Raymond Larson, chairman and chief executive officer, said that 1989 profits “are expected to be at least double that of 1988.” Net earnings for 1988 were $1.69 million compared to a $1.3-million loss the year before.
Production from the Kingsville Dome property in Texas was a record 284,745 lb of uranium concentrate for the quarter, said Larson, who noted construction activities are under way at the Rosita property, which is scheduled to begin production in the fourth quarter.
Uranium Resources controls more than 60 million lb of low cost proven and probable uranium reserves. The company uses an in situ mining process to recover the uranium that is both cost effective and environmentally sound.
Long-term uranium contracts are in hand at an average price of $20.75 per lb with escalation provisions for future inflation, he pointed out. Total committed deliveries at year-end were approximately seven million lb, representing $156 million of future revenue (adjusted for inflation) through 1997. In the past two years, the company has secured 29% of the contracts awarded to United States uranium producers.
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