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03/13/14 - C$28.58
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cameco corp (CCO) Details

Cameco Corporation produces and sells uranium worldwide. The company operates through four segments: Uranium, Fuel Services, Electricity, and NUKEM. The Uranium segment is involved in the exploration for, mining, milling, purchase, and sale of uranium concentrate. Its operating uranium properties include the McArthur River and Key Lake, and Rabbit Lake properties located in Saskatchewan, Canada; the Crow Butte property located in Nebraska; the Smith Ranch-Highland property located in Wyoming; and the Inkai property located in Kazakhstan. The Fuel Services segment is engaged in the refining, conversion, and fabrication of uranium concentrate; and the purchase and sale of conversion services. Its products include uranium trioxide, uranium hexafluoride, and uranium dioxide. This segment also manufactures and sells fuel bundles, reactor components, and monitoring equipment to CANDU reactors. The Electricity segment, through its 31.6% interest in Bruce Power Limited Partnership, generates and sells electricity. This segment operates four nuclear reactors at the Bruce B generating station in southern Ontario, Canada. The NUKEM segment acts as a market intermediary between uranium producers and nuclear-electric utilities. The company was founded in 1987 and is headquartered in Saskatoon, Canada.

Founded in 1987

cameco corp (CCO) Top Compensated Officers

Chief Executive officer, President and Direct...
Total Annual Compensation: C$918.0K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: C$459.0K
Chief Operating Officer and Senior Vice Presi...
Total Annual Compensation: C$561.0K
Chief Commercial Officer and Senior Vice-Pres...
Total Annual Compensation: C$420.0K
Compensation as of Fiscal Year 2013.

cameco corp (CCO) Key Developments

Cameco Provides an Update on Recent Developments at the Cigar Lake Uranium Mine in Northern Saskatchewan

Cameco provided an update on recent developments at the Cigar Lake uranium mine in northern Saskatchewan. The Cigar Lake uranium deposit occurs at depths ranging from 410 to 450 metres below the surface where the water-saturated Athabasca sandstone meets the underlying basement rocks. To prevent water from entering the production areas of the mine and to help stabilize weak rock formations, the ore zone and surrounding ground is being frozen by circulating a brine solution through cased holes drilled from both surface and underground. As part of the ongoing commissioning process, Cameco has been assessing the current state of ground freezing at Cigar Lake. The company has determined that freezing has not advanced as quickly as expected in some localized areas of the mine. Given that the McClean Lake mill has not yet started processing Cigar Lake ore, company have decided to temporarily stop jet-boring at Cigar Lake to allow the ore body to freeze more thoroughly in these areas. The additional freezing will allow more continuous production at the mine once the mill is operational. Based on early indications from assessment it expects the production schedule could shift by a couple of months. Although a minor change to the schedule, it means ore that was expected to be milled at the end of the year, will shift into early 2015 thereby affecting 2014 production target. Cameco will provide an update to its 2014 production target in its second quarter MD&A on July 31 when the assessment is complete.

Cameco Considers Early Redemption of $300 Million Debentures Due 2015

Cameco announced it is considering the early redemption, in whole or in part, of its CAD 300 million 4.70% Senior Unsecured Series C Debentures (Series C Debentures) due September 16, 2015 (CUSIP No. 13321LAF5). The Series C Debentures were issued in September 2005. The redemption price would be based on the Government of Canada yield, as defined in the September 16, 2005 supplemental trust indenture between Cameco and CIBC Mellon Trust Company pursuant to which the Series C Debentures were issued. Cameco would finance the redemption either through funds available under its unsecured credit facility, or use cash on hand, or use the proceeds from a debt financing that may be undertaken, in whole or part, to refinance the Series C Debentures if market conditions are favorable. Unanticipated developments or circumstances beyond Cameco's control could result in a decision not to redeem the Series C Debentures and there is no assurance that a redemption will be completed.

Cameco Corporation Reports Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Earnings and Production Guidance for the Year 2014; Provides Sales Guidance for the Second, Third and Fourth Quarters of 2014

Cameco Corporation reported consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of CAD 419 million against CAD 444 million a year ago. Net earnings attributable to equity holders were CAD 131 million or CAD 0.33 per share diluted against CAD 9 million or CAD 0.02 per share diluted a year ago. Adjusted net earnings were CAD 36 million or CAD 0.09 per share adjusted and diluted against CAD 27 million or CAD 0.07 per share adjusted and diluted a year ago. The change was mainly due to higher earnings from uranium segment based on higher sales volumes and higher realized prices, partially offset by an early termination fee of CAD 18 million incurred as a result of the cancellation of toll conversion agreement with Springfields Fuels Ltd. (SFL), which was to expire in 2016. Net cash provided by operations was CAD 6,988 million against CAD 269,047 million a year ago. Additions to property, plant and equipment was CAD 111,909 million against CAD 181,897 million a year ago. Net debt at March 31, 2014 was CAD 867 million. Total pre-tax adjusted earnings were CAD 1 million against CAD 5 million a year ago. Cash provided by continuing operations (after working capital changes) was CAD 7 million against CAD 241 million a year ago. The change was mainly due to higher earnings from uranium segment based on higher sales volumes and higher realized prices, partially offset by an early termination fee of CAD 18 million incurred as a result of the cancellation of toll conversion agreement with Springfields Fuels Ltd., which was to expire in 2016. Production volumes the quarter was 3% lower compared to the first quarter of 2013 due, mainly, to lower production at Rabbit Lake. Uranium revenues were up 41% due to a 35% increase in sales volumes and a 5% increase in the Canadian dollar average realized price. Sales in the first quarter were higher than anticipated at the end of 2013 due to a change in the timing of deliveries during the quarter, which can vary significantly and are driven by customer requests. For the year 2014, the company expects uranium production of 23.8 million lbs to 24.3 million lbs. Fuel services production of 12 million kgU to 13 million kgU. Uranium sales volume is expected to be in a range of 31 million lbs to 33 million lbs. Fuel services sales volume is expected to decrease 5% to 10%. For the year 2014, the company expects consolidated revenue to increase 5% to 10% compared to the year 2013. For the year 2014, the company expects tax rate recovery of 30% to 35%. Capital expenditures are expected to be CAD 495 million. The company also provided sales guidance for the second, third and fourth quarters of 2014. For the remainder of 2014, the company expects second quarter sales to be higher than the first quarter and remain relatively balanced in the third and fourth quarters.


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