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Cameco (TSX:CCO)(NYSE:CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2017 in accordance with International Financial Reporting Standards (IFRS). President and CEO, Tim Gitzel said: “Our third quarter results were anticipated and in line with the outlook we provided in the second quarter and, they reflect a very …
Cameco (TSX:CCO)(NYSE:CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2017 in accordance with International Financial Reporting Standards (IFRS).
President and CEO, Tim Gitzel said:
“Our third quarter results were anticipated and in line with the outlook we provided in the second quarter and, they reflect a very deliberate strategy to strengthen the company in the long term.
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 about 20% compared to the 2016 annual average. In line with the other disciplined actions we have taken to address these weaker prices, we made some changes during the quarter to the way our global marketing activities are organized. As a result, we incurred $5 million in one-time costs, but expect to reduce costs between $8 million and $10 million per year once fully implemented.
We have lowered our production outlook for the year to 24.0 million pounds from 25.2 million pounds.”