Uranium prices have been in a long downward trend with supply outstripping demand. And the world’s largest producer decided to take stern measures to meet the challenge.
Cameco Corp. announced that it will close the world’s largest uranium mine, reduce its workforce and cut its dividend. To date, the results have been favourable for uranium, and for Cameco’s shares,
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CAMECO CORP. (Toronto symbol CCO; www.cameco. com) is the world’s biggest uranium producer. It has large, high-grade reserves spread across several mining sites, but also has low-cost operations and significant market share.
Cameco has taken measures to offset persistently low uranium prices. It will suspend production at its McArthur River mine in Saskatchewan, the world’s biggest uranium mine, and at the Key Lake mill. Those closures will take place by the end of January 2018.
Cameco will also temporarily reduce its workforce at those operations by about 845 workers. The current combined workforce is 1,055.
At the same time, the company will cut its dividend, from $0.10 per quarter to an annual payment of $0.08. It will yield 0.7%.
Since Cameco announced it suspension of operations at McArthur River and Key Mills, uranium prices appear to have stabilized. Cameco’s share price is up 12.7% in the last month.
Mining Stocks: Despite a drop in latest quarter, cash flow remains positive
In the three months ended September 30, 2017, Cameco’s revenue fell 27.5%, to $486 million from $670 million. Sales volumes fell 1.1%, to 9.2 million pounds of uranium from 9.3 million. More important, Cameco’s realized price for uranium dropped 25.2%, to $32.42 U.S. a pound from $43.37.
Cash flow remains positive, but it fell 59.8%, to $154 million, or $0.39 a share, from $385 million, or $0.97.
Uranium’s long-term outlook is positive, but supply remains higher than demand. Low oil prices should also keep prices down in the near term and could slow the construction of new reactors.
Recommendation in Stock Pickers Digest: Cameco Corp. is still a hold. For our recent report on a precious metals stock we rate as a buy for, readRising silver can make this stock shine.
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