Our customers continue to need uranium fuel to power the carbon-free nuclear electricity that will be part of the critical infrastructure needed to ensure hospitals, care facilities and other essential services are available during this pandemic. However, the COVID pandemic has disrupted global uranium production adding to the supply curtailments that have already occurred in the industry due to the lack of production economics. The industry is reliant on supply that has become highly concentrated both geographically and geologically.
With the ongoing uncertainty about supply during the pandemic and trade policy issues, we think the risks to supply are greater than the risk to demand. While health and safety are the primary considerations for the timing of our Cigar Lake mine restart decision, there were also commercial considerations, including market-related factors and the impact on our cost structure. We will not be able to make up the lost production and are therefore targeting our share of production to be up to 5.
With the uncertainty remaining about our ability to restart and continue operating the Cigar Lake mine, the delays and deferrals of project work and therefore the resulting production rate in and , we believe the current plan represents an appropriate balance of the commercial considerations affecting our decision.
We are well positioned to self-manage risk. We continue to expect that security of supply will be a priority for our customers and a rising price environment will provide us with the opportunity to add value with our tier-one assets. In these uncertain times, perhaps more than ever, it will be critical that we continue to work together to build on the strong foundation we have already established.
The financial information presented for the three months and six months ended June 30, and June 30, is unaudited. The following table shows what contributed to the change in net earnings and adjusted net earnings non-IFRS measure, see below in the second quarter and first six months of , compared to the same period in We use this measure as a meaningful way to compare our financial performance from period to period.
We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to reflect the underlying financial performance for the reporting period. The adjusted earnings measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period, and has also been adjusted for reclamation provisions for our Rabbit Lake and US operations, which had been impaired, and income taxes on adjustments.
Adjusted net earnings is non-standard supplemental information and should not be considered in isolation or as a substitute for financial information prepared according to accounting standards. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies.
The following table reconciles adjusted net earnings with net earnings for the second quarter and first six months of and compares it to the same periods in Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance.
See note 7 of our interim financial statements for more information. This amount has been excluded from our adjusted net earnings measure. Atkins currently serves as a director on the boards of Seven Generations Energy and Points International, a leading global loyalty ecommerce platform. D designation from the Institute of Corporate Directors.
The technical and scientific information discussed in this document for our material property Cigar Lake was approved by the following individual who is a qualified person for the purposes of NI This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information.
Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. We will not necessarily update this information unless we are required to by securities laws. We invite you to join our second quarter conference call on Wednesday, July 29, , at a.
The call will be open to all investors and the media. And as Robitaille points out, the utility and REIT sectors, which have a strong history of being income-generating stocks, are not as cheap as they were at the start of the year. Ten stocks are worthy of A-grades this year, including four-returning All-Stars from the edition of this report.
All of these companies are in an excellent position to grow their dividends again due to their low payout ratios, strong earnings potential and low debt levels. Typically, our All-Stars team includes strong representation from the big banks, but not this year.
CIBC is the only bank to earn top marks with its 5. The higher yield, in this case, is indicative of a down year rather than a dramatic increase in its quarterly distribution. Insurance companies tend to perform well on the Dividend All-Stars, but investors need to be mindful of the shifting interest-rate environment. While high yields can be a warning sign, they can also suggest a company is undervalued.
If a sharp increase in yield can indicate that a stock is oversold—meaning the share price has fallen too far, too fast— then Methanex may be a company worth a closer look. The Vancouver-based methanol producer was beaten up last year.
Shares fell by almost half due to low methanol prices and a change in strategy that has upset one of its major investors. Still, it ticks all the right boxes. Need a Brokerage Account? This year 24 companies measure up as promising prospects. Royal Bank, the largest company in Canada by market cap, was the only one of the Big Banks not to earn either an A or B rating.
It's important to note that our editorial content will never be impacted by these links. We try our best to look at all available products in the market and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation.
For more details read our MoneySense Monetization policy. Your email address will not be published. Ask a Planner. Comments Cancel reply Your email address will not be published.
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