- Cameco (CCJ -3.9%) slumps as Q4 sales volumes slipped 12% despite producing a record amount of uranium in the quarter, 15% higher than the same period last year.
- CCJ also says it is moving away from its production target of 36M lbd. by 2018, citing uncertainty in the uranium market which has lasted longer than the company expected; despite an extensive portfolio of assets that could boost production in the future, CCJ says it won't push its production growth as aggressively as before.
- Expects 2014 revenue to rise 5% due to increased realized prices for uranium; sees 35%-40% lower exploration expenses, citing decreased activities in Australia and a reorganized global exploration portfolio which will focus on core projects in Saskatchewan.
- ETFs: NLR, NUCL.
Cameco -4% as weak uranium outlook causes pullback in production target
Feb 10 2014, 14:39 ET