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Cameco Corporation (CCJ)

  • Tue, Feb. 10, 11:26 AM
    • The IRS is demanding back taxes from Cameco (CCJ +2.3%), believing that the revenue reported by CCJ’s Swiss subsidiary is inadequate and that a portion should be taxed back in the U.S. at a much higher level.
    • The claim is similar to that made by the Canada Revenue Agency, which is trying to shift Cameco Europe’s revenue to Canada and apply a back taxes and penalties.
    • CCJ says it has done nothing wrong but that the amount of back taxes and transfer pricing penalties could amount to as much as C$1.5B plus other penalties if it loses the CRA dispute; the IRS demand is much smaller, as it seeks to collect US$32M it feels it was owed in 2009, and the agency is auditing tax returns from 2010-12.
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  • Mon, Feb. 9, 2:52 PM
    • Cameco (CCJ +2.6%) enjoys solid gains after Q4 earnings routed analyst expectations, as rising uranium prices and a drop in sales expenses helped fuel a 14% Y/Y increase in profit; revenue slipped 9% to C$889M but the result was well ahead of estimates.
    • CCJ’s full-year results of C$1.04/share were the lowest since 2006, but the company thinks it is the trough, as it foresees the Cigar Lake mine’s output of 340K lbs. grow to 18M by 2018.
    • Looking to FY 2015, CCJ projects revenue remaining little changed to falling as much as 5% compared with last year due to an expected decline in uranium and fuel service sales, which would indicate a range of C$2.27B-C$2.44B, trailing the analyst consensus expecting ~$2.5B.
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  • Sat, Feb. 7, 2:11 AM
    • Cameco (NYSE:CCJ): Q4 EPS of C$0.52 beats by C$0.25.
    • Revenue of C$889M (-9.0% Y/Y) beats by C$106.12M.
    • Press Release
  • Thu, Feb. 5, 6:35 PM
    • Cameco (NYSE:CCJ) declares $0.10/share quarterly dividend, in line with previous.
    • Forward yield 2.62%
    • Payable April 15; for shareholders of record March 31; ex-div March 27.
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  • Thu, Feb. 5, 5:35 PM
  • Wed, Jan. 14, 2:56 PM
    • Cameco (CCJ -4%) says it expects its newest mine at Cigar Lake, Saskatchewan, to produce 6M-8M lbs. of uranium concentrate in 2015, rising to 18M lbs. by 2018, but the results apparently disappoint investors as shares slide.
    • CCJ says Cigar Lake produced 340K lbs. of uranium concentrate during 2014, matching company projections.
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  • Mon, Jan. 12, 7:14 PM
    • Fission Uranium's (OTCQX:FCUUF) "truly phenomenal" resource estimate for its PLS deposit has rekindled takeover speculation about the company, and CEO Dev Randhawa says investment bankers already have set up a data room for potential bidders.
    • Fission said late Friday the deposit contains an estimated 105.5M lbs. of uranium resources, with more than half of the resource comprised of a high-grade zone that could potentially be mined at very low costs; the discovery is smaller than Saskatchewan's McArthur River and Cigar Lake mines, analysts say it compares favorably to everything else in the province.
    • Fission needs the help of a major company for actual development into a mine; Cameco (NYSE:CCJ), Rio Tinto (NYSE:RIO) and France Areva are sometimes mentioned, but since the discovery is shallow and could be mined as an open pit, the CEO thinks it may draw interest from more general buyers such as Teck Resources (NYSE:TCK) that have no history in the region.
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  • Dec. 4, 2014, 4:43 PM
    • Cameco Corporation (NYSE:CCJ) declares C$0.10/share quarterly dividend, 11.1% increase from prior dividend of C$0.09.
    • Forward yield 2.33%
    • Payable Jan 15; for shareholders of record Dec. 31; ex-div Dec. 29.
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  • Nov. 24, 2014, 2:37 PM
    • Uranium prices have reversed recent gains, plunging $6/lb. (~13.5%) to $38 over the past week in their biggest weekly drop since 1996.
    • TD Securities' Greg Barnes thinks the current volatility is more reflective of trader positioning in a thinly traded market than utilities exhibiting strong fundamental demand; the analyst is not convinced that the rapid drop will be enough to trigger a wave of buying by utilities.
    • Uranium names are broadly lower today: CCJ -3%, DNN -3.8%, UEC -1.6%, URG -5.7%, URZ -4.4%, UUUU -1.5%, URRE -0.4%.
    • ETFs: URA, NLR, NUCL
    • Earlier: Uranium spot prices could pass $50/lb. in next 12 months, analyst says
  • Nov. 10, 2014, 2:41 PM
    • Uranium names are moving briskly higher after H.C. Wainwright analyst Jeffrey Wright says uranium spot prices could rise above $50/lb. in the next year, as a positive decision on the restart of two Japanese nuclear reactors could alleviate psychological pressures on the uranium market.
    • The firm maintains Buy ratings for Uranium Energy (UEC +9.3%), Uranerz Energy (URZ +14.7%) and Ur-energy (URG +8.6%).
    • Also higher: CCJ +2.9%, DNN +7.1%, URRE +30.9%, UUUU +10%.
    • ETFs: URA, NLR, NUCL
  • Nov. 7, 2014, 12:20 PM
    • Reports that Japan is restarting some reactors may be helping uranium stocks catch a bid today.
    • Two reactors at Japan's Sendai nuclear plant are due to become the first to be restarted in the country since the 2011 meltdown at the Fukushima facility.
    • Also, Denison Mining (DNN +22.2%) reported Q3 earnings last night, delivering a loss of $0.01 vs. a loss of $0.10 in the prior-year quarter.
    • CCJ +10.3%, UEC +5.4%, UUUU +6.1%, URRE +27.2%, URG +16.9%, URZ +11.5%.
    • ETFs: URA, NLR, NUCL
  • Oct. 29, 2014, 3:13 PM
    • Cameco (CCJ -3.9%) says it expects full-year revenue to fall up to 5% as it trims its 2014 uranium production forecast to 22.6M-22.8M lbs. from an earlier view of 22.8M-23.3M lbs.
    • CCJ says it cut its production outlook to reflect the impact of labor issues at its McArthur River mine and Key Lake mill, and lower than expected production from Cigar Lake mine; McArthur River, the company's biggest mine, was offline for two weeks in August and September due to a lockout.
    • CCJ reported Q3 earnings and revenues that fell short of expectations, as its average realized uranium price fell to $45.87/lb. from $50.73 in the year-ago quarter.
    • ETFs: URA, NLR, NUCL
  • Oct. 29, 2014, 8:32 AM
    • Cameco (NYSE:CCJ): Q3 EPS of $0.23 misses by $0.01.
    • Revenue of $587M (-1.6% Y/Y) misses by $64.9M.
    • Press Release
  • Oct. 28, 2014, 5:30 PM
  • Oct. 9, 2014, 7:57 AM
    • Cameco (NYSE:CCJ) says it has started producing uranium concentrate at the McClean Lake mill from ore mined at its Cigar Lake mine.
    • CCJ says mining resumed in early September; mining at the much-delayed Cigar Lake project began in March, but was suspended in July to allow the orebody to freeze more thoroughly.
    • McClean Lake is expected to produce up to 1M lbs. of uranium concentrate from Cigar Lake ore this year and increase to its full production rate of 18M lbs. by 2018.
  • Sep. 24, 2014, 10:59 AM
    • The uranium rally sparked by speculation of sanctions against Russia is set to end soon, analysts say, as a supply surplus builds with the end of a labor strike at the world’s biggest mine.
    • A supply glut is forecast to continue for a sixth year even after production shutdowns from Australia to Africa and the strike at Cameco’s (CCJ -0.4%) McArthur River operation in Canada; the strike may be affecting ~900K lbs. of output, says the head of metals and mining at Cantor Fitzgerald.
    • Even as prices recently rose to 14-month highs, Cantor estimates a uranium market surplus of 13.2M lbs. in 2014 while Raymond James recently forecast an overhang of ~10M lbs.
    • ETFs: URA, NLR, NUCL.
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Company Description
Cameco Corp is engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.