CAMECO CORP. $22.21 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 395.5 million; Market cap: $8.8 billion; Dividend yield 1.8%) is the world’s largest uranium producer. It supplies 14% of global mine production and has large, high-grade reserves, low-cost operations, significant market share and many mines.
Cameco also owns 31.6% of Ontario’s Bruce Power partnership, which operates four of the eight reactors at the Bruce plant, North America’s largest nuclear complex. As well, it owns NUKEM, a trader and broker of nuclear fuel products and services.
In the three months ended September 30, 2013, Cameco’s revenue jumped 101.7%, to $597 million from $296 million a year earlier. It sold more uranium in the latest quarter, and its selling prices also rose. Earnings per share climbed to $0.53 from $0.12.
Production to double by 2018
Cameco aims to nearly double its uranium output, to 40 million pounds, by 2018. Its Cigar Lake mine, which starts up next year, will contribute much of that increase.
The near-term outlook for uranium prices is mixed, but the long-term outlook is positive. About 650 million people in China and India are living without electricity. There are currently 72 nuclear reactors under construction globally, mostly in those two countries, with plans to build another 162.
Another plus is that the supply of uranium converted from Russian nuclear weapons ended with the recent conclusion of the 20-year Megatons to Megawatts program.
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