Followers | 36 |
Posts | 10543 |
Boards Moderated | 3 |
Alias Born | 11/16/2006 |
Friday, November 02, 2012 10:30:41 AM
Submitted on November 2, 2012 - 6:57am
By Andrew de Souza
paNOW Staff
Saskatchewan-based uranium mining giant Cameco is preparing for a tightening global uranium market by reprioritizing its capital projects.
On Thursday, company executives held their third-quarter conference call with investors and the media to talk about the year so far.
In Q3, the company managed to turn around $82 million in net earnings. That was higher than the $39 million earned for last year, but over all the company recorded lower revenues of about $408 million, compared to $527 million in 2011.
President and CEO Tim Gitzel said global markets and a slow down of nuclear power plant projects meant the company was reevaluating its forecasts and switching up its capital expenditures.
Gitzel said that the company would refocus efforts on developing brownfield holdings, which are areas near existing mines over greenfield, or new location development.
“Our uranium sector was the primary driver behind these results because of lower uranium sales volumes and realized prices,” he said.
“This is not a reflection on the strength of our underlying business but rather a demonstration of the variability that’s common for us from quarter to quarter.”
Cameco has been operating under a program called Double U, which anticipates a doubling of uranium output from the company. Gitzel said that was still the case but that it wasn’t all the company was focused on.
“We remain very optimistic about the future of the nuclear industry and the future demand for the industry,” he said. “That being said we can’t ignore the market signals we’re seeing and must adjust accordingly.”
Gitzel said the company would still keep projects that were deprioritized on the radar and work towards them when uranium prices once again made it the right choice economically.
Highway to help link assets
Gitzel also talked about Hwy. 914 which the Wall government recently announce would be investing half the cost to complete.
Gitzel said it would link up all the companies assets and clear up logistical problems.
“We’ve been with province and several industry partners for some time now and we’re happy to see it coming to fruition now,” he said. “This connector road is critical to expanding access to infrastructure and enhancing transportation efficiency in the north.”
http://www.panow.com/node/263246
Recent CCO News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 08:15:05 PM
- Clear Channel Outdoor Holdings, Inc. Announces Date for 2024 Second Quarter Earnings Release and Conference Call • PR Newswire (US) • 07/08/2024 11:00:00 AM
- 'Visit Annapolis' Out of Home Campaign Dominates Baltimore/Washington International Thurgood Marshall Airport (BWI) as Record-Breaking Summer Travel Season Kicks Off • PR Newswire (US) • 06/28/2024 12:05:00 PM
- Cameco publie son rapport sur le développement durable 2023 • Business Wire • 06/27/2024 10:44:00 PM
- Cameco Releases 2023 Sustainability Report • Business Wire • 06/27/2024 04:53:00 PM
- Maricopa County, Clear Channel Outdoor Launch Regional Billboard Campaign to Share Critical Heat Relief Resources • PR Newswire (US) • 06/20/2024 05:37:00 PM
- SaskPower, Westinghouse et Cameco signent un protocole d'entente pour explorer le potentiel d'approvisionnement en réacteurs et en combustible • Business Wire • 06/18/2024 12:07:00 AM
- SaskPower, Westinghouse and Cameco Sign MOU to Explore Reactor and Fuel Supply Potential • Business Wire • 06/17/2024 07:14:00 PM
- SaskPower, Westinghouse and Cameco Sign MOU to Explore Reactor and Fuel Supply Potential • Business Wire • 06/17/2024 06:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:10:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:10:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/04/2024 08:10:03 PM
- Gabelli Funds to Host 16th Annual Media & Entertainment Symposium Thursday, June 6, 2024 • GlobeNewswire Inc. • 06/03/2024 12:00:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 05/24/2024 08:07:48 PM
- Cameco finalise un placement de débentures de 500 millions de dollars • Business Wire • 05/24/2024 06:04:00 PM
- Cameco annonce un placement privé de 500 millions de dollars de débentures • Business Wire • 05/21/2024 11:22:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:05:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:05:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:05:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:05:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:05:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/16/2024 09:01:15 PM
- Cameco annonce l'élection des administrateurs • Business Wire • 05/10/2024 06:24:00 AM
- Cameco Announces Election of Directors • Business Wire • 05/09/2024 10:05:00 PM
- Clear Channel Outdoor Holdings, Inc. Reports Results for the First Quarter of 2024 • PR Newswire (US) • 05/09/2024 10:00:00 AM
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM