Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Uranium miner Denison Mines (TSE:DML) announced a $15 million profit or four cents a share for the three months ended September 30.
During the same period last year the company had a net loss of $5.5 million. The company’s stock was unchanged at $1.55 a share.
The company is deferring uranium sales.
“As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year,” said the company in a statement.
Revenue from the environmental services divisionfor the three and nine months ended September 30, 2011 was $5,064,000 and $12,195,000 compared to $4,116,000 and $11,271,000 in the same periods in 2010.
The company also received money from its management contract with the Uranium Participation Corporation.
