Cameco reports quarterly waste due to diseased uranium prices

Cameco — one of a world’s largest uranium producers — reported on Friday a quarterly loss and cuts to a prolongation opinion due to weak uranium prices.

The Saskatchewan-based association reported net waste of $124 million this quarter, and practiced net waste of $50 million. That’s compared to a distinction of $142 million during a same time final year.

“There has been small change to a marketplace and we continue to face formidable conditions, with a normal year-to-date uranium mark cost down about 20 per cent compared to a 2016 annual average,” pronounced boss and CEO Tim Gitzel.

• Cameco continues to humour losses, is carefully confident about future

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Revenue for a association fell 27 per cent this quarter, from $670 million in 2016 to $486 million for a 3 months finished Sept. 30.

The company’s uranium prolongation volume and sales volume has also fallen. Cameco posted 3.1 million pounds of uranium constructed for this year’s quarter, compared to 5.9 million pounds this time in 2016.

However, sales volume has usually depressed one per cent from 9.3 million pounds final year to 9.2 million pounds this year.

Cameco also lowered prolongation outlooks for a year from 25.2 million pounds to 24 million pounds, due to prolongation delays during a Key Lake mine.

Cameco expects 2017 net gain to be weaker than in 2016, though Gitzel pronounced they continue to beget plain money flows and design them to surpass a $312 million reported in 2016 notwithstanding weaker earnings.

Article source: http://www.cbc.ca/news/canada/saskatoon/cameco-quarterly-report-1.4374737?cmp=rss