First Uranium tightens belt in financial storm

Funding is becoming a critical issue for Toronto-based First Uranium after slower than anticipated mine production and changing uncertainties over environmental authorization at its South African sites led to year-to-date losses for the company.

The company has announced losses of $14.4 million for the quarter ended 31 December 2009, and losses of $66.1 million for the 2010 financial year-to-date, covering the nine months to the end of 2009. Despite continued improvements in production relative to the same period of the previous year, and the first shipment of uranium for conversion, the company nevertheless is facing "significant challenges in its need to fund its current and future financial commitments," according to First Uranium president and CEO Gordon Miller.

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