Q2 2024 Cameco Corp Earnings Call Transcript
Key Points
- Strong performance at McArthur River and Key Lake operations, with production on track and even ahead of schedule.
- Continued durable demand for nuclear energy, driven by global support from governments, industries, and the public.
- Strategic investments in Tier one fuel cycle assets and reactor lifecycle investments position Cameco Corp (CCJ) favorably in the market.
- Positive outlook for Westinghouse investment, with expected adjusted EBITDA growth of 6% to 10% over the next five years.
- Strong balance sheet and liquidity, with ongoing debt reduction and refinancing plans ensuring financial stability.
- Operational issues at the Port Hope facility led to a reduction in UF6 production targets for 2024.
- Uncertainty in Kazakhstan due to significant increases in the mineral extraction tax and sulfuric acid availability issues.
- Impact of the Russian uranium import ban on U.S. utilities' procurement strategies, causing delays in contracting activities.
- Temporary operational challenges at the Inkai operation, affecting production targets for 2024.
- Potential financial impact from the unexpected tax increase in Kazakhstan, which could raise production costs significantly.
Thank you for standing by. This is the conference operator, and welcome to the Cameco Corporation Second Quarter 2024 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)
The Q&A session will conclude at 9:00 AM Eastern time.
I would now like to turn the conference over to Cory Kos, Vice President, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Cameco's second quarter conference call. I would like to acknowledge that we are speaking from our corporate office, which is on tree six territories. The traditional territory of the Crete peoples and the homeland of the meeting with us today are Tim Gitzel, President and CEO; Grant Isaac, Executive VP and CFO; Heidi Shockey, Senior VP and Deputy CFO; Rachelle Girard, Senior VP and Chief Corporate Officer; Brian Reilly, Senior VP and Chief Operating Officer; and Sean Quinn, Senior VP, Chief Legal
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