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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
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For the month of February 2000
International Uranium Corporation
(Translation of registrant's name into English)
Independence Plaza, Suite 950, 1050 Seventeenth Street, Denver, CO 80265
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________________.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
International Uranium Corporation
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(Registrant)
Date: February 5, 2000 By: /s/ Earl E. Hoellen
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Earl E. Hoellen, President
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EXHIBIT INDEX
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99.1 Press Release dated February 4, 2000.
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EXHIBIT 99.1
[INTERNATIONAL URANIUM CORPORATION LETTERHEAD]
NEWS RELEASE
1999 YEAR END RESULTS
FEBRUARY 4, 2000 (IUC - TSE) ... INTERNATIONAL URANIUM CORPORATION (the
"Company") reported today a loss for the fiscal year ending September 30, 1999
of just under US$17.1 million, or approximately US$0.26 (Cdn$0.38) per share. Of
this loss, approximately US$7.7 million was for the write down of the Company's
uranium and vanadium inventories, and US$7.0 million was for the write off of
the carrying value of all of its U.S. mineral properties. Both of these
adjustments were due primarily to very weak commodity prices. The Company's
working capital remained strong at approximately US$11.6 million, or just under
US$0.18 (Cdn$0.26) per share, as at the end of the fiscal year.
Total revenues for the year were US$14,046,832. Of this amount, uranium sales
accounted for US$9,758,317 and process milling fees associated with the
Company's alternate feed activities accounted for US$4,288,515.
During fiscal year 1999, IUC continued with its conventional mining, milling and
exploration programs. Unfortunately, like so many other resource companies,
these programs felt the effect of declining commodity market prices during the
year. The Company's Colorado Plateau mines which were put into production in
late 1997 were shut down in mid-1999 because of continuing weak uranium and
sharply weaker vanadium prices. The Company did mine approximately 81,000 tons
of uranium/vanadium ores, which were subsequently milled later in the year. The
Company also terminated its ore purchase program at the same time it ceased
mining operations at these mines.
The uranium/vanadium ores that were mined from the Company's operations and the
small amount of purchased ore were milled during the year at the Company's White
Mesa Mill. Because of the reduced tonnage, however, the conventional mill run
was much shorter than originally anticipated. This impacted operating
efficiencies and, ultimately, unit production costs. In addition, certain
operational problems were encountered with the vanadium circuit, which had not
operated since 1990, resulting in lower realized recoveries during this
production run. Nevertheless, during the conventional mill run, which ended in
November 1999, the Company did successfully recover approximately 487,000 pounds
of uranium concentrates and approximately 2.0 million pounds of vanadium
concentrates.
In the area of property development and exploration, the Company's 70% owned
Gurvan-Saihan Joint Venture, which discovered a new uranium mineral deposit in
the Hairhan region of Mongolia and delineated over 22 million pounds of uranium
resources during the field seasons of 1997 and 1998, was placed on standby
during the past fiscal year. In addition, the Company also suspended all
licensing work on its Reno Creek in situ leach property during the fiscal year.
Both of these actions were directly attributable to the weak uranium market.
While declining commodity prices seriously affected our conventional mining,
milling and exploration programs, IUC did have some notable success in the
development of its alternate feed, or uranium-
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bearing waste recycling business. During the past fiscal year, the Company was
awarded its second contract under the U.S. government's Formerly Utilized Sites
Remedial Action Program ("FUSRAP") for the Ashland 1 site, near Buffalo, New
York. This contract is a multi-year contract that involves over 100,000 tons of
uranium bearing soils that will be processed through the Mill. IUC also received
NRC approval to receive alternate feed materials from a third FUSRAP project
with sites located in and around St. Louis, Missouri, which paves the way for
IUC to pursue a commercial contract for this material. In addition, IUC
concluded contracts with other private sector facilities for the recycling of
uranium-bearing waste materials during the year. Despite this success, however,
the Company has not to date developed a sufficient backlog of alternate feed
business to allow the Mill to operate efficiently on a continuous basis.
Developing this backlog will be a prerequisite if the Company is to continue
with its pursuit of this business in the future. If the Company cannot develop
this backlog in the near future, it may pursue other business opportunities.
While the basic fundamentals for both the uranium and vanadium markets remain
positive, IUC does not believe that either of these markets are likely to show
any appreciable and sustainable price recovery for the next few years. As a
result, the Company intends to marshal its resources and concentrate solely on
the continuing development of the alternate feed business. This business does
not depend in any significant way upon the market price for uranium. In many
cases, the generators of these alternate feed materials are willing to pay a
recycling fee to IUC to process these materials to recover uranium and then
dispose of the resulting tailings. This gives IUC the ability to process these
alternate feeds and generate revenues that are largely independent of uranium
market prices.
IUC intends to reduce its expenditures on its U.S. and Mongolian uranium
resource properties to minimum levels and increase its focus on, and investment
in, the development of the alternate feed business. This will include the
aggressive pursuit of contracts for the supply of uranium-bearing waste
materials for recycle through the White Mesa Mill, as well as the pursuit of
other uranium contaminated materials that contain other valuable metals that
could be recovered at the Mill. In addition, IUC will continue to try to resolve
the remaining regulatory uncertainties associated with this business. Building
upon the success we have had in the regulatory arena to date, we believe this
can be accomplished before the end of the 2000 fiscal year.
Headquartered in Denver, Colorado, IUC is engaged in the business of recycling
uranium-bearing waste products as an environmentally superior alternative to the
direct disposal of these waste products. In addition, IUC is engaged in the
selling and trading of uranium recovered from these operations and other
commercial activities in the international nuclear fuel market. IUC also
produces and sells vanadium and other metals that can be produced as a
co-product with uranium.
ON BEHALF OF THE BOARD
"Earl E. Hoellen"
President
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
INTERNATIONAL URANIUM CORPORATION WISHES TO CAUTION READERS THAT DISCLOSURES
MADE IN THE FOREGOING PRESS RELEASE TO SHAREHOLDERS, WHICH ARE NOT HISTORICAL
FACTS, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS, UNCERTAINTIES AND
OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FACTORS INCLUDE,
BUT ARE NOT LIMITED TO, VOLATILITY AND SENSITIVITY TO MARKET PRICES FOR URANIUM
AND VANADIUM, COMPETITION, ENVIRONMENTAL REGULATIONS, THE IMPACT OF CHANGES IN
FOREIGN CURRENCIES' EXCHANGE RATES, POLITICAL RISK ARISING FROM OPERATING IN
MONGOLIA, CHANGES IN GOVERNMENT REGULATION AND POLICIES INCLUDING TRADE LAWS AND
POLICIES, DEMAND FOR NUCLEAR POWER, DEPENDENCE ON A LIMITED NUMBER OF CUSTOMERS,
REPLACEMENT OF RESERVES AND PRODUCTION, RECEIPT OF PERMITS AND APPROVALS FROM
GOVERNMENTAL AUTHORITIES (INCLUDING AMENDMENTS FOR EACH ALTERNATE FEED
TRANSACTION) AND OTHER OPERATING AND DEVELOPMENT RISKS. AS A RESULT OF THE
FOREGOING AND OTHER FACTORS, NO ASSURANCE CAN BE GIVEN AS TO THE FUTURE RESULTS,
LEVELS OF ACTIVITY AND ACHIEVEMENT.
For further information, please contact:
Sophia Shane, Corporate Development (604) 689-7842
