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Cameco Corporation reports news about uranium fuel supply, nuclear fuel-cycle services, and its interests in Westinghouse Electric Company and Global Laser Enrichment. Company updates commonly address the Uranium, Fuel Services, and Westinghouse segments, including production at McArthur River, Key Lake, Cigar Lake, and operations in Canada and Kazakhstan, along with long-term uranium contracting for utilities and government nuclear programs.
Recurring developments also include IFRS financial results, annual guidance, site operating conditions that affect mining or milling activity, dividend and shareholder-meeting matters, director elections, annual reporting, and supply-chain responsibility disclosures. Cameco's shares trade on the Toronto Stock Exchange under CCO and the New York Stock Exchange under CCJ.
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Cameco (NYSE: CCJ; TSX: CCO) has signed a significant 10-year supply contract to deliver natural uranium hexafluoride (UF6) to the Kozloduy 5 Reactor in Bulgaria, marking its entry into the country's nuclear energy sector.
The contract, effective through 2033, involves approximately 2.2 million KgU (about 5.7 million pounds of U3O8) to support Bulgaria's nuclear power production, which accounts for over one-third of the nation’s electricity. Cameco's CEO, Tim Gitzel, expressed enthusiasm for enhancing energy security and contributing to carbon-free power initiatives.
Cameco (NYSE: CCJ; TSX: CCO) filed its annual report on Form 40-F with the US Securities and Exchange Commission, including audited financial statements for the year ended December 31, 2022.
It also submitted its Canadian annual information form (AIF) to Canadian securities authorities. The financial results were previously filed in February 2023.
Additionally, Cameco plans to release its management proxy circular on April 6, 2023, for shareholders ahead of their annual meeting on May 10, 2023.
Cameco is a leading provider of uranium fuel for nuclear power, benefitting from significant high-grade reserves and efficient operations.
Cameco (NYSE: CCJ; TSX: CCO) has announced that the org value="ACORN:0792446358"Canada Revenue Agency has issued revised reassessments for the tax years 2007-2013. This will result in a refund of approximately $300 million, including $89 million in cash and $211 million in letters of credit. The reassessments follow court rulings that deemed Cameco’s foreign subsidiary income from non-Canadian uranium sales not taxable in Canada, reducing the transfer pricing adjustment from $5.12 billion to $3.25 billion. However, a broader tax dispute with the CRA remains unresolved, with $480 million still held by CRA.
Cameco reported its financial results for Q4 and the year ended December 31, 2022, highlighting record demand for uranium and a strong market outlook. The company contracted 80 million pounds of uranium and achieved a net loss of $15 million for Q4, contrasting with annual net earnings of $89 million. The resumption of production at McArthur River and Key Lake is projected to improve financial outcomes. The partnership with Brookfield Renewable to acquire Westinghouse aims to enhance strategic growth. Cameco anticipates a production increase, planning 18 million pounds annually from McArthur River/Key Lake starting in 2024.
Cameco Corporation (TSX: CCO; NYSE: CCJ) has secured a major supply contract with Ukraine's Energoatom to provide natural uranium hexafluoride (UF6) through 2035, fulfilling all of Ukraine's nuclear fuel needs. This 12-year agreement, which is subject to finalization in Q1 2023, will supply 100% of UF6 for nine reactors at three nuclear plants, amounting to approximately 15.3 million KgU. There is also an option to extend supply to the Zaporizhzhya plant, pending its return to Energoatom's control. The contract's financial terms remain confidential.
Cameco (NYSE: CCJ) has announced the successful initial production of uranium ore from the McArthur River mine, now milled and packaged at the Key Lake mill. This marks a significant milestone, following a four-year suspension due to market weakness. With a workforce of approximately 730, including many Indigenous employees, operational readiness costs are projected at $15 million to $17 million monthly until production stabilizes. The company anticipates substantial financial performance improvements with targeted annual production of 15 million pounds starting in 2024.
Cameco (NYSE: CCJ) has signed a significant uranium supply agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation. This agreement, finalized earlier this year during the China International Import Expo 2022, is part of Cameco's strategy to enhance its long-term uranium contract portfolio, which has added 50 million pounds in 2022. Cameco's CEO, Tim Gitzel, emphasized China's reliance on nuclear energy to achieve net-zero emissions, aligning with the company's commitment to support these climate goals.