Cameco reports $50M loss as uranium languishes

VANCOUVER — Canada’s Cameco (TSX: CCO; NYSE: CCJ) is in damage control amidst the worst uranium market in over a decade. The company’s underwhelming third-quarter results were plagued by a 20% year-on-year drop in spot U₃O₈ prices, and production delays at its Key Lake mine. Cameco reported an adjusted quarterly loss of US$50 million, or 13¢ per share, following the sale of 9.2 million lb. of uranium. The company indicated its US$32 per pound U₃0₈ price realization represents the “lowest quarterly level reported in over 10 years.” Cameco generated around 3.1 million lb. of uranium in the quarter, which marked a 56% quarter-on-quarter decline following “planned summer shutdowns” at its flagship Cigar Lake and McArthur River operations, as well as a required four-week maintenance program Key Lake. Continue reading at The Northern Miner.