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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (15865)2/9/2016 12:38:05 PM
From: Goose94Read Replies (2) of 202691
 
Cameco (CCO-T) warned on Monday a recovery for the uranium industry was not imminent, as it and other miners wait for utilities to work through surplus stocks.

Spot prices of uranium have been depressed since the 2011 Fukushima disaster in Japan, which led to the shutdown of all reactors in that country, generating burdensome stockpiles globally.

Miners, including Cameco, have been forced to contend with lacklustre bottom lines. The Canadian company reported a quarterly loss after markets closed on Friday. Its stock plunged more than 5 per cent in Toronto around midday. "We're still waiting on a recovery that has been expected to come sooner," said Cameco chief executive officer Tim Gitzel, on a conference call Monday. "Long-term, we know good things are in store." Contracting activity between producers and utilities has been slow, and a meaningful uptick is unlikely before late this year, Cameco officials said.
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