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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>/in/edgar/work/20000531/0001035704-00-000389/0001035704-00-000389.txt : 20000919
<SEC-HEADER>0001035704-00-000389.hdr.sgml : 20000919
ACCESSION NUMBER:		0001035704-00-000389
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20000523
FILED AS OF DATE:		20000531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL URANIUM CORP
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	 [1090
]		FISCAL YEAR END:			0930
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		6-K
			SEC ACT:		
			SEC FILE NUMBER:	000-24443
			FILM NUMBER:		646472
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		1050 SEVENTEENTH STREET
				STREET 2:		SUITE 950
				CITY:			DENVER
				STATE:			CO
				ZIP:			80265
				BUSINESS PHONE:		3036287798
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		1050 SEVENTEENTH STREET
					STREET 2:		SUITE 950
					CITY:			DENVER
					STATE:			CO
					ZIP:			80265
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 6-K
<TEXT>

<PAGE>   1


                                    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
                            -------------------------------


For the month of May 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
                            ---                      ---

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
                      ---                     ---

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
                                                (Registrant)

Date:  May 30, 2000                   By: /s/  Ron F. Hochstein
       ------------                       ------------------------------
                                          Ron F. Hochstein, President


<PAGE>   2




                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                     Description
- --------------                     -----------
<S>                         <C>
    99.1                    2nd Quarter 2000 Report

    99.2                    Financial Statements
</TABLE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>2ND QUARTER 2000 REPORT
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.1

REPORT TO SHAREHOLDERS
2ND QUARTER 2000
(U.S. DOLLARS)

Since its inception, International Uranium Corporation (the "Company") has
pursued the strategic objective of being a uranium company active in uranium
exploration, project development, mining, marketing and trading and the
development of the alternate feed/uranium-bearing waste recycling business. In
each of these areas there have been many successes; however, overall the Company
is at a stage where re-evaluation of this strategy is imperative. To this end,
the Company initiated the implementation of a plan to significantly reduce
overheads and focus its efforts and resources on the development of the
alternate feed/uranium-bearing waste recycling business. The decision was made
to sell the U.S. based uranium mining and exploration assets and shutdown the
mining operations support facilities located in Fredonia, Arizona. Further
reductions were made in the Mill stand-by costs, the Mongolian joint venture
expenses, and corporate overhead.

A major highlight for this quarter, which helps to clear the path for the
continued development of the alternate feed business, is a decision rendered by
the Nuclear Regulatory Commission ("NRC") upholding the amendment that allowed
the Company to process the Ashland 2 material. This decision resolved in the
Company's favor a long-standing dispute with the State of Utah over the types of
materials that can be processed as alternate feeds and validates the Company's
view that the recycle of uranium-bearing waste material through the White Mesa
Mill is a valid, environmentally superior alternative to direct disposal of
these materials.

The Mill's processing operations continued in a standby mode during this quarter
Mill personnel, in addition to receiving alternate feed materials, have been
performing routine maintenance in preparation for the next alternate feed run,
as well as performing considerable analytical testing and development work in
support of the Company's alternate feed program. During the quarter the NRC
accepted the Reclamation Plan for the White Mesa Mill, and as a result the
Company was able to reduce the Mill reclamation obligation from $11,138,000 to
$9,682,500.

Although the Company has placed its Mongolian Joint Venture project on stand-by,
the Company considers the Joint Venture a valuable long term asset due to the
vast potential and the successes to date. The Company is in discussions with
other investors and interested parties regarding their possible participation in
the Joint Venture in order to further exploration in the area.

As a result of the Company's conventional ore processing run, the Company has
significant inventories of both uranium concentrates and vanadium pentoxide.
Uranium spot market prices continued their downward trend, decreasing from $9.80
per pound U3O8 at the beginning of the fiscal year, to $9.20 per pound at the
end of the quarter and currently at $8.45 per pound. Market demand, at only 4
million pounds, fell dramatically from the same quarter in 1999. Uranium spot
market prices are not expected to improve during the next six months because of
continued weak demand coupled with aggressive selling on the part of some major
suppliers. Some analysts expect an increase in requirements buying by utilities
toward the end of calendar 2000; however, demand is still considered to be very
limited.

The story for vanadium was slightly better than for uranium, as vanadium prices
firmed up during the quarter. Prices began the year at near $1.80 per pound
V2O5, but fell to $1.30 per pound by the end of the first quarter. However a
tightening of supply assisted in an upward movement in vanadium



<PAGE>   2


prices to end this quarter at $2.40 per pound. As a result of this increase in
prices, and the anticipated short term nature of the run up, the Company sold
approximately 216,000 pounds of vanadium pentoxide during the quarter and will
continue to seek further opportunities to sell vanadium in the near term.

Effective April 6, 2000, Earl Hoellen retired as President and Chief Executive
Officer of the Company to pursue other interests. Earl will be missed as he
achieved many notable successes for the Company since its inception and has seen
the Company through a difficult uranium/vanadium market. On behalf of the
employees, I would like to thank Earl for his contributions, and we look forward
to his continued involvement as a member of the Board of the Company.

FINANCIAL REVIEW

Total revenues for the six-month period ending March 31, 2000, were $6,157,808.
Uranium sales were $5,311,000, vanadium sales were $353,608, while process
milling fees relating to the Company's alternate feed activities totaled
$493,200. These revenues were approximately 47% less than those realized over
the same period last year when the Company had uranium sales of $7,520,450 and
process milling fees of $4,024,174, for total revenues of $11,544,624.

Through March 31, 2000, 450,000 pounds of uranium were sold compared to 550,000
pounds during the same period last year. Gross profits from uranium sales
through March 31, 2000 were $896,000, compared to $1,103,102 during the same
period in 1999. During the quarter, 215,807 pounds of vanadium were sold at an
average price of $1.64 per pound, resulting in gross profits of $20,197.

The Company incurred a net loss of $356,171 from process milling activities in
2000, which consisted primarily of mill standby costs of $596,337, as compared
to gross profits from process milling activities of $865,164 in 1999.
Approximately 13,000 tons of Ashland 1 material was received during the quarter
bringing the total received to over 86,000 tons. The Company receives a
recycling fee when the material is delivered, which is recorded as deferred
revenue until the material is processed.

Selling, general and administrative expenses were $2,223,004 through March 31,
2000 compared to $2,316,118 during the same period in 1999. Depreciation and
amortization expense was $550,639 for the same period in 2000 compared to
$423,298 in 1999. Net interest and other income decreased to $385,368 from
$443,121 in 1999.

As a result of lower uranium prices and vanadium production factors, the Company
has write-downs of $534,894 and $71,128 in the carrying value of its uranium and
vanadium inventories, respectively. The uncommitted uranium inventories were
written down to $8.45 per pound U3O8, the current market price.

Given the foregoing, the Company recorded a loss for the six-month period ending
March 31, 2000 of $978,738, or $0.01 per share. During the six-month period
ending March 31, 1999 the Company sustained a net loss of $3,788,029, or
approximately $0.06 per share, which was due in large part to a write-down of
$3,460,000 in the value of the Company's uranium/vanadium ore stockpiles. Net
working capital remains strong at $12,722,730 of which $646,031 was made up of
cash and cash equivalents. Accounts receivable at March 31, 2000 were
$3,216,798, which were received under normal terms in April.


<PAGE>   3


Through the second fiscal quarter, the Company used $2,095,807 of cash in
operations compared to $2,189,824 provided by operations during the same period
last year. This was due primarily to decreases in accounts payable and
reclamation liabilities partially offset by changes in inventory levels and
changes in trade receivables for inventory sales. Investment in properties,
plant, and equipment was $20,204 in 2000 compared to $1,469,894 in 1999.
Expenditures on the Mongolia property have been reduced to $180,503 for the 2000
period from $655,799 in 1999.

During March 2000, the Company renewed its working capital loan agreement with
Norwest Bank Colorado, N.A. The principal amount was reduced from $10,000,000 to
$5,000,000 and the maturity date was extended from March 31, 2000 to March 31,
2001. This facility provides for advances based upon receivable levels and U3O8
inventories. As of March 31, 2000, $500,000 was outstanding under this facility.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Company wishes to caution readers that disclosures made in the foregoing
Financial Review and elsewhere in this Report to Shareholders represent
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performance,
or achievements of the Company to be materially different from any future
results, performance, or achievements expressed or implied by any
forward-looking statements made by or on behalf of the Company.

Risk factors that affect the Company's results and the above discussion include,
but are not limited to, volatility and sensitivity to market prices for uranium
and vanadium, competition, environmental regulations, changes to reclamation
requirements, 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, the ability to develop the alternate feed business, 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.




ON BEHALF OF THE BOARD

/s/ Ron F. Hochstein
Ron F. Hochstein
President and Chief Executive Officer
May 23, 2000


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.2

                        INTERNATIONAL URANIUM CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                                        MARCH 31, 2000       SEPTEMBER 30, 1999
                                                               ------------------------------------------------
<S>                                                                     <C>                  <C>
ASSETS
   Current assets:
   Cash and cash equivalents                                                  $646,031                $469,407
   Trade and other receivables                                               3,216,798               2,226,303
   Inventories                                                               9,880,187              11,930,637
   Prepaid expenses and other                                                  182,850                 191,425
                                                               ------------------------------------------------
                                                                            13,925,866              14,817,772

   Plant and equipment, net                                                  6,016,014               6,790,627
   Mongolia mineral properties                                              10,720,388              10,484,299
   Notes receivable                                                            200,088                 202,016
   Restricted cash and marketable securities                                 9,615,308               9,344,541
   Deferred charge                                                           4,248,875               4,248,875
   Organizational costs, net                                                     3,277                   3,679
                                                               ------------------------------------------------
                                                                           $44,729,816             $45,891,809
                                                               ================================================

LIABILITIES
   Current liabilities:
   Accounts payable and accrued liabilities                                   $662,915              $2,132,614
   Notes payable                                                               540,221               1,049,493
                                                               ------------------------------------------------
                                                                             1,203,136               3,182,107

   Notes payable, net of current portion                                        13,776                  22,811
   Reclamation obligations                                                  11,810,167              13,265,700
   Deferred revenue                                                          6,383,725               3,123,441
   Deferred credit                                                           4,320,000               4,320,000
                                                               ------------------------------------------------
                                                                            23,730,804              23,914,059
                                                               ------------------------------------------------

SHAREHOLDERS' EQUITY
   Share capital                                                            37,439,402              37,439,402
   Retained earnings                                                      (16,440,390)            (15,461,652)
                                                               ------------------------------------------------
                                                                            20,999,012              21,977,750
                                                               ------------------------------------------------
                                                                           $44,729,816             $45,891,809
                                                               ================================================
</TABLE>


ON BEHALF OF THE BOARD

/s/ RON F. HOCHSTEIN                             /s/ LUKAS H. LUNDIN
Ron F. Hochstein, Director                       Lukas H. Lundin, Director


<PAGE>   2


                        INTERNATIONAL URANIUM CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>


                                                                             SIX MONTHS ENDED MARCH 31
                                                                           2000                     1999
                                                         ---------------------------------------------------
<S>                                                                     <C>                      <C>
OPERATIONS
Revenue
   Uranium sales                                                        $5,311,000               $7,520,450
   Vanadium sales                                                          353,608                        -
   Process milling                                                         493,200                4,024,174
                                                         ---------------------------------------------------
     Total revenue                                                       6,157,808               11,544,624
                                                         ---------------------------------------------------
Costs and expenses
   Uranium cost of sales                                                 4,415,000                6,417,348
   Vanadium cost of sales                                                  333,411                        -
   Process milling expenditures                                            849,371                3,159,010
   Selling, general and administrative                                   2,223,004                2,316,118
   Write-down of inventories                                               606,022                3,460,000
   Depreciation                                                            550,639                  423,298
                                                         ---------------------------------------------------
                                                                         8,977,447               15,775,774
                                                         ---------------------------------------------------

Loss before the following                                              (2,819,639)              (4,231,150)

   Decrease in reclamation obligations                                   1,455,533                        -
   Net interest and other income                                           385,368                  443,121
                                                         ---------------------------------------------------
Loss before taxes                                                        (978,738)              (3,788,029)

   Provision for income taxes                                                    -                        -
                                                         ---------------------------------------------------
LOSS FOR THE PERIOD                                                     $(978,738)             $(3,788,029)
                                                         ===================================================

Loss per common share                                                      $(0.01)                  $(0.06)
                                                         ===================================================

(DEFICIT) RETAINED EARNINGS
(Deficit) Retained earnings, beginning of period                      (15,461,652)                1,636,025
   Loss for the period                                                   (978,738)              (3,788,029)
                                                         ---------------------------------------------------
DEFICIT, END OF PERIOD                                               $(16,440,390)             $(2,152,004)
                                                         ===================================================
</TABLE>


<PAGE>   3


                        INTERNATIONAL URANIUM CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOW
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                   SIX MONTHS ENDED MARCH 31
                                                                                   2000                1999
                                                                       -----------------------------------------

<S>                                                                              <C>               <C>
CASH PROVIDED BY (USED IN)

OPERATING ACTIVITIES

Loss for the period                                                              $(978,738)        $(3,788,029)
Items not affecting cash
   Depreciation and amortization                                                    550,639             423,298
   Amortization of uranium sales contract purchase cost                                   -             729,730
   Write-down of inventories                                                        606,022           3,460,000
   Decrease in reclamation liabilities                                          (1,455,533)                   -
                                                                       -----------------------------------------
                                                                                (1,277,610)             824,999

Changes in non-cash working capital items
   Decrease in marketable securities                                                      -              11,731
   (Increase) decrease in trade and other receivables                             (990,495)           2,492,138
   Decrease (increase) in inventories                                             1,664,996         (1,412,698)
   Increase in other current assets                                                (22,998)           (104,224)
   (Decrease) increase in accounts payable and accrued liabilities              (1,469,700)             377,878
                                                                       -----------------------------------------
   NET CASH (USED IN) PROVIDED BY OPERATIONS                                    (2,095,807)           2,189,824
                                                                       -----------------------------------------

INVESTING ACTIVITIES
   Properties, plant and equipment                                                 (20,204)         (1,469,894)
   Mongolia mineral properties                                                    (180,503)           (655,799)
   Collection of notes receivable                                                     1,928                 276
   (Increase) decrease in restricted cash and marketable securities               (270,767)             196,255
                                                                       -----------------------------------------
   NET CASH USED IN INVESTMENT ACTIVITIES                                         (469,546)         (1,929,162)
                                                                       -----------------------------------------

FINANCING ACTIVITIES
   Decrease in notes payable                                                      (518,307)            (21,427)
   Increase (decrease) in deferred revenue                                        3,260,284           (322,899)
                                                                       -----------------------------------------
   NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                            2,741,977           (344,326)
                                                                       -----------------------------------------

Increase (decrease) in cash and cash equivalents                                    176,624            (83,664)
Cash and cash equivalents, beginning of period                                      469,407           6,282,275
                                                                       -----------------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                           $646,031          $6,198,611
                                                                       =========================================


SUPPLEMENTARY CASH FLOW INFORMATION
   Cash interest paid                                                               $54,690              $7,391
   Cash interest received                                                          $327,095            $418,039
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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