Cameco reports 28% increase in long-term price, records Q3 loss
(Kitco News) -Cameco (TSX: CCO; NYSE: CCJ) said today it had a net loss of$72 million in Q3.
The Canadian uranium giant said it has a strong balancesheet. As of September 30, 2021, it had $1.4 billion in cash and short-terminvestments and $1.0 billion in long-term debt.
It reduced its outlook for fuel services--uraniumprocessing--due to supply constraints.
CEO Tim Gitzel is relieved at rising uranium prices.
"The recent increase in the uranium spot price - about 46%since the end of June, demonstrates the thinning of uncommitted primary supplyas unexpected demand from junior uranium companies and financials has led toincreased liquidity and better price discovery, a welcome development," said Gitzelin a news release. "As a result, we are beginning to see utility interest inon-market contract activity as their focus shifts to securing material fortheir uncovered requirements, which has resulted in an increase of almost 28%in the long-term price since the end of June as well.
Cameco was down 5.37% to $29.76 as of 12:36 p.m. ET.
By Michael McCraeFor Kitco News
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