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Cameco Management Discusses Q1 2014 Results - Earnings Call Transcript

Question-and-Answer Session


[Operator Instructions] Our first question is from Ben Isaacson from Scotiabank.

Ben Isaacson - Scotiabank Global Banking and Markets, Research Division

I have 2 questions. First one for Tim. You stated in the press release that you expect little improvement over the near to medium term, and I just wanted to dig into that a little bit. When you look at the spot price decline in recent weeks, can you talk about whether that surprises you? And in your own internal planning, how do you think about the sustainability of the current price against the cost curve? And then, I guess, just kind of by extension of that, what's preventing spot from really heading down to the mid-20s over the mid -- over the near term?

Timothy S. Gitzel - Chief Executive Officer, President and Director

Well, I think, Ben, I would say we're not really surprised. I think we pointed in February to the fact that we thought we were going to see in the near to medium term, things are going to be tough, and they're tough, I can tell you. You've watched the price. You've seen our company really buckle down in 2013. And again, this year, we say we're digging deeper, we have to in this market. We think there's a lot of material still splashing around the market. That's going to have to be taken up and will be over time. We saw some numbers this morning in one of the publications, fresh production around 150 million pounds; 

To read this transcript in full please click here


The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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