Russian uranium miner Priargun sees Q1 earnings plummet 71.4%admin
OJSC Priargun Mining and Chemicals Association, Russia’s biggest uranium mining enterprise, saw its net profit plummet 71.4% year-on-year in the first quarter of 2008 to 20.02 million rubles. Priargun, located in the Chita region, said in a financial statement that sales revenue rose 15.3% to 1.671 billion rubles and that costs rose more than 17% to 1.427 billion rubles. Earnings before tax grew more than 160% to 257.2 million rubles.
The state-owned TVEL nuclear fuel corporation owns more than 80% of Priargun, which mines around 3,000 tonnes of uranium per year, shipping all of this to TVEL’s Chepetsky Mechanical Works.