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Cameco Corporation (CCJ)

  • 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.
    | Comment!
  • 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.
    | Comment!
  • 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.
    | 1 Comment
  • 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.
    | Comment!
  • Sep. 23, 2014, 10:29 AM
    • Cameco (CCJ -0.6%) is downgraded to Neutral from Buy with a $21 price target, down from $26, at BofA/Merrill as the firm's commodities team lowers its 2015-17 uranium price forecast due to slower than expected Japanese reactor restarts and unwavering supply.
    • BofA continues to view CCJ as the go-to equity in the uranium industry, but Japan nuclear restarts, which the firm had viewed as the most likely near-term catalyst, continues be delayed due to lack of public support.
    • The firm expects CCJ shares to remain range-bound, given limited upside on uranium spot/term prices near and medium term.
    • ETFs: URA, NLR, NUCL.
    | 1 Comment
  • Sep. 12, 2014, 2:21 PM
    • Cameco (CCJ +2.5%) reaches a tentative agreement with the United Steelworkers Union to end a two-week strike at McArthur River in Saskatchewan, the world’s top producing uranium mine.
    • The union says workers will begin returning to the McArthur River mine and Key Lake mill as early as today.
    | Comment!
  • Aug. 28, 2014, 5:41 PM
    • Uranium prices jumped the most in at least two and a half years after Cameco (NYSE:CCJ) moved to temporarily shut its McArthur River mine amid a labor dispute.
    • McArthur River has the capacity to produce 18M lbs/year of uranium, or ~10% of global demand, according to Bank of Montreal analysts, and was the world’s largest uranium mine by production last year.
    • Uranium prices are still only about half their levels just before the March 2011 earthquake and tsunami that led to the meltdown of three Japanese reactors and the suspension of the country’s nuclear power plants.
    • ETFs: URA, NLR, NUCL
  • Aug. 27, 2014, 11:39 AM
    • Cameco (CCJ -2.3%) says it has started shutting down operations at its McArthur River uranium mine and Key Lake mill in Saskatchewan after the union representing workers at those operations issued a strike notice.
    • The United Steelworkers union advised CCJ of its intention to begin strike action on Aug. 30, and CCJ says it then issued a lockout notice to ensure a safe and orderly shutdown of its facilities.
    • CCJ does not expect any labor disruption to its 2014 uranium delivery commitments, but says it may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.
  • Aug. 21, 2014, 1:58 PM
    • Cameco (CCJ -4.9%) slumps nearly 5% after Cowen analysts downgrade the stock to Market Perform from Outperform with a $20 price target, lowered from $25, as the firm anticipates an extended malaise in uranium pricing.
    • Cowen reassesses its uranium market outlook and expect that a meaningful recovery in pricing will not surface until 2017; despite strong long-term fundamentals, expectation for a recovery is more distant as a result of Japan's painfully slow restart process and ample global supply.
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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.