Lingering Uranium Market Weakness Drives Cameco to Temporarily Shut McArthur River/Key Lake
On Nov. 8, Cameco announced that it would temporarily shut down operations at its McArthur River mine and Key Lake mill beginning in January 2018. The shutdown is expected to last 10 months, at a cost of roughly $6.5 million-$7.5 million per month, with additional costs likely to arise. In addition, the company cut its quarterly dividend of $0.10 per share, or $0.40 per share annually, to a single annual dividend of $0.08 per share.We are maintaining our fair value estimates of USD 17 per share...
Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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