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 […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet