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...
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