Dallas, Texas 03/04/2014 (FINANCIALSTRENDS) – Industrial metals and mineral mining firm Ur-Energy Inc. (USA)(NYSEMKT:URG) reported its 4Q and full year operational results ending 31st December on 3rd March.
Expressing his happiness at the fact faced evolution of the firm into a profitable entity, (USA)(NYSEMKT:URG) Chief Executive Officer and President Wayne Heili has been quoted to have said that, “We are emerging from a significant and transformative year for the Company. The start of production at our state-of-the-art Lost Creek Project places us as the world’s newest uranium producer. Our strong production results in the fourth quarter demonstrate the quality of the project we have developed and the ability of our staff to continuously deliver positive outcomes for the Company.”
On the earnings call it was also highlighted that the triumphant conclusion and assimilation of the leveraged buyout of the Pathfinder mines which is already in production mode, into company operations will position the firm for sustained growth into a large capped mining firm. The earnings call also highlighted the new focus area to be on the Shirley Basin. The firm also realized its first revenue inflow in the form of produced asset sale in December last year.
Highlight of the earnings call also included an update on the company’s efforts to expand its production capacity. It announced that it had completed the state of art Lost Creek Project and also progressed drilling activity in the First Mine Unit as per its 2013 roadmap. The firm also spent cap ex of close to $55 million on augmenting its existing production facilities with new equipment which will help bring in process automation.
In spite of the big positive announcements, the stock of the Uranium mining and processing firm recorded a net loss of 1.1 percent during trading yesterday. The stock is currently trading 134 percent above its 52 week low price point.