Rochester, NY 8/20/2009 10:15:27 AM
CAMECO CP CCJ - CAMECO Announces its Quarterly Financial Results
CAMECO CP CCJ
Cameco essentially called the bottom in uranium with its spot market purchases during the first quarter. Now it appears that the producer's enthusiasm for the metal may have proven contagious. Uranium production was light this quarter, down 27% year over year. The decline was largely attributable to planned maintenance shutdowns at both the McArthur River/Key Lake Complex and the Rabbit Lake mine.
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As with any miner, from Suncor Energy SU to Teck Resources TCK, maintenance shutdowns are routine, and nothing to be alarmed about. Cameco's quarterly financial results were greatly bolstered by above-market power prices realized by 32%-owned Bruce Power, which is an operator of six nuclear plants.
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