Cameco says uranium spot prices are up amid production disruptions

Cameco Corp. says spot uranium prices are up amid the production disruptions caused by the COVID-19 pandemic.

The company says the uranium spot price has increased by more than 35 per cent since the company announced the first disruption at its Cigar Lake mine on March 23.

The comment came as Cameco reported a first-quarter loss of $19 million or a nickel per share compared with a loss of $18 million or a nickel per share in the same quarter last year.

Revenue in the quarter ended March 31 totalled $346 million, up from $298 million.

On an adjusted basis, Cameco says it earned $29 million or seven cents per share compared with an adjusted loss of $33 million or eight cents per share a year ago.

Analysts on average had expected a loss of two cents per share and $314.8 million in revenue, according to financial markets data firm Refinitiv.

Cameco suspended production at its Cigar Lake uranium mine in March and partner Orano Canada Inc. closed its affiliated McClean Lake uranium mill.

The companies said the facilities would be placed in maintenance mode due to the threat posed by the COVID-19 pandemic.

Cameco has also temporarily suspended work at its Port Hope conversion plant and Blind River refinery.