David Cates: Mine Closures Create Perfect Storm for Uranium Prices
Tom welcomes returning guest, CEO and President of Denison Mines, David Cates, to discuss everything uranium related. David says, “Supply has really dried up.”
David breaks down how the crisis is affecting mine supply around the world and why that supply may not be back online anytime soon.
He provides an overview of several mining operations and how this pandemic has affected each of them.
David discusses their Phoenix project at Wheeler River and how they are proving up the mining method of in-situ recovery. This method has excellent potential, which could enable Denison to become one of the world’s lowest-cost producers.
He gives a couple of key takeaways on Cameco’s public announcements regarding Cigar Lake. Lastly, David provides us with an update on Uranium Participation Corp.
Time Stamp References:
0:40 – Uranium in this crisis.
3:50 – Mine shutdowns and restarts.
8:00 – Effects on Denison Mines.
14:35 – Cameco and Denison results.
24:30 – Uranium Participation Corp.
31:00 – The bottom call.
32:30 – Fragility of uranium supply.
35:00 – Excitement in the market.
Talking Points From This Episode
• Crisis effects on mines.
• Overview of uranium supply.
• Supply may remain limited for some time.
• In-situ recovery assessment.
• Cameco’s restart requirements.
David D. Cates President and Chief Executive Officer of Denison Mines.
Mr. Cates is a Chartered Professional Accountant (CPA, CA) and holds a Master of Accounting (MAcc) and Honours Bachelor of Arts (BA) degrees from the University of Waterloo. Mr. Cates has extensive expertise in the Canadian and international uranium mining industry from over a decade of senior management and financial experience in various roles with Denison.
Mr. Cates was appointed President & CEO of Denison in 2015, having previously served as the company’s Vice President, Finance & Tax and Chief Financial Officer. Before joining Denison in 2008, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP. Mr. Cates also serves as a Director of Denison, and is a Director of each of the Canadian Nuclear Association, SkyHarbour Resources Ltd. (TSX-V: SYH) and GoviEx Uranium Inc. (TSX-V: GXU). Both Skyharbour and GoviEx are engaged in uranium exploration and development.