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Cameco Corporation (symbol: CCJ) is a leading global player in the uranium production industry, renowned for its substantial contribution to generating clean, reliable baseload electricity worldwide. As one of the largest uranium producers, Cameco is a key supplier of conversion services and one of the two recognized CANDU (Canada Deuterium Uranium) fuel manufacturers in Canada.
The company's competitive edge is anchored in its ownership of the world’s largest high-grade uranium reserves and its low-cost operations. Cameco's success is heavily built on its robust partnerships with Aboriginal communities, especially in northern Saskatchewan. As Cameco mines, mills, and explores for uranium, fostering and strengthening these relationships remains a top priority. This commitment is evident in Cameco’s five-pillar approach: business development, workforce development, community engagement, environmental stewardship, and community investment. These pillars not only support the company’s operations but also secure public trust and support.
Cameco's uranium products play a crucial role in generating clean electricity in nuclear power plants around the globe. The company also explores for uranium in regions such as the Americas, Australia, and Asia. In addition to uranium production, Cameco has diversified segments including fuel services and Westinghouse, with the majority of its revenue derived from its uranium segment. Among its notable projects are Millennium, Yeelirrie, Kintyre, and various exploration initiatives.
Cameco Corporation operates internationally with a footprint in Canada, Kazakhstan, Germany, Australia, and the United States. The company’s shares are traded on the Toronto Stock Exchange under the symbol CCJ. Cameco continues to innovate and lead in the uranium production sector, ensuring a stable supply of clean energy while maintaining strong community and environmental commitments.
Cameco (TSX: CCO; NYSE: CCJ) announces support for the resolution of an intellectual property dispute between Westinghouse Electric Company and Korean companies KEPCO and KHNP. The settlement agreement establishes a framework for additional deployments benefiting all parties involved.
Tim Gitzel, Cameco's President and CEO, emphasized this as a positive outcome that will help bring world-leading reactor technology and related competencies to the global market. He highlighted that over 30 countries and 100 companies have pledged to triple nuclear capacity by 2050, demonstrating strong demand for nuclear power as a carbon-free, reliable baseload electricity source to achieve climate, energy, and national security objectives.
Cameco (TSX: CCO; NYSE: CCJ) has announced that Westinghouse Electric Company's President and CEO Patrick Fragman will step down from his position, effective March 31, 2025. Fragman, who has led Westinghouse since 2019, is departing to spend more time with his family in Europe.
In response to this transition, Dan Sumner, Westinghouse's former President of Operating Plant Services, has been appointed deputy CEO effective immediately and will serve as interim president and CEO starting April 1, 2025. A recruitment process is currently underway for a permanent replacement, with the selection to be made by Westinghouse's board, where Cameco and Brookfield each hold three seats as joint owners.
Cameco (TSX: CCO; NYSE: CCJ) announced that Joint Venture Inkai (JV Inkai) has suspended production operations as of January 1, 2025, due to not receiving an expected extension for submitting updated Project Documentation. The suspension came as a surprise, as Kazatomprom, the majority owner (60%) of the joint venture, directed the halt to avoid violating Kazakhstan legislation.
The suspension was unexpected by Cameco (40% owner), as reports received as recently as December 26, 2024, did not mention any production suspension risks. The delay in extension was attributed to delayed submission of necessary documentation to the Ministry of Energy. Cameco is seeking clarification on the situation and potential impacts on 2025-2026 production, financial outcomes, and future dividends.
Cameco (TSX: CCO; NYSE: CCJ) has made several key document filings, including a technical report for the Inkai operation and a short form base shelf prospectus. The company has established an at-the-market equity program (ATM Program) allowing for the issuance of up to $500 million (US) in common shares. The shelf prospectus enables offerings of various securities up to $2 billion (US) over the next 25 months. According to CFO Grant Isaac, these financial tools provide flexibility to support the company's strategy and risk management, complementing their strong balance sheet and cash flow generation from tier-one production.
Cameco (CCJ) reported strong Q3 2024 operational performance across all segments. Net earnings were $7 million, with adjusted EBITDA at $308 million. The company increased its 2024 annual dividend to $0.16 per share, payable December 13, with plans to double it to $0.24 by 2026. Uranium production outlook for 2024 was raised to 23.1 million pounds (company's share), though JV Inkai production was reduced to 7.7 million pounds due to acid supply challenges. The company updated its 2024 financial outlook, expecting consolidated revenue of $3.01-3.16 billion, reflecting strong market conditions and increasing uranium prices.
Cameco (TSX: CCO; NYSE: CCJ) has been ranked #14 on the TSX30 2024, an annual list of top-performing stocks on the Toronto Stock Exchange. The company's dividend-adjusted share price has increased by 186%, with a 210% rise in market capitalization over the past three years. Cameco CEO Tim Gitzel attributes this success to increased demand for nuclear power and the company's disciplined strategy.
The TSX30, established in 2019, recognizes the 30 best-performing TSX-listed companies based on dividend-adjusted share price performance over a three-year period. Cameco, as a leading global uranium fuel provider, has benefited from growing nuclear power demand while maintaining a focus on sustainability, including decarbonization efforts and community relationships.
Cameco (NYSE: CCJ) reported strong Q2 2024 results, aligning with its full-year outlook. Net earnings reached $36 million, with adjusted net earnings at $62 million, and adjusted EBITDA at $337 million. Revenues grew by 24% year-over-year to $598 million, driven by higher uranium sales and realized prices. Uranium production increased by 61% compared to Q2 2023, totaling 7.1 million pounds. Cameco's contract portfolio continues to expand, with annual commitments averaging 29 million pounds through 2028. The company maintains a robust balance sheet with $362 million in cash and $1.4 billion in debt. Cameco's financial strategy includes debt reduction and refinancing initiatives, supported by positive long-term demand for nuclear energy.
Cameco (NYSE: CCJ) has published its 2023 Sustainability Report, detailing the company's initiatives and achievements in reducing its carbon footprint, enhancing environmental protection, and promoting community engagement. Key highlights include the introduction of Scope 3 emissions data, the installation of a closed-loop cooling system at Port Hope Conversion Facility, and the development of decarbonization pathways. The report emphasizes Cameco's commitment to the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) guidelines. Additionally, Cameco underscores its support for Indigenous communities, with 50% of its workforce in northern Saskatchewan being Indigenous and 74% of service spending allocated to northern-owned businesses. The report also touches on Cameco's strategic acquisition of Westinghouse, aiming to strengthen its role in the global nuclear industry.
SaskPower, Westinghouse, and Cameco have signed an MOU to explore Westinghouse's nuclear reactor technology and the required nuclear fuel supply chain for Saskatchewan's clean power needs.
The MOU will evaluate technical and commercial pathways for deploying Westinghouse’s AP1000® reactor and AP300™ small modular reactor (SMR) for Saskatchewan's long-term electricity supply planning.
This includes a Saskatchewan-based nuclear supply chain, collaboration on nuclear research, workforce training, and a potential final investment decision by 2029 for building Saskatchewan’s first SMR facility.
Westinghouse’s reactors are operational and setting performance records globally, with the AP300 SMR targeted for design certification by 2027 and construction starting in 2030. Cameco and Westinghouse aim to help Saskatchewan achieve carbon-free electricity for the future.
Cameco (TSX: CCO; NYSE: CCJ) has successfully completed a $500 million debenture offering. The offering consists of 4.94% Senior Unsecured Debentures, Series I, maturing on May 24, 2031. Interest payments are set at 4.94% per annum, payable semi-annually on May 24 and November 24, starting November 24, 2024. The debentures are not registered under the U.S. Securities Act and cannot be sold in the U.S. without registration or an applicable exemption. Cameco is a leading global provider of uranium fuel for clean-air energy, with significant investments in the nuclear fuel cycle and ownership interests in Westinghouse Electric Company and Global Laser Enrichment.