Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Seeker of Truth who wrote (55946)	11/15/2004 10:09:32 PM
From: Taikun	Read Replies (2) of 74559

According to National Bank analyst reports I have, Cameco investors should not think about factoring in removal of hedges until mid-2005 since: 1. Remaining hedges (ie through 2005) are pre-sold at caps of $12-14/lb 2. New production coming onstream will not materially affect results before 2006. The two stories in the National Post, quoting other analysts, last week had discussions about Cameco's earnings increasing in 2006, concurring with National Bank. I think $130 or $140 is rather exuberant given the U price has been flat at $20.25/lb for about three weeks now. I wonder how the Canadian dollar appreciation will affect earnings since most operations are in Canada but U is priced in USD? WTHDIK David

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