sold was $2.5 million. Included in this amount was $374,000 of stand-by related costs. During the first nine months of 2008, operating expenses for production from these three projects sold was $5.7 million. This includes approximately $536,000 of pre-production costs related to our Vasquez and Rosita projects.
Depreciation and Depletion. During the first nine months of 2009, we incurred depreciation and depletion expense attributable to our Kingsville Dome and Vasquez production and stand-by costs of $887,000. During the same period in 2008, we incurred depreciation and depletion expense attributable to these projects of $6.1 million.
Accretion and Amortization of Future Restoration Costs. Accretion and amortization of future restoration costs in the first nine months half of 2009 and 2008 was $254,000 and $589,000, respectively.
Read the The complete Report
Uranium Resources, Inc. was formed in 1977 and incorporated in the state of Delaware in 1987 to acquire, explore and develop properties for the mining of uranium (hereinafter sometimes referred to as ``U3 08``) in the United States using the in situ leach mining process (``ISL``). The Company has two developed mining properties - Kingsville Dome and Rosita - both located in South Texas. Uranium Resources Inc. has a market cap of $58.02 million; its shares were traded at around $1.03 with and P/S ratio of 3.13.
Highlight of Business Operations:
URI has an estimated 101.4 million pounds of in place mineralized uranium material on 183,000 acres in New Mexico and a Nuclear Regulatory Commission (NRC) license to produce up to 3 million pounds per year at our New Mexico licensed properties, including our Churchrock property. URI has also produced uranium in South Texas where it has three projects that are now in restoration: Kingsville Dome, Vasquez and Rosita. Our operations are heavily influenced by the price of uranium both on the spot and long-term markets. The spot price of uranium, which has fluctuated from a high of $136.00 per pound in June 2007 to a low of $40.00 per pound in April 2009 to its recent price level of $46.50/lb., has been the primary driver of the strategic decisions of the Company. At November 2, 2009 the current spot price was $46.50/lb., compared to a recent high of $54.00-$55.00 per pound in mid-June 2009. The long-term price for uranium has remained level for several months and stands at $64.00-65.00 per pound at October 31, 2009.Uranium Sales. In the first nine months of 2009, we sold 94,000 pounds, generating revenue of $4.6 million ($49.11 per pound), compared with sales of 246,800 pounds in the same period in 2008 generating revenue of $16.354 million ($66.28 per pound). The decrease in sales revenue was the result of the reduction in pounds sold, as well as from lower prices we received because of lower uranium market prices in 2009 compared to the prior years period.
Cost of Uranium Sales. Our cost of uranium sales from the sale of produced uranium in the first nine months of 2009 was $6.0 million compared with $26.4 million in the same period of 2008. Total cost of uranium sales includes royalties and commissions related to our uranium sales, production costs, including operating expenses, depreciation and depletion expenses, amortization of our restoration and reclamation cost estimates, exploration costs and impairment costs for the write-down of uranium assets. The following table details the direct cost of uranium sales and royalties and commissions breakdown for the three and nine months ended September 30, 2009 and 2008.
Operating Expenses. During the first nine months of 2009, operating expenses for Kingsville Dome, Vasquez and Rosita operations and production sold was $2.5 million. Included in this amount was $374,000 of stand-by related costs. During the first nine months of 2008, operating expenses for production from these three projects sold was $5.7 million. This includes approximately $536,000 of pre-production costs related to our Vasquez and Rosita projects.
Depreciation and Depletion. During the first nine months of 2009, we incurred depreciation and depletion expense attributable to our Kingsville Dome and Vasquez production and stand-by costs of $887,000. During the same period in 2008, we incurred depreciation and depletion expense attributable to these projects of $6.1 million.
Accretion and Amortization of Future Restoration Costs. Accretion and amortization of future restoration costs in the first nine months half of 2009 and 2008 was $254,000 and $589,000, respectively.
Read the The complete Report
