However, group sales volumes of 7.2 million lb. U3O8 were 55% lower than last year’s first quarter total of 15.8 million lb. U3O8, according to a release.
The results were generally a disappointment for BMO Capital Markets mining analyst Alexander Pearce, who said in a note on Thursday that by most measures the company’s results were below his previous estimates.
Pointing out that group sales were 31% lower than BMO’s estimate, Pearce said “quarter on quarter shipments variability is normal, thus deliveries are likely to rebalance over the remainder of the year.”
The quarterly results from the Kazakhstan-based miner come just days after major Canadian uranium producer Cameco (TSX: CCO; NYSE: CCJ) released its own earnings, which also painted a mixed picture. Both companies’ quarters coincided with the first significant rise in spot uranium prices since 2007, which went over $100 per lb. in January. They sat at $89…
