cameco corp (CCJ) Key Developments
Cameco Receives Approval to Develop the Remote East Pilbara Project
Mar 6 15
Cameco is a step closer to mining the remote Kintyre uranium deposit in Western Australia. WA environment minister Albert Jacob has granted the company conditional environmental approval to develop the remote east Pilbara project after more than four years of consultation and environmental studies. Approval is still required from federal environment minister Greg Hunt. The company was taking prudent steps to prepare its Australian projects for a development decision, once market conditions are suitable.
Cameco Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and for the Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Production and Earnings Guidance for the Year 2015
Feb 6 15
Cameco Corp. reported unaudited consolidated earnings results for the fourth quarter and audited earnings results for the year ended December 31, 2014. For the quarter, the company reported revenue of CAD 889 million compared to CAD 977 million a year ago. Net earnings attributable to equity holders were CAD 73 million compared to CAD 64 million a year ago. Basic and diluted per common share was CAD 0.18 compared to CAD 0.16 a year ago. Adjusted net earnings were CAD 205 million compared to CAD 150 million a year ago. Adjusted and diluted per common share was CAD 0.52 compared to CAD 0.38 a year ago. Cash provided by continuing operations were CAD 236 million compared to CAD 163 million a year ago. Increase in net earnings was mainly due to higher uranium gross profits resulting from higher average realized prices and lower average unit cost of sales; a favorable settlement of CAD 37 million with respect to a dispute regarding a long-term supply contract with a utility customer; lower exploration expenditures and higher income tax recovery.
For the full year, the company reported revenue of CAD 2,398 million compared to CAD 2,439 million a year ago. Net earnings attributable to equity holders were CAD 185 million compared to CAD 318 million a year ago. Basic and diluted per common share was CAD 0.47 compared to CAD 0.81 a year ago. Adjusted net earnings were CAD 412 million compared to CAD 445 million a year ago. Adjusted and diluted per common share was CAD 1.04 compared to CAD 1.12 a year ago. Cash provided by continuing operations were CAD 480 million compared to CAD 524 million a year ago. Decrease in net earnings attributed to equity holders was mainly due to write-downs totaling CAD 327 million of the company's investments in Eagle Point mine assets at Rabbit Lake - CAD 126 million, GLE - CAD 184 million, and Goviex - CAD 17 million; the write-off of CAD 41 million of assets under construction as a result of changes made to the scope of a number of projects; an early termination fee of CAD 18 million incurred as a result of the cancellation of the company's toll conversion agreement with Springfields Fuels Limited (SFL), which was to expire in 2016; settlement costs of CAD 12 million with respect to the early redemption of the company's Series C debentures; lower earnings in the company's fuel services segment as a result of a decrease in sales volumes and higher unit cost of sales and higher losses on foreign exchange derivatives due to the weakening of the Canadian dollar.
During the fourth quarter of 2014, the company reported impairment charge of CAD 131 million against CAD 70 million for the same period a year ago.
For the year 2015, the company expects total production to be 25.3 million lbs to 26.3 million lbs.
For the year 2015, the company expects consolidated revenue to decrease up to 5% in 2015 due to an expected decrease in uranium and fuel services sales volumes. On an adjusted net earnings basis, the company expects tax recovery of 60% to 65% in 2015 from the company's uranium, fuel services and NUKEM segments, as taxable income in Canada is expected to decline. The company expects capital expenditure to be CAD 370 million.
Cameco Approves Quarterly Cash Dividend, Payable on April 15, 2015
Feb 5 15
Cameco Corporation announced that its board of directors has approved a quarterly cash dividend of $0.10 per common share, payable on April 15, 2015 to shareholders of record on March 31, 2015.
Cameco Corporation Presents at BMO Capital Markets 24th Global Metals & Mining Conference 2015, Feb-24-2015 10:00 AM
Jan 28 15
Cameco Corporation Presents at BMO Capital Markets 24th Global Metals & Mining Conference 2015, Feb-24-2015 10:00 AM. Venue: Westin Diplomat Resort, 3555 South Ocean Drive, Hollywood, Florida, United States. Speakers: Timothy S. Gitzel, Chief Executive Officer, President and Director.
Cameco Corporation Reports Operating Results for the Year 2014; Provides Production Guidance for the Year 2015
Jan 13 15
Cameco announced that 0.34 million pounds (100% basis) of uranium concentrate was produced from milling Cigar Lake ore in 2014, in line with its most recent expectations.
Packaged production is expected to be 6 to 8 million pounds (100% basis) in 2015. The company continues to expect Cigar Lake to ramp up to its full annual production rate of 18 million pounds (100% basis) by 2018 (Cameco's share 9 million pounds). The annual production rates during rampup will be adjusted as necessary based upon operating experience.