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v**********m
发帖数: 5516 | | I******6
发帖数: 500 | 2 good choice. you will make money for sure one year later. But may not be
two month later. | R***a
发帖数: 2605 | | t****g
发帖数: 3434 | 4 铀股啊？
感觉能源板块比较弱。除非印钱，或者中东战争。 | t****g
发帖数: 3434 | 5 楼主能不能分享点FA啊？
偶想逢低买点，做长线。 | v**********m
发帖数: 5516 | 6 简单的FA，
我就读了读CCJ的SEC filings，发现现金流比较足，即使现在U3O8的价格处于历史低位
。CCJ除了挖矿外，还发电，不是单一的U矿企业。
想想09年3月份，在那么疯狂的时刻，CCJ的价格还可以挺在14-15块，我觉得现在买入
比较安全。当然，你也许可以等到19-20左右买入。
未尽之处，还望指出。
【在 t****g 的大作中提到】
: 楼主能不能分享点FA啊？
: 偶想逢低买点，做长线。
| t****g
发帖数: 3434 | 7 多谢。
偶想再等等。等到更低的价位买入。
只要没有QE3，整个股市应当有一个比较深度的回调。
看现在的形势，美国没有实力与条件搞QE3。偶要再等等
【在 v**********m 的大作中提到】
: 简单的FA，
: 我就读了读CCJ的SEC filings，发现现金流比较足，即使现在U3O8的价格处于历史低位
: 。CCJ除了挖矿外，还发电，不是单一的U矿企业。
: 想想09年3月份，在那么疯狂的时刻，CCJ的价格还可以挺在14-15块，我觉得现在买入
: 比较安全。当然，你也许可以等到19-20左右买入。
: 未尽之处，还望指出。
| v**********m
发帖数: 5516 | 8 19-20时有买入吗？5/1 Q1 ER。
May 1, 2012
Q1 2012 Cameco Earnings Conference Call - 1:00PM EDT -
【在 t****g 的大作中提到】
: 多谢。
: 偶想再等等。等到更低的价位买入。
: 只要没有QE3，整个股市应当有一个比较深度的回调。
: 看现在的形势，美国没有实力与条件搞QE3。偶要再等等
| I******6
发帖数: 500 | 9 要长期 HOLD 才有希望。 看到报道。 小日本 的 两台 核电机组 本来都关了， 又
考虑 开了， 以因应 夏季 用电。 但一旦找借口 开了。 恐怕就长期开了。 | v**********m
发帖数: 5516 | 10 这只股票可以在19-25之间做做波段。
【在 I******6 的大作中提到】
: 要长期 HOLD 才有希望。 看到报道。 小日本 的 两台 核电机组 本来都关了， 又
: 考虑 开了， 以因应 夏季 用电。 但一旦找借口 开了。 恐怕就长期开了。
| | | v**********m
发帖数: 5516 | | t****g
发帖数: 3434 | 12 唉，没有买啊。。。。
太忙了。。。。。
【在 v**********m 的大作中提到】
: 19-20时有买入吗？5/1 Q1 ER。
: May 1, 2012
: Q1 2012 Cameco Earnings Conference Call - 1:00PM EDT -
| v**********m
发帖数: 5516 | 13 http://www.cameco.com/media/news_releases/2012/?id=607
Saskatoon, Saskatchewan, Canada, May 1, 2012
News Release - PDF
MD&A, Financial and Notes - PDF
Financial Statements - XLS
strong first quarter - steady production, higher uranium sales volumes
and average realized prices
started to receive regulatory approvals for US expansion
solid progress made at Cigar Lake
signed agreement to increase ownership at the Millennium project
Cameco (TSX:CCO) (NYSE:CCJ) today reported its consolidated financial and
operating results for the first quarter ended March 31, 2012 in accordance
with International Financial Reporting Standards (IFRS).
"Our uranium business continues to drive our strong financial performance,"
said Tim Gitzel, president and CEO. "This quarter, our sales volumes were up
33%, and although spot and long-term uranium prices were lower relative to
a year ago, our average realized price increased.
"We continue to make good progress with mine construction at Cigar Lake and
with securing regulatory approvals required to expand production in the US
and in Kazakhstan.
"We will sustain our focus on our growth strategy, growth that we believe
will be needed to fuel the world's increasing appetite for safe, clean,
reliable and affordable energy."
Highlights
($ millions except per share amounts) Three months
ended March 31
2012 2011 change
Revenue 563 461 22%
Gross profit 178 136 31%
Net earnings 132 91 45%
$ per common share (diluted) 0.33 0.23 43%
Adjusted net earnings (non-IFRS) 124 85 46%
$ per common share (adjusted and diluted) 0.31 0.21 48%
Cash provided by operations (after working capital changes) 409 266
54%
First quarter
Net earnings attributable to our shareholders (net earnings) this quarter
were $132 million ($0.33 per share diluted) compared to $91 million ($0.23
per share diluted) in the first quarter of 2011. On an adjusted basis, our
earnings this quarter were $124 million ($0.31 per share diluted) compared
to $85 million ($0.21 per share diluted) (non-IFRS measure) in the first
quarter of 2011. Higher earnings in 2012 were mainly due to:
higher earnings from our uranium business based on higher sales volumes
and realized prices
lower income taxes
partially offset by higher expenditures for exploration and
administration
See Financial results by segment for more detailed discussion.
Of note:
As part of our ongoing work with our customers following the March 2011
events, we expect to terminate a sales contract with one of our customers
during the second quarter at a cost of about $30 million (US), which would
be recorded in our financial statements for the period ended June 30, 2012.
We expect to be able to place the full quantity at higher prices and do not
anticipate a significant impact on our financial results for 2012. The
contract includes base-escalated pricing terms at rates well below current
market prices, and provides for deliveries of 3.4 million pounds covering
the years 2012 through 2016, of which 0.8 million pounds is scheduled for
2012. We do not anticipate terminating any other sales arrangements, unless
it is expected to be financially beneficial to us.
Uranium market update
Uncertainty remains in the market in the near to medium term as a result of
the events in Japan that occurred one year ago in March. Nevertheless, we
continue to see a strong and promising growth profile for the nuclear
industry in the long term.
Today, Japan continues work to rebuild its economy and the areas affected by
the natural disasters. The world is watching while Japan decides what level
of nuclear power it will depend on in the future. Currently, only one of
Japan's nuclear reactors is operating, with this unit scheduled to be shut
down for maintenance in May. Efforts remain underway to address safety
concerns and gain the necessary political support to begin re-starting
reactors.
Much of the uranium market continues to be in a wait and see mode with
limited long-term contracting occurring. Concerns about possible excess
German and Japanese inventories and US Department of Energy materials being
introduced into the market continue to cause uncertainty. We believe that
utilities will continue to work with producers to manage these materials and
minimize the impact on the market. Since utilities are well covered under
existing contracts, we expect the market demand to remain somewhat
discretionary and prices relatively stable until more certainty around these
inventories is gained.
Despite this near- to medium-term uncertainty, we continue to see a very
strong and promising growth profile for the nuclear industry in the long
term. Countries around the world, with very few exceptions, have reconfirmed
their commitment to nuclear energy. China, India, France, Russia, South
Korea, the United Kingdom, Canada, the United States, and almost every other
country with a nuclear program are maintaining nuclear as a part of their
energy mix.
At the beginning of 2012, we expected 96 net new reactors to be built over
the next decade, 63 of which were under construction. This translates into
an expected average annual growth rate of about 3% for global uranium
consumption. Of those under construction, two South Korean reactors were
brought online in the first quarter of the year.
In an industry reliant on finite secondary supplies to fulfil about 15% of
2012 consumption requirements, and where a major source of this supply - the
Russian Highly Enriched Uranium (HEU) commercial agreement - ends after
2013, it is clear that new production will be needed. The end of the Russian
HEU commercial agreement represents the equivalent of removing a mine
producing 24 million pounds of uranium per year from the market at a time
when a number of new projects have been put on hold - projects previously
expected to help fill the HEU gap.
We are well positioned to meet the growing demand for uranium, given our
extensive base of mineral reserves and resources located near existing
infrastructure, diversified sources of supply, global exploration program
and portfolio of long-term sales contracts. We are preparing our assets and
will continue to look for opportunities to make sure we are among the first
to respond to changing market conditions with a continued focus on
profitability.
Outlook for 2012
Over the next several years, we expect to invest significantly in expanding
production at existing mines and advancing projects as we pursue our growth
strategy. The projects are at various stages of development, from
exploration and evaluation to construction.
We expect our existing cash balances and operating cash flows will meet our
anticipated capital requirements without the need for significant additional
funding. Cash balances will decline as we use the funds in our business and
pursue our growth plans.
Our outlook for 2012 reflects the growth expenditures necessary to help us
achieve our strategy. We do not provide an outlook for the items in the
table that are marked with a dash.
See Financial results by segment for details.
2012 Financial outlook
Consolidated Uranium Fuel services Electricity
Production – 21.7 million lbs 13 to 14 million kgU –
Sales volume – 31 to 33 million lbs Decrease 10% to 15% –
Capacity factor – – – 95%
Revenue compared to 2011 Decrease 0% to 5% Decrease 0% to 5%1
Decrease 10% to 15% Increase 5% to 10%
Average unit cost of sales (including D&A) – Increase 0% to 5%2
Increase 10% to 15% Decrease 5% to 10%
Direct administration costs compared to 20113 Increase 10% to 15% –
– –
Exploration costs compared to 2011 – Increase 15% to 20% –
–
Tax rate Recovery of 0% to 5% – – –
Capital expenditures $620 million4 – – $70 million
1 Based on a uranium spot price of $51.75 (US) per pound (the Ux spot
price as of April 30, 2012), a long-term price indicator of $60.00 (US) per
pound (the Ux long-term indicator on April 30, 2012) and an exchange rate of
$1.00 (US) for $1.00 (Cdn).
2 This increase is based on the unit cost of sale for produced material
and committed long-term purchases. If we decide to make discretionary
purchases in 2012 then we expect the average unit cost of sales to increase
further.
3 Direct administration costs do not include stock-based compensation
expenses.
4 Does not include our share of capital expenditures at BPLP.
Our customers choose when in the year to receive deliveries of uranium and
fuel services products, so our quarterly delivery patterns, and therefore
our sales volumes and revenue, can vary significantly. Based on current
projections, we expect deliveries to be lowest in the second quarter while
deliveries in the fourth quarter are expected to account for about one-third
of our 2012 sales volumes. However, not all delivery notices have been
received to date, which could alter the delivery patterns.
Sensitivity analysis
For the rest of 2012:
a change of $5 (US) per pound in both the Ux spot price ($51.75 (US) per
pound on April 30, 2012) and the Ux long-term price indicator ($60.00 (US)
per pound on April 30, 2012) would change revenue by $46 million and net
earnings by $27 million
a change of $5/MWh in the electricity spot price would change our 2012
net earnings by $3 million based on the assumption that the spot price will
remain below the floor price of $51.62/MWh provided for under Bruce Power
Limited Partnership's (BPLP) agreement with the Ontario Power Authority (OPA)
a one-cent change in the value of the Canadian dollar versus the US
dollar would change revenue by $7 million and adjusted net earnings by $3
million. This sensitivity is based on an exchange rate of $1.00 (US) for $1.
00 (Cdn).
Adjusted net earnings (non-IFRS measure)
Adjusted net earnings is a measure that does not have a standardized meaning
or a consistent basis of calculation under IFRS (non-IFRS measure). We use
this measure as a more meaningful way to compare our financial performance
from period to period. We believe that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this information to
evaluate our performance. Adjusted net earnings is our net earnings
attributable to equity holders, adjusted to better reflect the underlying
financial performance for the reporting period. The adjusted earnings
measure reflects the matching of the net benefits of our hedging program
with the inflows of foreign currencies in the applicable reporting period.
Adjusted net earnings is non-standard supplemental information and should
not be considered in isolation or as a substitute for financial information
prepared according to accounting standards. Other companies may calculate
this measure differently so you may not be able to make a direct comparison
to similar measures presented by other companies.
Three months
ended March 31
($ millions) 2012 2011
Net earnings 132 91
Adjustments
Adjustments on derivatives1 (pre-tax) (11) (9)
Income taxes on adjustments to derivatives 3 3
Adjusted net earnings 124 85
1 In 2008, we opted to discontinue hedge accounting for our portfolio of
foreign currency forward sales contracts. Since then, we have adjusted our
gains or losses on derivatives to reflect what our earnings would have been
had hedge accounting been applied.
Financial results by segment
Uranium
Three months
ended March 31
Highlights
2012 2011 change
Production volume (million lbs) 4.8 4.7 2%
Sales volume (million lbs) 8.1 6.1 33%
Average spot price ($US/lb) 51.73 67.58 (23)%
Average long–term price ($US/lb) 60.33 71.00 (15)%
Average realized price
($US/lb) 48.77 48.06 1%
($Cdn/lb) 49.40 48.60 2%
Average unit cost of sales ($Cdn/lb) (including D&A) 31.97 32.21
(1)%
Revenue ($ millions) 401 297 35%
Gross profit ($ millions) 141 100 41%
Gross profit (%) 35 34 3%
First quarter
Production volumes this quarter were 2% higher compared to the first quarter
of 2011 primarily due to higher production from McArthur River/Key Lake,
partially offset by lower production at Inkai and Smith Ranch-Highland. See
Operations and development project updates for more information.
Uranium revenues this quarter were up 35% compared to 2011, due to a 33%
increase in sales volumes and a 2% increase in the $Cdn realized selling
price.
Our realized prices this quarter were higher than the first quarter of 2011
mainly due to higher $US prices under fixed-price contracts. In the first
quarter of 2012, our realized foreign exchange rate was $1.01, unchanged
compared to the prior year.
Total cost of sales (including D&A) increased by 32% ($260 million compared
to $197 million in 2011). This was mainly the result of the following:
the 33% increase in sales volumes
royalty charges in 2012 were $11 million higher due to increased
deliveries of produced material and higher realized prices
average unit costs for produced uranium were 1% higher due to increased
non-cash production costs at our ISR locations
The net effect was a $41 million increase in gross profit for the quarter.
The following table shows the costs of produced and purchased uranium
incurred in the reporting periods (non-IFRS measures see below). These costs
do not include selling costs such as royalties, transportation and
commissions, nor do they reflect the impact of opening inventories on our
reported cost of sales.
($Cdn/lb)
Three months
ended March 31
2012 2011 change
Produced
Cash cost 22.39 22.38 –
Non–cash cost 7.51 7.17 5%
Total production cost 29.90 29.55 1%
Quantity produced (million lbs) 4.8 4.7 2%
Purchased
Cash cost 34.64 52.78 (34)%
Quantity purchased (million lbs) 1.4 1.5 (7)%
Totals
Produced and purchased costs 30.97 35.17 (12)%
Quantities produced and purchased (million lbs) 6.2 6.2 –
Cash cost per pound, non-cash cost per pound and total cost per pound for
produced and purchased uranium presented in the above table are non-IFRS
measures. These measures do not have a standardized meaning or a consistent
basis of calculation under IFRS. We use these measures in our assessment of
the performance of our uranium business. We believe that, in addition to
conventional measures prepared in accordance with IFRS, certain investors
use this information to evaluate our performance and ability to generate
cash flow.
These measures are non-standard supplemental information and should not be
considered in isolation or as a substitute for measures of performance
prepared according to accounting standards. These measures are not
necessarily indicative of operating profit or cash flow from operations as
determined under IFRS. Other companies may calculate these measures
differently so you may not be able to make a direct comparison to similar
measures presented by other companies.
To facilitate a better understanding of these measures, the table below
presents a reconciliation of these measures to our unit cost of sales for
the first quarters of 2012 and 2011.
Cash and total cost per pound reconciliation
($ millions)
Three months
ended March 31
2012 2011 change
Cost of product sold 228.1 174.7 31%
Add / (subtract)
Royalties (33.4) (22.5) 48%
Standby charges (7.1) (5.3) 34%
Other selling costs (1.9) (4.5) (58)%
Change in inventories (29.7) 42.0 (171)%
Cash operating costs (a) 156.0 184.4 (15)%
Add / (subtract)
Depreciation and amortization 31.4 22.4 40%
Change in inventories 4.6 11.3 (59)%
Total operating costs (b) 192.0 218.1 (12)%
Uranium produced & purchased (millions lbs) (c) 6.2 6.2 -
Cash costs per pound (a ÷ c) 25.16 29.74 (15)%
Total costs per pound (b ÷ c) 30.97 35.18 (12)%
Please see our first quarter MD&A for updates to our uranium price
sensitivity analysis.
Fuel services
(includes results for UF6, UO2 and fuel fabrication)
Highlights
Three months
ended March 31
2012 2011 change
Production volume (million kgU) 4.5 4.3 5%
Sales volume (million kgU) 2.8 2.4 17%
Realized price ($Cdn/kgU) 19.98 20.60 (3)%
Average unit cost of sales ($Cdn/kgU) (including D&A) 16.09 17.77
(9)%
Revenue ($ millions) 56 49 14%
Gross profit ($ millions) 11 7 57%
Gross profit (%) 20 14 43%
First quarter
Production volumes were 5% higher than in 2011 due to operational issues at
our UF6 conversion facility that resulted in a two week shutdown in 2011.
Total revenue was $7 million higher than in 2011 due to a 17% increase in
sales volumes, partially offset by a 3% decline in the average realized
price for our fuel services products.
Our $Cdn realized price for fuel services was affected by the mix of
products delivered in the quarter. In 2012, a higher proportion of fuel
services sales were for UF6, which typically yields a lower price than the
other fuel services products.
The total cost of sales (including D&A) increased by 7% ($45 million
compared to $42 million in the first quarter of 2011) due to the increase in
sales volumes along with the mix of products delivered in the quarter. As a
result of the product mix, the average unit cost of sales was 9% lower for
the quarter.
The net effect was a $4 million increase in gross profit.
Electricity results
First quarter
Total electricity revenue decreased slightly this quarter compared to the
first quarter of 2011 due to lower output which was almost completely offset
by higher realized prices. Realized prices reflect spot sales, revenue
recognized under BPLP's agreement with the OPA and financial contract
revenue. BPLP recognized revenue of $185 million this quarter under its
agreement with the OPA, compared to $109 million in the first quarter of
2011. About 62% of BPLP's output was sold under financial contracts this
quarter, compared to 36% in the first quarter of 2011. Pricing under these
contracts was slightly higher than in 2011. From time to time BPLP enters
the market to lock in the gains under these contracts.
The capacity factor was 85% this quarter, down from 91% in the first quarter
of 2011 due to a higher volume of planned outage days when compared to last
year. Operating costs were slightly higher at $241 million compared to $233
million in 2011.
The result was a 7% decrease in our share of earnings before taxes.
BPLP distributed $30 million to the partners in the first quarter. Our share
was $9 million. Also, BPLP made capital calls of $16 million to the
partners in the first quarter. Our share was $5 million. The partners have
agreed that BPLP will distribute excess cash monthly, and will make separate
cash calls for major capital projects.
Operations and development project updates
Uranium – production overview
Cameco's share
(million lbs) Three months
ended March 31
2012 2011 change
McArthur River/Key Lake 2.9 2.4 21%
Rabbit Lake 1.0 1.0 –
Smith Ranch/Highland 0.2 0.4 (50)%
Crow Butte 0.2 0.2 –
Inkai 0.5 0.7 (29)%
Total 4.8 4.7 2%
McArthur River/Key Lake
At McArthur River/Key Lake production was 21% higher in the first quarter
compared to the same period last year. In the first quarter of 2011, we
decided to remove abandoned freezepipes from a production area, which
disrupted production for the quarter. We have not experienced any production
disruptions in 2012.
At McArthur River, drilling to install the freezewall in the upper mining
area of zone 4 is progressing as planned. We expect to start freezing upper
zone 4 in 2013 and begin production from this area in 2014.
We are continuing to advance work on the environmental assessment for the
Key Lake extension project. We have submitted the draft environmental impact
statement to the regulators. Comments on the draft are expected before the
end of the year.
Smith Ranch-Highland and Crow Butte
Production this quarter was 33% lower compared to the same period last year
due to lower production from Smith Ranch-Highland. The review process to
obtain regulatory approvals has lengthened at Smith Ranch-Highland, which
has increased the timeline to bring new wellfields into production. However,
regulatory approval for a new wellfield has been received and production
rates were starting to increase near the end of the first quarter.
We continue to seek regulatory approvals to proceed with expansions at our
various satellite operations in Wyoming and Nebraska. The regulators are
working through a large volume of permit requests and we have started to
receive approvals. We continue to communicate with them to ensure we
understand and meet their information needs in a timely manner.
We are commencing development of our North Butte satellite facility in
Wyoming.
Inkai
Production for the quarter was 29% lower compared to the same period last
year. As our existing wellfields mature, the grades decrease. Average grades
at in situ recovery operations typically stabilize at levels lower than
initial years as uranium is recovered from a mix of wellfields of varying
maturities. We continue to bring on additional wellfields to maintain some
new, typically higher grade, wellfields in the production mix. We are also
ramping up flow capacity at the Inkai operation in order to compensate for
lower grades.
As announced on August 31, 2011, we signed an memorandum of agreement (MOA)
with our partner, Kazatomprom, to increase production from blocks 1 and 2 to
5.2 million pounds of U3O8 (100% basis). Under the MOA, our share of Inkai'
s annual production will be 2.9 million pounds with the processing plant at
full capacity. We will also be entitled to receive profits on 3.0 million
pounds.
We continue to await government approval and an amendment to the resource
use contract in order to implement the production increase.
We continue to proceed with delineation drilling and the engineering of
infrastructure for the test leach facility at block 3.
Cigar Lake
We continued to make solid progress at Cigar Lake this quarter. We continued
development of the Seru Bay pipeline, which we expect to be complete by mid
-2012. We have resumed development in the north end of the mine, and
construction of the underground processing facilities is underway.
The first components of the jet boring system are now on site. As the
components arrive, we are lowering them underground where the unit will be
fully assembled in preparation for further testing.
We continue to advance shaft 2 and expect to reach the final depth of 500
metres by mid-2012.
We continued drilling freezeholes from surface and initiating the freezing
process in the holes as they are ready to come on line.
For the remainder of the year, we will focus on carrying out our plans and
implementing the strategies we outlined in our annual MD&A.
We continue to expect first commissioning in ore in mid-2013 and the first
packaged pounds in the fourth quarter of 2013.
Cigar Lake is a key part of our plan to increase annual uranium production
to 40 million pounds by 2018, and we are committed to bringing this valuable
asset safely into production.
Millennium
As announced on March 2, 2012, we have entered into an agreement with AREVA
Resources Canada Inc. to purchase AREVA's 27.94% interest in the Millennium
project for $150 million.
The sale of the full amount of AREVA's interest is subject to JCU (Canada)
Exploration Co.'s (JCU) rights of refusal on transfers under the terms of
the Cree Extension Joint Venture agreement. If JCU does not exercise its
rights, we will acquire the entire 27.94% interest from AREVA and increase
our ownership interest in the Millennium project to 69.9%. If JCU elects to
exercise its rights, it will acquire an additional 11.67% interest and we
will acquire an additional 16.27% interest, resulting in our ownership
interest in the Millennium project increasing to 58.23%.
Our ownership interest is dependent on JCU either exercising or waiving its
rights under the Cree Extension Joint Venture agreement. We expect the
transaction to close no later than June 6, 2012.
We continue to advance the project toward a development decision using our
stage gate process. See our annual MD&A for more information regarding this
project.
Fuel services
Fuel services production totalled 4.5 million kgU this quarter, compared to
4.3 million kgU in the first quarter of 2011.
On February 29, 2012, the Canadian Nuclear Safety Commission approved new
operating licences for the Blind River refinery, the Port Hope conversion
facility, and Cameco Fuel Manufacturing. A five-year operating licence was
granted for the Port Hope conversion facility, while Cameco Fuel
Manufacturing and the Blind River refinery were granted 10-year operating
licences. In addition to the new operating licence at the Bind River
refinery, the annual licensed production capacity was increased from 18,000
tU as UO3 to 24,000 tU as UO3.
The collective agreement covering unionized employees at Cameco Fuel
Manufacturing Inc. expires on June 1, 2012. Negotiations are in progress
with the goal of reaching a new collective agreement.
Qualified persons
The technical and scientific information discussed in this document for our
material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was
approved by the following individuals who are qualified persons for the
purposes of
NI 43-101:
McArthur River/Key Lake
David Bronkhorst, vice-president, Saskatchewan mining south, Cameco
Les Yesnik, general manager, Key Lake, Cameco
Inkai
Dave Neuburger, vice-president, international mining, Cameco
Cigar Lake
Grant Goddard, vice-president, Saskatchewan mining north, Cameco
Caution about forward-looking information
This document includes statements and information about our expectations for
the future. When we discuss our strategy, plans and future financial and
operating performance, or other things that have not yet taken place, we are
making statements considered to be forward-looking information or forward-
looking statements under Canadian and United States securities laws. We
refer to them in this document as forward-looking information.
Key things to understand about the forward-looking information in this
document:
It typically includes words and phrases about the future, such as:
anticipate, estimate, expect, plan, intend, predict, goal, target, project,
potential, strategy and outlook (see examples below).
It represents our current views, and can change significantly.
It is based on a number of material assumptions, including those we have
listed below, which may prove to be incorrect.
Actual results and events may be significantly different from what we
currently expect, due to the risks associated with our business. We list a
number of these material risks below. We recommend you also review our
annual information form and our annual and first quarter MD&A, which include
a discussion of other material risks that could cause actual results to
differ significantly from our current expectations.
Forward-looking information is designed to help you understand
management's current views of our near and longer term prospects, and it may
not be appropriate for other purposes. We will not necessarily update this
information unless we are required to by securities laws.
Examples of forward-looking information in this MD&A
our forecasts relating to termination of uranium sales contracts with
our customers
our expectations about 2012 and future global uranium supply,
consumption, demand and number of operable reactors, including the
discussion on the expected impact resulting from the March 2011 nuclear
incident in Japan
our expectations for uranium prices in 2012
the outlook for each of our operating segments for 2012, and our
consolidated outlook for the year
our expectation that we will invest significantly in expanding
production at our existing mines and advancing projects as we pursue our
growth strategy
our expectation that existing cash balances and operating cash flows
will meet anticipated capital requirements without the need for any
significant additional financing
our expectation that cash balances will decline as we use the funds in
our business and pursue our growth plans
our expectations regarding 2012 quarterly delivery patterns for our
uranium and fuel service products
our future plans for each of our uranium operating properties,
development projects and projects under evaluation, and fuel services
operating sites
Material risks
actual sales volumes or market prices for any of our products or
services are lower than we expect for any reason, including changes in
market prices or loss of market share to a competitor
we are adversely affected by changes in foreign currency exchange rates,
interest rates or tax rates
our production costs are higher than planned, or necessary supplies are
not available, or not available on commercially reasonable terms
our estimates of production, purchases, costs, decommissioning or
reclamation expenses, or our tax expense estimates, prove to be inaccurate
our forecasts relating to termination of uranium sales contracts with
our customers prove to be inaccurate
we are unable to enforce our legal rights under our existing agreements,
permits or licences, or are subject to litigation or arbitration that has
an adverse outcome
there are defects in, or challenges to, title to our properties
our mineral reserve and resource estimates are not reliable, or we face
unexpected or challenging geological, hydrological or mining conditions
we are affected by environmental, safety and regulatory risks, including
increased regulatory burdens or delays
we cannot obtain or maintain necessary permits or approvals from
government authorities
we are affected by political risks in a developing country where we
operate
we are affected by terrorism, sabotage, blockades, civil unrest,
accident or a deterioration in political support for, or demand for, nuclear
energy
we are impacted by changes in the regulation or public perception of the
safety of nuclear power plants, which adversely affect the construction of
new plants, the relicensing of existing plants and the demand for uranium
there are changes to government regulations or policies that adversely
affect us, including tax and trade laws and policies
our uranium and conversion suppliers fail to fulfil delivery commitments
our Cigar Lake development, mining or production plans are delayed or do
not succeed, including as a result of any difficulties encountered with the
jet boring mining method or our inability to acquire any of the required
jet boring equipment
we are affected by natural phenomena, including inclement weather, fire,
flood and earthquakes
our operations are disrupted due to problems with our own or our
customers' facilities, the unavailability of reagents, equipment, operating
parts and supplies critical to production, equipment failure, lack of
tailings capacity, labour shortages, labour relations issues, strikes or
lockouts, underground floods, cave ins, ground movements, tailings dam
failures, transportation disruptions or accidents, or other development and
operating risks
Material assumptions
our expectations regarding sales and purchase volumes and prices for
uranium, fuel services and electricity
our expectations regarding the demand for uranium, the construction of
new nuclear power plants and the relicensing of existing nuclear power
plants not being adversely affected by changes in regulation or in the
public perception of the safety of nuclear power plants
our expected production level and production costs
our expectations regarding spot prices and realized prices for uranium,
and other factors discussed in our first quarter MD&A
our expectations regarding uranium sales contract terminations, tax
rates, foreign currency exchange rates and interest rates
our decommissioning and reclamation expenses
our mineral reserve and resource estimates, and the assumptions upon
which they are based, are reliable
the geological, hydrological and other conditions at our mines
our Cigar Lake development, mining and production plans succeed,
including the success of the jet boring mining method at Cigar Lake and that
we will be able to obtain the additional jet boring system units we require
on schedule
our ability to continue to supply our products and services in the
expected quantities and at the expected times
our ability to comply with current and future environmental, safety and
other regulatory requirements, and to obtain and maintain required
regulatory approvals
our operations are not significantly disrupted as a result of political
instability, nationalization, terrorism, sabotage, blockades, civil unrest,
breakdown, natural disasters, governmental or political actions, litigation
or arbitration proceedings, the unavailability of reagents, equipment,
operating parts and supplies critical to production, labour shortages,
labour relations issues, strikes or lockouts, underground floods, cave ins,
ground movements, tailings dam failure, lack of tailings capacity,
transportation disruptions or accidents or other development or operating
risks
Quarterly dividend notice
We announced today that our board of directors approved a quarterly dividend
of $0.10 per share on the outstanding common shares of the corporation that
is payable on July 13, 2012, to shareholders of record at the close of
business on June 29, 2012.
Conference call
We invite you to join our first quarter conference call on Tuesday, May 1,
2012 at 1:00 p.m. Eastern.
The call will be open to all investors and the media. To join the call,
please dial (866) 223-7781 (Canada and US) or (416) 340-8018. An operator
will put your call through. A live audio feed of the conference call will be
available on this website. See the link on our home page on the day of the
call.
A recorded version of the proceedings will be available:
on this website, shortly after the call
on post view until midnight, Eastern, June 1, 2012
by calling (800) 408-3053 or (905) 694-9451 (Passcode 7348055#)
Additional information
You can find a copy of our first quarter MD&A and interim financial
statements on our website at cameco.com, on SEDAR at sedar.com and on EDGAR
at sec.gov/edgar.shtml.
Additional information, including our 2011 annual management's discussion
and analysis, annual audited financial statements and annual information
form, is available on SEDAR at sedar.com, on EDGAR at sec.gov/edgar.shtml
and on this website.
Profile
We are one of the world's largest uranium producers, a significant supplier
of conversion services and one of two Candu fuel manufacturers in Canada.
Our competitive position is based on our controlling ownership of the world'
s largest high-grade reserves and low-cost operations. Our uranium products
are used to generate clean electricity in nuclear power plants around the
world, including Ontario where we are a limited partner in North America's
largest nuclear electricity generating facility. We also explore for uranium
in the Americas, Australia and Asia. Our shares trade on the Toronto and
New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
As used in this news release, the terms we, us, our and Cameco mean Cameco
Corporation and its subsidiaries and affiliates unless stated otherwise.
- End -
Investor inquiries:
Rachelle Girard (306) 956-6403
Media inquiries:
Gord Struthers (306) 956-6593
© 2012 Cameco Corp.
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Last Reviewed: May 1, 2012 | v**********m
发帖数: 5516 | | v**********m
发帖数: 5516 | 15 新消息，CCJ准备增发，收购别的挖U公司。
DNN今天涨了10%。
Uranium major Cameco (NYSE:CCJ) might be planning an acquisition in the near
term, judging by its intention to raise as much as $1 billion via a
combination of securities, says BMO Capital. The analyst notes receding
uranium equity valuations, and the firm’s strong funding capability. On the
shopping list might be Paladin Energy (PALAF.PK), Denison Mines (AMEX:DNN),
and UEX Corp. (UEXCF.PK). | v**********m
发帖数: 5516 | 16 SASKATOON, SASKATCHEWAN--(Marketwire -05/22/12)- ALL AMOUNTS ARE STATED IN
CDN $ (UNLESS NOTED)
Cameco (CCO.TO) (CCJ) filed today a preliminary short form base shelf
prospectus with the securities regulatory authorities in each of the
provinces and territories of Canada, and a corresponding registration
statement with the United States Securities and Exchange Commission under
the Multijurisdictional Disclosure System. These filings, when made final or
effective, will allow Cameco to make offerings of common shares, preferred
shares, warrants, subscription receipts and debt securities, or any
combination thereof, having an aggregate offering price of up to $1 billion
during the next 25 months in Canada and the United States. The specific
terms of any offering of securities will be set forth in a shelf prospectus
supplement. Cameco does not have any immediate plans to offer securities
under the shelf prospectus or registration statement.
No securities may be sold nor may offers to buy be accepted prior to the
time at which a receipt for the final base shelf prospectus is obtained from
applicable Canadian securities regulatory authorities. This news release
does not constitute an offer to sell securities, nor is it a solicitation of
an offer to buy securities, in any jurisdiction. This news release does not
constitute an offer of securities for sale in the United States and the
securities referred to in this news release may not be offered or sold in
the United States until the registration statement relating to these
securities has become effective. |
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