CAMECO CORP. $20.79 - Toronto symbol CCO

CAMECO CORP. $20.79 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306-956- 6200; www.cameco.com; Shares outstanding: 395.3 million; Market cap: $8.2 billion; Dividend yield 1.9%) has closed its $251-million purchase of Germany-based nuclear fuel broker Nukem Energy GmbH.

Nukem acts as an intermediary between uranium buyers and sellers. It also sells uranium from old Russian weapons and uranium mined in Uzbekistan.

The company’s supply from Russian nuclear weapons will end when the “Megatons to Megawatts” program concludes this year. The program was the result of a historic 20-year agreement signed between the U.S. and Russia in 1993.

However, Nukem should be able to use the contacts and expertise it has gained over the last 50 years—particularly in countries like Uzbekistan and Kazakhstan— to replace the material from the Russian warheads.

Cameco Corp. is still a buy.

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