Some info to consider...It may not be the exact time for Denison, but the winds of change are upon us. Look at Cameco's results, especially that the "..Uranium revenue is forecast to be 5 percent to 10 percent more than the C$1.51 billion in 2008. That compares with a prediction in May of a 2 percent to 5 percent decline, the company said." So, in my opinion moving forward the price will rise and Denison can begin to restart their mines. I averaged way down and bought in the .90 cent range and will continue to be patient.
Cameco's CEO is a reallt smart guy, he did not spend foolishly 2 years ago, he has a plan, and I would not rule out more co-operation between Denison and Cameco. Cameco has the cash and the brains.
CJ
Cameco Profit Beats Estimates on Higher Uranium Sales (Update2)
By Christopher Donville
Aug. 12 (Bloomberg) -- Cameco Corp., the world’s second- largest uranium miner, reported second-quarter profit that beat analysts’ estimates because of rising sales volumes of the raw material in nuclear fuel.
Net income increased 65 percent to C$247 million ($225 million), or 63 cents a share, from C$150 million, or 42 cents, a year earlier, Saskatoon, Saskatchewan-based Cameco said today in a statement. Excluding a C$108 million gain on financial instruments and other one-time items, earnings were 36 cents a share, topping the 25-cent average estimate of 10 analysts surveyed by Bloomberg.
Chief Executive Officer Jerry Grandey is seeking to expand uranium output from mines in Canada, the U.S. and Kazakhstan amid projections of increasing demand for nuclear energy. Second-quarter uranium sales rose 35 percent to 8.5 million pounds, more than the 6 million expected by Orest Wowkodaw, an analyst at Canaccord Adams Inc. in Toronto.
“The market will like these results, especially the increased uranium sales guidance,” Wowkodaw said today in a telephone interview.
Cameco rose 48 cents, or 1.6 percent, to C$29.86 at 10:07 a.m. in Toronto Stock Exchange trading. The shares gained 40 percent this year through yesterday.
Sales of uranium oxide this year will be 34 to 36 million pounds, more than a previous forecast of 32 to 34 million, because of new supply commitments, Cameco said.
Revenue May Rise
Uranium revenue is forecast to be 5 percent to 10 percent more than the C$1.51 billion in 2008. That compares with a profection in May of a 2 percent to 5 percent decline, the company said.
Cameco expects total revenue to increase 5 percent to 10 percent this year, compared with its previous forecast of little changed from 2008.
The company had a C$25 million profit at its fuel-services business, compared with a year-earlier C$6 million loss, as output of uranium hexafluoride resumed at its Port Hope, Ontario, plant following a shutdown to remove contaminated soil. Uranium hexafluoride is used in nuclear fuel.
Rio Tinto Group is the world’s largest uranium producer based on 2008 output, according to figures compiled by the World Nuclear Association.
To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net.
Last Updated: August 12, 2009 10:08 EDT