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Large third quarter drop for Cameco, stakeholder in Boroo mine |
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Wednesday, 12 November 2008 |
Lower uranium prices and higher
operating costs contributed to a 46% drop in Cameco Corp.'s (CCJ) third-quarter
adjusted earnings. Cameco holds a 53 percent stake in Centerra Gold
Inc. (CG.T), which has the rights to mine Mongolia’s Boroo site.
Cameco, the world's largest
uranium producer, showed adjusted earnings in third quarter fell to
C$142 million or 41 Canadian cents a share from C$263 million or 70
Canadian cents a year earlier.
Centerra Gold owns the Kumtor
mine in the Kyrgyz Republic and the Boroo mine in Mongolia.
In Cameco's uranium business,
revenue fell to C$396 million from C$409 million, due to a 30% drop
in the average realized price. The lower price was partly offset by
a 6% increase in reported sales volumes.
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