Holmes Osborne reports that Canadian uranium producer Cameco has just released its Annual Report. Cameco is the world largest uranium miner and refiner. There are 395.8 million shares and the stock price is $11.33. The market cap is $4.484 billion. The company pays a 30 cents dividend and the yield is 2.65%. Earnings per share were a loss of 16 cents. The company produces 17% of the world uranium and holds 415 million pounds of proved and probable reserves. Its main operating properties are ... MacArthur River and Key Lake in Saskatchewan, Cigar Lake in Saskatchewan, and Inkai in Kazakhstan. It has three more curtailed properties in Wyoming, Nebraska, in Saskatchewan. Three properties are under development in Australia and Saskatchewan.
Cameco has three refining and conversion facilities in Ontario. Only 0.7% of the isotope can be converted to U-235 which is the atom used to produce energy. Japan-based Tepco cancelled a major order for 9.3 million pounds going out to 2028. It is estimated that this will cost Cameco $1.3 billion in revenue. Tepco claims that because of the Fukushima incident in 2011, that it has the right to cancel this order. There are 58 nuclear reactors under construction which will come online in the next three years. 21 are located in China. Cameco has commitments to buy 21 million pounds of uranium between 2017 and 2028. Its five largest customers for U3O8 are located ... 36% in Americas, 44% Asia, and 20% Europe. For UF6 conversion ...33% Americas, 38% Europe, and 29% Asia. The four largest uranium producing countries are ... Kazakhstan (39%), Canada (22%), Australia (10%), and Niger (7%).
The Cameco MacArthur Lake operation has the richest ore grade in the world. Its grades are 100 times the average and can produce 18 million pounds a year. Areva owns 31.195% of the mine. The costs at MacArthur and Key are $15.08 Canadian. Cigar Lake costs are $15.77 Canadian. Cigar Lake and MacArthur are underground and Key Lake is open pit.
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