Cameco: Strong Q3 Performance As Kazakh Output Falls Short
- Cameco Corporation reported a non-GAAP EPS of -$0.01 and substantial revenue of $721M, up ~25% YoY, with a positive financial outlook and increased dividend.
- Operational improvements and the reopening of the McArthur River/Key Lake mine boosted the 2024 production outlook despite supply issues in Kazakhstan.
- The uranium market is supply side-driven; Cameco's long-term contracts and potential supply disruptions in Kazakhstan could keep uranium prices high, improving CCJ's income years from now.
- If supply conditions in Kazakhstan normalize, as expected, the market seems to be headed back into a glut, pushing uranium back below $60-$70 per pound.
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The uranium (UXA:COM) mining giant Cameco Corporation (NYSE:CCJ) reported Q3 results Thursday morning. It had a non-GAAP EPS of -$0.01, slightly below expectations, but with solid revenue of $721M, up ~25% YoY. Cameco
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