Wednesday, April 22, 2015

Cameco Corporation - CCO.t

Cameco Corporation - CCO.t is one of the world's largest uranium producers accounting for about 15% of the world's production from its mines in Canada, the US and Kazakhstan.

Cameco holds premier land positions in the world's most promising areas for new uranium discoveries.

On March 19, 2015 the media released News

The Globe and Mail reports in its Thursday edition that Prime Minister Stephen Harper and Indian Prime Minister Narendra Modi unveiled a $350-million deal on Wednesday for Cameco to supply 3,220 tonnes of uranium to power India's reactors over the next five years. The Globe's Steven Chase and Kim Mackrael write that Canada banned exports of uranium and nuclear hardware to India in the 1970s after New Delhi used Canadian technology to develop a nuclear bomb. Mr. Modi is the first sitting Indian prime minister to make a bilateral visit to Canada in more than 40 year. India aims to increase its share of electricity generated by nuclear power to 25 per cent by 2050 from 4 per cent today. Cameco boss Tim Gitzel says the Indian uranium deal represents a small portion of annual sales. For instance, Cameco expects to sell nearly 15,000 tonnes in 2015. The deal paves the way for Cameco to sell more in the years ahead as India expands nuclear power generation. India's nuclear energy building program is second only to China's in scale. Mr. Gitzel says: "Today, they have 21 nuclear reactors operating. They have six under construction. They're building dozens more over the next few years."

On February 6, 2015 the company released Numbers

  • delivered on our guidance with strong performance in a weak market environment
  • another year of solid uranium segment results-record annual revenue, record average realized price, and strong production
  • produced the first packaged uranium concentrate from Cigar Lake
  • write-down of $126 million in the fourth quarter related to our Rabbit Lake operation, due to the deferral of various projects related to future planned production
  • received a notice of proposed adjustment (NOPA) from the US Internal Revenue Agency for our 2009 tax year
Cameco (TSX:CCO) (NYSE:CCJ) today reported its consolidated financial and operating results for the fourth quarter ended December 31, 2014 in accordance with International Financial Reporting Standards (IFRS).
"The uncertainty in the uranium market has persisted for longer than expected, but 2014 was another year of strong financial and operational performance," said president and CEO, Tim Gitzel. "We have continued to meet and, in several areas, exceed our annual guidance.
"And when we look longer term, we continue to see exceptional growth on the horizon, as billions of dollars are being invested in reactor construction around the world-reactors that will need uranium. With our world-class, low-cost assets, we believe that when the market signals a need for more uranium, we will be well positioned to benefit from that growing demand."
Gross profit25118536%6386075%
Net earnings attributable to equity holders736414%185318(42)%
$ per common share (basic and diluted)0.180.1613%0.470.81(42)%
Adjusted net earnings ( see non-IFRS)20515037%412445(7)%
$ per common share (adjusted and diluted)0.520.3837%1.041.12(7)%
Cash provided by continuing operations (after working capital changes)123616345%480524(8)%
Average realized pricesUranium$US/lb50.5747.766%47.5348.35(2)%
Fuel services$Cdn/kgU16.9217.24(2)%19.7018.129%
(1)For comparison purposes, our results have been revised to exclude BPLP. The impact of BPLP is shown separately in our annual MD&A as a discontinued operation.