Cameco Responds to Announcement by Kazatomprom
Cameco Corporation (CCJ)
Last cameco corporation earnings: 5/1 07:00 am
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Source: GlobeNewswire
SASKATOON, Saskatchewan, April 07, 2020 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) responded to the announcement issued today by JSC National Atomic Company “Kazatomprom” (Kazatomprom) that it is reducing operational activities across all of its uranium mines for an expected period of three months due to the risks posed by the Coronavirus (COVID-19) pandemic. According to Kazatomprom, this decision will result in a lower level of wellfield development activity and, as a result, an estimated reduction of up to 17.5% in total planned uranium production in Kazakhstan for 2020. In 2019, Kazakhstan accounted for more than 42% of the world’s uranium production. The reduction in activity will impact production from Joint Venture Inkai LLP (JV Inkai), a uranium operation jointly owned by Cameco (40%) and Kazatomprom (60%). Based on information provided by JV Inkai, Cameco’s preliminary assessment of the effects of Kazatomprom’s decision is a reduction in Inkai’s 2020 production of up
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