Total production meanwhile increased by 23% to 3.1 million pounds during this quarter, as opposed to 2.5 million pounds during Q3 in 2011.
The company also wrote down the value of the Zarechnoye Mine by $79.1m in the reporting period.
Uranium One said in the statement "The Corporation determined that it would not be economical to mine the South Zarechnoye deposit due to the decrease in uranium prices since the Fukushima incident, together with a decrease in the South Zarechnoye resource base resulting from recent exploration results and the completion of an economic assessment."
Uranium One CEO Chris Sattler commented that the industry’s long term fundamentals remain unchanged despite recent volatility in uranium prices.
"We remain focused on achieving our production, cost and sales targets for our operation," Sattler added.
