Low sales, low prices cause Cameco uranium company’s profit loss
Cameco profit hit by lower sales, prices Mining Peter Koven Jul 27, 2012 Second quarter profit dropped sharply at Cameco Corp. as the uranium giant’s sales volumes declined and it faced lower realized prices and higher costs.
Adjusted net income came in at $34-million, or 9 cents a share, down from 18 cents a year ago. The numbers fell short of analyst expectations.
Uranium sales volumes in the quarter were 5.3 million pounds, well down from 5.8 million pounds in the second quarter of 2011. Saskatoon-based Cameco’s realized price also dropped 8% year-over-year to US$42.08 a pound because of lower U.S.-dollar prices under
fixed-price contracts. Uranium production dropped 7%….
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