Cameco earnings nearly double in first quarter

Increased uranium sales helped Cameco (TSE) nearly double its first-quarter earnings to $22 million (or 42 cents per share) this year from $12 million (23 cents per share) in 1995.

But Cameco cautioned that its stellar results are tied to the timing of uranium deliveries and are not expected to remain at that level over the full year.

As a result of an 80% increase in uranium sales and better spot prices, first-quarter revenues jumped to $107 million from $59 million in 1995.

Long-term debt rose by $19 million to $201 million during the period.

Meanwhile, Cameco has increased its capital cost projection for the Kumtor gold project in Kyrgystan to $450 million from $360 million. A spokesman for the company said Cameco underestimated the cost of operating in Kyrgystan, where the terrain is rugged and transport difficult.

Average spot prices for uranium jumped 30% to US$15.68 per lb. during the quarter.

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