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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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August 27, 2014
09:14 EDTCCJCameco reports strike notice prompts shutdown of McArthur River, Key Lake
Cameco announced that, in response to receiving strike notice from the United Steelworkers Local 8914, the company initiated a shutdown of its McArthur River mine and Key Lake mill operations and will cease production at those sites. The union has advised Cameco of its intention to commence strike action, effective 12:01 a.m. on August 30. In response to the strike notice, Cameco issued a lockout notice effective 12:01 a.m. on August 30 to assure a safe and orderly shutdown of its facilities. Cameco is continuing to meet with the union during the 72-hour notice period. The work stoppage involves approximately 535 unionized employees at the two operations. Contract negotiations began in November 2013. The previous four-year contract expired December 31, 2013. In July, the company and union jointly applied for conciliation under the Canada Labour Code. A labour disruption is not expected to affect the company's 2014 uranium delivery commitments to customers. Cameco may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.
August 21, 2014
10:14 EDTCCJOn The Fly: Analyst Downgrade Summary
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08:02 EDTCCJCameco downgraded at Cowen
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06:17 EDTCCJCameco downgraded to Market Perform from Outperform at Cowen
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