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Uranium market last year worst in 30 years, Cameco CEO says

Feb. 10, 2017 5:57 PM ETCameco Corporation (CCJ) Stock, CCO:CA StockCCJBy: Carl Surran, SA News Editor23 Comments
  • Cameco (NYSE:CCJ) CEO Tim Gitzel says he remains cautiously optimistic despite uranium market conditions in 2016 that were the toughest he has seen in his 30 years in the industry.
  • “We’ve been saying for some time that uranium prices are neither rational nor sustainable,” Gitzel said in today's earnings conference call, but adding that the company is managing for a difficult environment in the meantime.
  • CCJ says it is encouraged by Kazakhstan’s announcement that it will cut 2017 production by 10%, spot prices that have increased by 40% and term prices that are up ~8% since a low in December.
  • CCJ forecasts FY 2017 revenue of $1.95B-$2.08B, compared to its earlier view of $2.1B-$2.2B including revenue from Tepco, which earlier this month said it was canceling its contract with CCJ, a move that would mean $1.3B in lost revenue.
  • CCJ's cautious optimism was enough to lift shares 2.6% in today's trade, despite lackluster Q4 results.

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