Uranium One Jumps Most in Three Years in Johannesburg on Net

Uranium One Inc., a Canadian miner controlled by a unit of Russia’s state nuclear company, advanced the most in almost three years in Johannesburg trading after reporting profit jumped fivefold during the second quarter.

The company’s shares rose as much as 34 percent, the most since Nov. 4, 2008. Uranium One, based in Vancouver and with operations in Kazakhstan, the U.S. and Australia, posted net income of $29.7 million, up from $5.4 million a year before.

“Broader growth rates for nuclear power remain robust on the strength of the emerging markets of China, India, Russia and the Middle East,” it said in a statement. “The corporation believes that market conditions will continue to be favorable for lower cost, diversified producers like Uranium One.”

Uranium One, controlled by ARMZ Uranium Holding, gained 17 percent to 22.82 rand by 2:07 p.m. in Johannesburg.