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Cameco reports Q3 uranium contracting gains, touts scooping Russian market share

Cigar Lake underground uranium mine, Saskatchewan, Canada. Source:

Canadian uranium major Cameco (TSX: CCO; NYSE: CCJ) has narrowed its September-quarter loss, citing building momentum in long-term contracting by power utilities amid concern about global energy security and the rising acceptance of nuclear power to reduce carbon emissions.

Cameco’s CEO, Tim Gitzel, told a post-earnings release analyst call it had advanced contracting discussions for about 27 million lb. of long-term uranium business and 7.5 million kg of uranium of conversion services.

In July, when Cameco reported its second-quarter results, it noted the addition of 45 million lb. of uranium to the contract portfolio since January. That number had grown to 50 million lb. early in October.

“This quarter, we have provided a further glimpse into our pipeline of contracting discussions because it has us pretty optimistic,” Gitzel said on the call.

Pending the new contracts’ finalization, the total volume of uranium successfully contracted since the beginning of 2022 is expected to be about 77 million lb. The total volume of conversion services contracted is expected to be about 14.5 million kg of uranium.

“Our pipeline of contract discussions remains large, and we expect to see more long-term demand to come to the market. We will continue to exercise strategic patience in our contracting activity,” said Gitzel.