05:32:56 EDT Fri 31 Mar 2023
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or Name

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Cameco Corp
Symbol CCO
Shares Issued 432,498,087
Close 2022-10-27 C$ 32.49
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Globe's guest columnist happy to have sold Cameco

2022-10-28 07:57 ET - In the News

The Globe and Mail reports in its Friday, Oct. 28, edition that Cameco is a dogs to darling story. The Globe's guest columnist Philip MacKellar writes that in the aftermath of the 2011 Fukushima nuclear disaster, the uranium sector entered a protracted downturn. Mr. MacKellar works at Contra the Heard. He says Cameco caught his attention as early as 2016, and in 2019 Contra took an interest at $11.86. The post-Fukushima chill still gripped the sector, and Cameco faced various legal issues, including the Canada Revenue Agency. This CRA litigation was important, as it pertained to a tax dispute dating back to the early 2000s and tied up more than $2-billion. Cameco, however, was the industry leader. It controlled the world's largest uranium supply outside of Kazakhstan and had deep relationships with utilities around the globe. After considering these factors plus the level of insider buying, climate trends, and management's strategy to mop up excess uranium supply, the purchase was made. In the past year Contra sold its Cameco shares in three tranches of $34.14, $37.59 and $40.40. Mr. MacKellar says Cameco may still have legs, but he is happy sitting on the sidelines for now.

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