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UPDATE 1-Canadian uranium producer Cameco reports quarterly loss

Published 2016-02-05, 06:50 p/m
© Reuters. UPDATE 1-Canadian uranium producer Cameco reports quarterly loss
CCJ
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(Adds forecast, details on quarter)
Feb 5 (Reuters) - Canadian uranium producer Cameco Corp
CCO.TO CCJ.N reported a quarterly loss, hurt by a higher
impairment charge and weakness in the Canadian dollar and
forecast a fall in uranium sales for 2016.
The company expects 2016 uranium sales to fall up to 5
percent compared with 2015.
"We are still waiting on a market recovery that was expected
to come sooner," Chief Executive Tim Gitzel said in a statement.
Cameco's uranium sales rose to 11.2 million pounds in the
fourth quarter compared with 10.7 million pounds a year earlier.
Average realized prices fell 8 percent to $46.36 per pound.
The company reported a net loss of C$10 million ($7.19
million), or 3 Canadian cents per share, attributable to
shareholders for the fourth quarter ended Dec. 31. Cameco had a
profit of C$73 million, or 18 Canadian cents per share, in the
year-earlier quarter.
The company took an impairment charge of $210 million
related to the Rabbit Lake operation in the fourth quarter
compared with $131 million a year earlier.
Excluding items, the company earned 38 Canadian cents per
share.
Revenue rose 9.7 percent to C$975 million.
($1 = C$1.39)

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