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Published Feb 08, 2016 Price US$ 54.00 | Buy this Report Now Abstract:
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Edited Transcript of CCO.TO earnings conference call or presentation 8-Feb-16 4:00pm GMT
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Cameco Corp Q4 2015 Earnings Call Transcript
Transcript Thomson StreetEvents Cameco Corp CCO.TO 4:00pm GMT PDF
Published Feb 08, 2016
The following is excerpted from the question-and-answer section of the transcript. Click to View Sample Report
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session) Question: Orest Wowkodaw - Scotiabank - Analyst : My question really has to do around the uranium business. I'm a little surprised by the guidance for 2016 in regards to sales, considering where you expect your production levels to be at 30 million pounds and your disclosure talks about purchase commitments of 9 million pounds. So that would imply another pretty large inventory build this year. Can you please walk us through how to think about the strategy here in terms of your volumes being materially above your sales expectations?
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Question: Orest Wowkodaw - Scotiabank - Analyst : And should we anticipate that your inventory levels continue to rise beyond 2016? Or like where do you get -- at some point it is obviously consuming your working capital. Where do you get comfort in terms of not pushing your inventory levels too high? Question: Orest Wowkodaw - Scotiabank - Analyst : Okay, so that 9 million of purchase commitments for this year, it sounds like you are suggesting that was largely entered into before you realized how well Cigar was ramping. Is that a fair assessment? Question: Orest Wowkodaw - Scotiabank - Analyst : Okay. And this 9 million pound purchase, is that distorting your expected cash cost then for 2016 in terms of putting it into the inventory? Question: Orest Wowkodaw - Scotiabank - Analyst : And is it your expectation that all those 9 million pounds would be profitable if you had to sell them this year? Question: Orest Wowkodaw - Scotiabank - Analyst : Okay. Thank you very much. Question: Greg Barnes - TD Securities - Analyst : On the write-down on the Rabbit Lake mill, you imply that you don't expect to have enough feed sulfurs to keep the mill full. But Eagle Point mine is going to run, I think, through 2021. I just want to understand what the thinking was behind the impairment. Question: Greg Barnes - TD Securities - Analyst : And on Crow Butte, I know you are not putting any more capital in there in well fields. Is that expected to just wind down over the next year or so or two years? Question: Greg Barnes - TD Securities - Analyst : Okay. Just one follow-up. You've reduced your provision for the tax implications of the CRA transfer pricing discussions. I assume that means the goalposts between you and where the CRA stands are very wide and there's no chance of a settlement here before you go to court? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FEBRUARY 08, 2016 / 4:00PM, CCO.TO - Q4 2015 Cameco Corp Earnings Call Question: Greg Barnes - TD Securities - Analyst : What are those opportunities, Tim? Question: Greg Barnes - TD Securities - Analyst : So over the summer time frame would be likely? Question: Greg Barnes - TD Securities - Analyst : Okay, good. Thank you. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FEBRUARY 08, 2016 / 4:00PM, CCO.TO - Q4 2015 Cameco Corp Earnings Call Question: David Wang - Morningstar - Analyst : Thank you for taking my question. My first one is on the capital expenditures guidance. It looks like you are guiding to a lower sustaining and capital replacement expenditures in 2018 versus 2017. And I was wondering what's driving that, especially with production having -- probably increasing between now and then. Question: David Wang - Morningstar - Analyst : Okay. But this is just regards to the sustaining capacity replacement capital. So do you expect that to be less intensive going forward or is it just that there's going to be less spending on the non-Tier 1 assets? Question: David Wang - Morningstar - Analyst : All right, great. And I was wondering if you have any updates on the contracting level so far through 2016 and your outlook for the rest of the year. You've iterated that we've seen pretty weak contracting over the past three years. But I was wondering if you've seen any change toward that or if there are any potential catalysts that would increase contracting either this year or next. Question: David Wang - Morningstar - Analyst : All right, thank you very much. Question: Oscar Cabrera - BofA Merrill Lynch - Analyst : The first question relates to Cigar Lake. In your disclosure for the outlook in 2016, you mentioned that the package production for the asset is subject to regulatory approval of McClean Lake. So when are you assuming that you will be getting this approval? And can you just comment on is that proportional to the 8 million pounds you are expecting? Question: Oscar Cabrera - BofA Merrill Lynch - Analyst : I'm sorry to just press you now, but when do you assume that that will be received? Is the 8 million pounds assuming that they receive that in the first quarter or second quarter this year? Question: Oscar Cabrera - BofA Merrill Lynch - Analyst : Okay. No, that helps, Tim. Thank you very much. And then if I may, just a follow-up. In your CapEx growth capital for 2017 and 2018, obviously the levels that we've seen before -- this is much lower. But just wondering where these dollars are earmarked for? Question: Graham Tanaka - Tanaka Capital Management, Inc. - Analyst : I appreciate your frank answers. We are also puzzled about the supply-demand situation. We are just wondering, from your vantage point and your contacts in the industry, is the extra supply really coming from the supply deliveries to Japan under the contracts not being used? Or is it from Kazakhstan? We are puzzled where it's coming from. Question: Graham Tanaka - Tanaka Capital Management, Inc. - Analyst : That's really great perspective. How many early shutdowns are we talking about, say, in the last 12 months or maybe even in the next 12 months, if possible? Just to get a feel for if it's going to meter down? Question: Graham Tanaka - Tanaka Capital Management, Inc. - Analyst : Thank you very much. Question: Fai Lee - Odlum Brown - Analyst : It's Fai here. Tim, in terms of the long-term growth fundamentals and assuming this plays out the way you think it's going to play out, I'm guessing you are going to get a hockey stick recovery. That seems to be what your pricing history has suggested. Given the difficulty of predicting an inflection point if you do get a hockey stick recovery, how do you go about planning, for long-term planning purposes, around that? Question: Fai Lee - Odlum Brown - Analyst : Okay, great. Thanks.
Cameco Corp Q4 2016 Earnings Call Transcript – 2017-02-10 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 10-Feb-17 4:00pm GMT Cameco Corp Rejects TEPCO's Uranium Contract Termination Notice- Conference Call Transcript – 2017-02-01 – US$ 54.00 – Edited Transcript of CCO.TO conference call or presentation 1-Feb17 1:00pm GMT Cameco Corp Q3 2016 Earnings Call Transcript – 2016-11-02 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 2-Nov-16 5:00pm GMT Cameco Corp Q2 2016 Earnings Call Transcript – 2016-07-28 – US$ 54.00 – Preliminary Transcript of CCO.TO earnings conference call or presentation 28-Jul-16 5:00pm GMT Cameco Corp Q1 2016 Earnings Call Transcript – 2016-04-29 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 29-Apr-16 5:00pm GMT Cameco Corp at CIBC Whistler Institutional Investor Conference Transcript – 2016-01-21 – US$ 54.00 – Edited Transcript of CCO.TO presentation 21-Jan-16 11:30pm GMT Cameco Corp Q3 2015 Earnings Call Transcript – 2015-11-02 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 2-Nov-15 4:00pm GMT Cameco Corp Q2 2015 Earnings Call Transcript – 2015-07-30 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 30-Jul-15 5:00pm GMT Cameco Corp Q1 2015 Earnings Call Transcript – 2015-04-29 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 29-Apr-15 5:00pm GMT Cameco Corp Q4 2014 Earnings Call Transcript – 2015-02-09 – US$ 54.00 – Edited Transcript of CCO.TO earnings conference call or presentation 9-Feb-15 4:00pm GMT
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