Cameco pivots into profit as Ukraine war knocks uranium supplies

Cameco is resuming production from its McArthur River/Key Lake, operation in northern Saskatchewan. Credit: Cameco Cameco (TSX: CCO; NYSE: CCJ) has swung into profit after uranium prices rose when the war in Ukraine sidelined Russian supplies and as the push to reduce greenhouse gases accelerated.

The Saskatoon-based company on Thursday reported net profit of $89 million last year versus a loss of $103 million in 2021. Revenue rose to $1.9 billion in 2022 from $1.5 billion the year before.

Cameco, the leading uranium producer in Canada, which vies with Namibia as the second-largest provider behind Kazakhstan, benefited from increased demand for nuclear power to help fight climate change, unrest in Kazakhstan and the Russian invasion of Ukraine. The company signed a record number of contracts to sell some 80 million lb. of the metal and resumed output from its McArthur River and Key Lake operations.

“Nuclear is back on with a vengeance […]

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