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Uranium miner Cameco sees sales and shares slide

Cameco trims sales outlook as second-quarter earnings drop 72 per cent, – Winnipeg Free Press. By: The Canadian Press : 13/08/2010 SASKATOON – Cameco Corp. said Friday it is trimming its 2010 sales outlook as the major uranium producer reported a 72 per cent slide in second-quarter earnings.

The Saskatoon-based company (TSX:CCO) had expected sales of the mineral to be between 31 million and 33 million pounds in 2010, but now expects that amount to come in at 30 million pounds.

As a result, revenues are expected to decline by between 10 and 15 per cent this year compared with 2009, a deterioration from previous expectations of a five to 10 per cent drop.

Cameco pared back its forecast as some of its customers put off deliveries under contract until next year. Weaker spot market demand also put a damper on the firm’s expectations……..Cameco shares were down 51 cents or just under two per cent at $25.51 at midday Friday on the Toronto Stock Exchange.

August 14, 2010 - Posted by Christina Macpherson | business and costs, Canada, Uranium | antinuclear, nuclear costs, uranium