November 15, 2010 / 12:30 PM / 7 years ago

UPDATE 1-First Uranium posts wider-than-expected Q2 loss

* Q2 loss/shr $0.12 vs est $0.07

* Q2 rev doubles to $38.3 mln

Nov 15 (Reuters) - Gold and uranium producer First Uranium Corp FIU.TO FUMJ.J posted a wider-than-expected quarterly loss hurt by foreign exchange translation and certain expenses.

For the July-September quarter, the company reported a loss of $21.9 million, or 12 cents a share, compared with a loss of $18.4 million, or 11 cents a share, a year ago.

However, First Uranium, which owns Mine Waste Solutions tailings recovery facility and Ezulwini mine in South Africa, said revenue for the quarter doubled to $38.3 million. Revenue from Ezulwini nearly tripled to $18.6 million.

Analysts on average were expecting a loss of 7 cents a share, on revenue of $37.1 million, according to Thomson Reuters I/B/E/S.

The company also said it expects Ezulwini to be cash-flow positive after capital expenditures by the end of the fourth quarter in 2011, at current commodity prices.

Results were affected by additional interest and expense resulting from the debenture notes issued in April, and a foreign exchange loss of $6.4 million, the company said.

First Uranium shares, which have lost 51 percent in value in the last year, closed at C$1.14 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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