Closed mine ups prices

Article Excerpt

CAMECO CORP. $12.46 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 395.8 million; Market cap: $4.9 billion; Dividend yield 0.6%) is the world’s biggest uranium producer. The company’s revenue in the quarter ended June 30, 2019, rose 16.5%, to $388 million from $333 million a year earlier. Cameco lost $0.04 a share in the latest quarter, compared to a loss of $0.07. In early 2018, the company suspended production at its McArthur River mine in Saskatchewan. That helped push up global uranium prices. In turn that boosted Cameco’s revenues and cut its losses, as it sold uranium out of its existing inventory. The long-term outlook for uranium is positive, but global supply remains much higher than demand. Low oil prices should also keep prices down in the near term and could slow the construction of new reactors. Cameco Corp. is still a hold. hold. …