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JSC PIMCU summarizes year-end results
JSC PIMCU has summarized its forecast work results for 2014.
Planned volume of uranium mining, 1970 tons, will be achieved. Mining operations in the amount of 11,000 linear metres by the breasting method were fulfilled. The Urtuiskoye open cast mining office operated by the Industrial Union mined 3 million tons of coal. The sulfuric acid workshop produced 128,000 tons of these products.
“As compared to 2013, uranium mining volumes decreased by 8% and mining operations volumes – by 27% according to plans. This is primarily attributed to temporary suspension of works at Mine No. 2 and optimization of mining operations at existing mines. At the same time I should note that we had planned a more significant reduction for uranium; however, new technology applied, in particular, processing of non-commercial dumps, enabled us to virtually approach the 2013 volume” noted Sergey Shurygin, Director General of JSC PIMCU.
In the previous year, implementation of JSC PIMCU programme for reaching break-even operation enabled the enterprise to cut specific cost of uranium production by 7%. The 2014 most important projects made it possible to further reduce production cost. These primarily involved production capacity improvements, including introduction of low-cost methods of in-situ and heap leaching; launching a new process flow scheme for ore processing at the Hydrometallurgy Plant; as well as increasing labor productivity and resource use efficiency within the framework of the Production System of Rosatom State Atomic Energy Corporation.
“In 2014, the main task was to halt rising losses that had accumulated at the Industrial Union from 2011. And we managed to achieve this. Year-end target indicators correspond to planned values. It will be possible to assess full-fledged benefits from optimization and cost savings in 2015- 2016. If pricing environment on the uranium market supports the team efforts aimed at enhancing operational efficiency of the enterprise, we will soon pass on to a new scenario of technological and organizational development,” pointed out Vladimir Vysotskiy, Deputy Director General for Special Projects of ARMZ Uranium Holding Co., Chairman of the Board of Directors of JSC PIMCU.
Plans for 2015 include strengthening the existing trend, completing reorganization of subsidiaries and affiliates and primarily a Repair and Machinery Plant and transportation services of the enterprise, as well as optimizing procurement activity and warehouse stocks. A set of these and other activities will make it possible to resume mining operations at Mines No. 2 and 4 next year and to improve labour conditions, in particular, to commission an administration and amenity facility for mines’ workers and a canteen for employees of the Urtuiskoye open cast mining office.
The enterprise is expected to reach break-even operation not earlier than mid-2016.