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Cameco shares tumble as uranium giant lowers price forecasts

Peter Kennedy Peter Kennedy, Stockhouse Featured Writer
0 Comments| October 27, 2017

Cameco Corp. (TSX: T.CCO, NYSE: CCJ, Forum) shares tumbled Friday after the Canadian uranium giant released its third quarter financial results that were well below street estimates.

The stock was down 11% to $10.12 in early trading.

“There has been little change to the market and we continue to face difficult conditions, with the average year-to-date uranium spot price down 20% compared to the 2016 annual average,’’ said Cameco President and CEO Tim Gitzel in a press release.

Cameco is one of the world’s largest uranium producers, accounting for about 17% of global production from mines in Canada, the United States and Kazkhstan.

The company has lowered its production guidance for the year to 24 million pounds from 25.2 million pounds, a move it attributed to production delays at Key Lake mine in Saskatchewan.

Cameco posted an adjusted loss of 13 cents during the three months ended September 30, 2017, down 143% from 30 cents in the equivalent period in 2016.

The analysts' consensus estimate for the quarter was $0.05 a share.

Cameco’s expected U308 priced realization forecasts for 2018 to 2020 is down by an average of 7%.

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