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UPDATE 1-Uranium One says quarterly production rises

Thu Jul 9, 2009 10:41am EDT

Stocks

   

* Q2 uranium production up 18 pct

* Shares up 6.3 percent in morning trade

TORONTO, July 9 (Reuters) - Uranium One (UUU.TO) said on Thursday its quarterly uranium production rose 18 percent on a sequential basis, driven by increased output from its South Inkai mine in Kazakhstan.

The company said it produced 833,900 pounds of uranium in the second quarter, up from 708,500 pounds in the first quarter of 2009.

Shares of the company rose 6.3 percent to C$2.70 in morning trade on the Toronto Stock Exchange.

Russia's state-owned nuclear giant Rosatom recently secured a 17 percent stake in Uranium One in exchange for a 50 percent stake in the Karatau uranium mine in Kazakhstan.

The company is also in the midst of finalizing a C$270 million private placement with Japanese investors Toshiba Corp (6502.T), Tokyo Electric Power Co (9501.T), and the Japan Bank for International Cooperation.

Uranium One expects both transactions to be completed later this year, following the receipt of all required regulatory approvals. (Reporting by Euan Rocha; Editing by Jeffrey Hodgson)



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