Uranium producers share market confidence in half-year roundups

On 1 August, French fuel company Orano said its revenue, EBITDA (standing for earnings before interest, taxation, depreciation and amortisation - a measure of profitability), and operating income were all up compared to the first half of 2024, when operating income had been affected by the situation in Niger. Orano's loss of operational control over its Niger mining subsidiaries - Somaïr, Cominak and Imouraren - led to the deconsolidation of these entities at the end of 2024.

Nicolas Maes, Chief Executive Officer, said sustained market prices and increased production volumes had helped the group to achieve solid and improving half-year results across all indicators. "This industrial and financial performance, Orano’s primary strategic priority, allows us to confidently progress in the implementation of our major investment projects, to renew our resources in Mining, to increase our production capacities in the Front End, to extend and renew our Back End treatment and recycling facilities, and to accelerate our development in nuclear medicine," he said.

The company confirmed an end-of-year revenue target "in the region of" EUR5 billion (USD5.8 billion) with a "positive net cash flow whilst ensuring the ramp-up of the investment programme."

Cameco sees 'constructive' outlook

Cameco reported its consolidated financial and operating results for the second quarter on 31 July, with President and CEO Tim Gitzel saying "solid" financial performance across its uranium, fuel services, and Westinghouse segments demonstrated the resilience of its strategy and a "constructive outlook" for nuclear power, "significantly improving" Cameco's overall expectations for the year.

"Despite the uncertainty-driven volatility throughout the capital markets during the first half of the year, the need for clean electrons has remained on the critical path to addressing global energy security, national security, and climate security concerns," Gitzel said.

It continues to expect to produce 18 million pounds U3O8 (6,924 tU) (on a 100% basis) at each of the McArthur River/Key Lake and Cigar Lake operations in 2025, with an average realised price for uranium of around USD87.00 per pound (previously USD84.00 per pound) due to the higher uranium spot price. It also expects it share of earnings from its equity investment in Westinghouse to be higher than previously expected, thanks to Westinghouse’s participation in the Dukovany construction project in the Czech Republic.

The company expects shipments of its remaining share of 2024 production from its Inkai joint venture with Kazatomprom - some 900,000 pounds U3O8  - and the majority of its 3.7 million pounds purchase allocation from the Kazakh joint venture's 2025 production to begin in the second half of the year.

Kazatomprom remains on track

On 1 August, Kazatomprom reported that its production for the first half of 2025 was 12,242 tU on a 100% basis (6,431 tU attributable). These were up year-on-year, although sales volumes and average realised prices showed a slight decrease. However, the company noted that sales volumes can vary substantially each quarter, and also reflect the variable timing of customer delivery requests. A 24% decline in the uranium spot price in the reporting period had a "limited" effect on realised prices.

"In the uranium market, the trends in quarterly metrics and interim results are rarely representative of annual expectations," the company said, adding that it was leaving all guidance metrics for 2025 unchanged, except for the Kazatomprom sales volume range. This is reduced by 500 tonnes, to 13,500-14,500 tU, as a result of a shift in 2025 delivery schedules "where a contract delivery has been re-scheduled to a later period as per the customer's request."