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February 9, 2013
13:59 EDTCCJCameco recorded a $168M write-down in Q4 on its Australian uranium project
In Q4 12,Cameco recorded a $168M write-down of the carrying value of its interest in Kintyre, the advanced uranium exploration project in Australia. Due to the weakening of the uranium market since the asset was purchased in 2008, no increase in mineral resources in 2012 and the decision not to proceed with the feasibility study, Cameco concluded it was appropriate to recognize an impairment charge for this asset. Kintyre remains an important asset in its portfolio. However, given the current state of the market, it was necessary to reduce its carrying value at this time. The amount of the write-down was determined as the excess of the carrying value over the fair value less cost to sell based on the implied fair value of the resources in place using comparable market transaction metrics.
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