Cameco -4% as weak uranium outlook causes pullback in production target

|About: Cameco Corporation (CCJ)|By:, SA News Editor

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.