As at Dec 31, the company had working capital of $192 million and long- term debt of $625 million. Cameco says its primary financial objective this year is to reduce its heavy debt.
Although Cameco is one of the world’s lowest-cost producers of uranium, the company remains concerned about the current low spot price for uranium which is under $12(US) per lb.
“Should the low spot prices for uranium continue throughout the year, they would have an adverse effect on the financial performance of the corporation in 1989,” the company says.
A poor financial performance could stall Cameco’s plans to go public this year. William Gatenby, the company’s president, has said he wants to complete Cameco’s first public issue sometime this year if market conditions allow.
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