All articles tagged with #cameco
Cameco's stock surged after announcing a strategic partnership with Westinghouse, backed by the U.S. government, to build at least $80 billion worth of new nuclear reactors in the U.S., aligning with Trump's nuclear energy initiatives and boosting nuclear stocks.
Cathie Wood's Ark Invest sold some nuclear stocks like Oklo and Cameco amid a rally triggered by President Trump's executive orders supporting nuclear energy, which aim to streamline regulations and boost domestic uranium production, benefiting the sector.
Cameco reported its 2023 fourth quarter and annual financial and operating results, highlighting increased sales volumes and realized prices in its uranium and fuel services segments. The company plans to increase tier-one production and extend the mine life at Cigar Lake, while also evaluating the expansion of production at McArthur River/Key Lake. Additionally, Cameco acquired a 49% interest in Westinghouse and expects strong financial performance in 2024. The company maintains a strong balance sheet and continues its disciplined long-term contracting strategy, with commitments for approximately 205 million pounds of uranium. Cameco also received dividends from JV Inkai and resolved a tax dispute with the Canada Revenue Agency.
Shares of uranium companies such as Cameco, Denison Mines, and Uranium Energy surged after Kazakhstan's uranium mining company Kazatomprom warned of a sulfuric acid supply shortage, causing concerns about uranium production. The spot uranium market prices have tripled since early 2021, reaching over $100 per pound, driven by worries of insufficient supply to meet future demand, particularly for new types of nuclear reactors. The U.S. Department of Energy's plan to support high-assay low-enriched uranium production also contributed to rising prices, benefiting U.S. uranium companies. However, the soaring stock prices of these companies have raised concerns about valuation.
Cameco, a Canadian uranium producer, has reported its third-quarter financial and operating results, highlighting the positive momentum in the nuclear energy industry. The company's gross profit has improved due to lower unit costs and higher average realized prices. The industry's contracting volume has reached a decade-high, and concerns over security of supply have boosted the full-year revenue outlook. Cameco also announced the appointment of Dominic Kieran as Global Managing Director of its subsidiary in the United Kingdom. The company remains committed to its long-term strategy and is focused on sustainable growth in the nuclear value chain.
Cameco, a global provider of uranium fuel, has signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation. The contract, which supports China's commitment to achieving net-zero emissions, was marked at the 2023 International Forum on Natural Uranium Industry in Beijing. The terms of the agreement are confidential, but the volumes are reflected in Cameco's reported long-term contracts and average annual delivery volumes.