Uranium One, Inc., a Canadian entity, announced a net loss of USD64.7 million for the third quarter year-on-year. The amount of loss was 3.2 percent higher than what the company experienced in the third quarter of the previous year.

The parent entity of Uranium One is the Russian company Atomredmetzoloto (ARMZ). Unlike its Canadian subsidiary, ARMZ increased its profits in 2013. ARMZ’s positive dynamics were sustained in spite of a downturn in the uranium market. The price per pound of uranium went down from USD49 to USD37 this year. This boosted production by five percent, and the sales of uranium nearly doubled for the parent corporation. The joint revenue of the two companies amounted to nearly USD348 million, which reflects a 13-percent increase.

Uranium One encountered difficulties in the production process which disrupted the delivery of products. The company also spent more money on mine operation than planned, threatening to abandon the entire Honeymoon project. Honeymoon production was expected to grow by half a million pounds of material. Instead, the goal for total yearly production was lowered from 13 to 12.4 million pounds of material. Uranium One produced 12.5 million pounds at the Honeymoon site during 2013.

Uranium One is an international corporation that owns prospects in various parts of the world. In Kazakhstan it holds a 70-percent ownership in the Betpak Dala venture. Joint venture Betpak Dala is the proprietor of the Akdala Mine and the South Inkai Mine. Uranium One also holds a 50-percent ownership in the Karatau joint venture, a 30-percent interest in Kyzylkum venture, also known as the Kharasan project, half of the Akbastau venture, and 49.67 percent of the Zarechnoye venture. The Za-rechnoye venture owns the Zarechnoye Mine and the South Zarechnoye Project.

Assets of Uranium One in the United States include the Willow Creek Project and several development projects in the state of Wyoming. In Australia, Uranium One holds 51 percent of the troubled Honeymoon Uranium Project. In Tanzania, the company operates the Mantra Resources’ Mkuju River project. In line with the deal signed by ARMZ, all shares of Uranium One will be consolidated in 2013.