Cameco reports third quarter results – well positioned with strengthened balance sheet, supported by Cigar Lake restart

About this update from Cameco Corporation

[{"type":"text","content":" SASKATOON, Saskatchewan, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2020 in accordance with International Financial Reporting Standards (IFRS). “As expected, our results continue to be impacted by the pro-active operational decisions taken earlier this year,” said Tim Gitzel, Cameco’s president and CEO. “We believe that the actions we have taken to slow the spread of the COVID-19 virus are prudent and reflect our values – placing priority on the health and safety of our employees, their families and their communities. However, our decisions do come with near-term costs. “Consistent with our conservative financial management, we have positioned the company well to deal with uncertainty, whether that uncertainty arises as a result of Canada Revenue Agency’s actions or the volatility that may arise due to the economic upheaval being felt globally. We have strengthened our balance sheet, and our committed sales portfolio provides us with certainty and predictability. Therefore, we remain resolved in our strategy to build long-term value and will continue to do what we said we would do. “In an environment where we think trade policy, like the amendment to the Russian Suspension Agreement in the US, will create opportunities for commercial suppliers like Cameco and where utilities have growing uncovered requirements, we are excited about the fundamentals for our industry. We see demand for nuclear growing driven by an increasing focus on electrification and the recognition that to achieve this while still meeting clean-air and climate change goals, nuclear will be needed in the toolbox. And this is occurring precisely while there is growing uncertainty and risk around global uranium supply. We believe these fundamentals will lead to security of supply concerns and will allow us to layer in the long-term contracts necessary to support the restart of our McArthur River/Key Lake operations and solidify our role as a low-cost, safe, reliable, commercial supplier of the uranium fuel needed for carbon-free nuclear electricity generation. “We are also excited about the growing focus on sustainability and the importance of environmental, social and governance matters not just to our investors, but also to our customer...

More updates from Cameco Corporation