Cameco is Still a Hold

Article Excerpt

CAMECO CORP. $36.65 (Toronto symbol CCO; SI Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 352.3 million; Market cap: $12.9 billion) is making significant progress in repairing flood damage at its Cigar Lake uranium project in Saskatchewan. The mine was about 60% complete when a rockfall caused a major flood in 2006. Cameco still anticipates that production will not start up at Cigar Lake before 2011. Meanwhile, lower uranium prices and the Cigar Lake delay is holding back profits. Cameco is still a hold. hold…