CAMECO CORP. $14.91

CAMECO CORP. $14.91 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306- 956-6200; www.cameco.com; Shares outstanding: 395.8 million; Market cap: $6.0 billion; Dividend yield 2.7%) is the world’s biggest uranium producer. It has large, high-grade reserves, lowcost operations and several mining sites.

Cameco has now closed its Rabbit Lake mine in northern Saskatchewan. The company made the decision because of falling uranium prices and excess supply on global markets. Uranium prices have plunged from an already low $35 U.S. a pound in January 2016 to $27 today.

Rabbit Lake has been in operation since 1975, and contributed about 14% of Cameco’s uranium output in 2015.

Uranium’s long-term outlook is positive, with 66 new reactors under construction worldwide. However, low oil prices make nuclear energy less appealing in the near term. That will likely slow plans for new reactors. Meantime, uranium supply remains considerably higher than demand.

Cameco is still a hold.

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