Jul. 27 at 1:50 PM
$CCJ $91.13
Hold long position
RETAIN POSITION
BRIEF: Cameco (CCJ) upgraded to Buy from Neutral at UBS
Prior: Cameco (CCJ) initiated with a Buy at Truist, tgt
$129
OVERVIEW: Cameco (CCJ) announced our Cigar Lake mine in northern Saskatchewan has temporarily suspended operations due to challenges at Orano's McClean Lake mill, where Cigar Lake ore is processed. Orano's McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue. Orano is currently working to bring the acid plant back online and is assessing options to obtain acid supply from an alternative source while it waits for replacement parts to complete the repair. With limited ore storage capacity at Cigar Lake, we have temporarily suspended mining activities until sufficient acid is available to allow milling to resume at McClean Lake.