Lingering Uranium Price Weakness Weighs on Cameco’s 4Q, but Long-Term Thesis Intact
Despite production cutback announcements by Cameco and NAC KazAtomProm at the end of 2017, uranium prices remain stubbornly weak. Current spot prices languish in the low $20 per pound range, still roughly 40% below prices two years ago. Cameco continues to do what it can to reduce spending and maintain production discipline to bolster free cash flow during the lingering market weakness. Meanwhile, we see little change to our long-term thesis and thus maintain narrow-moat Cameco’s U.S. dollar-den...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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