| Uranium producer Cameco scraps production target | |
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Feb 7 (Reuters) - Cameco Corp, the world's third-largest uranium producer, on Friday scrapped its lofty production target for the radioactive metal due to excess global supply in an uncertain market. The Saskatoon, Saskatchewan-based company also reported an increase in fourth-quarter profit, but it fell short of Street expectations. Uranium prices have been weak since an earthquake and tsunami struck Japan in March 2011, crippling the Fukushima-Daiichi atomic power plant, and leading it to shut down nearly all of its reactors. Cameco said on Friday that challenges caused by the unclear pace at which Japan will re-start some of its reactors and by bloated global uranium supplies appear likely to persist for the near to medium term. In such a market, maintaining a fixed production target makes little sense, Cameco said, and it dropped its previous target of boosting supplies to 36 million pounds by 2018. "That uncertainty has lasted for longer than had been expected," said Chief Executive Tim Gitzel, in a statement. "Although we still have an extensive portfolio of assets from which we can increase our production, the market incentive must be there." Cameco, which owns the world's largest-producing uranium mine at McArthur River, Saskatchewan, forecast production of 23.8 to 24.3 million pounds of uranium in 2014, up modestly from 23.6 million pounds last year. |
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Paladin Energy Limited
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PRODUCER |
CODE : PDN.AX |
ISIN : AU000000PDN8 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Paladin Energy Ltd is a gold and copper development stage company based in Australia. Paladin Energy Ltd produces gold, copper, uranium in Malawi and in Namibia, develops uranium in Canada, and holds various exploration projects in Australia. Its main assets in production are LANGER HEINRICH in Namibia and KAYELEKERA in Malawi, its main asset in development is MICHELIN in Canada and its main exploration properties are ANGELA/PAMELA, OOBAGOOMA, SKAL, VALHALLA, BIGRLYI, MANYINGEE, MT LOFTY and SICCUS in Australia and NASH, JACQUES LAKE and RAINBOW LAKE in Canada. Paladin Energy Ltd is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 23.5 billions as of today (US$ 15.3 billions, € 14.3 billions). Its stock quote reached its lowest recent point on March 20, 2020 at AU$ 0.04, and its highest recent level on April 24, 2024 at AU$ 13.72. Paladin Energy Ltd has 1 712 839 936 shares outstanding. |