CCJ

2020 Q4 Report

 * Demand for our products remained strong and we delivered 30.6 million pounds of uranium to our customers.
 * We generated $57 million in cash from operations, with higher average realized prices in our uranium and fuel services segments than in 2019.
 * However, as a result of the precautionary production suspensions at our operations due to the COVID-19 pandemic, we produced only 5 million pounds in our uranium segment, well below our committed sales.
 * To manage risk we purchased 11.5 million pounds more uranium than the top end of the 2020 outlook disclosed in our 2019 annual MD&A at an average annual cost of $40.41 per pound, totalling about $465 million, compared to the Cigar Lake expected life-of-mine cash operating costs of between $15 to $16 per pound.
 * Additionally, due to the temporary suspensions we incurred $55 million more in care and maintenance costs than those we had planned for. Even while production was suspended, we kept and continued to pay all our employees. Partially off-setting these additional costs was the receipt of about $37 million under the Canada Emergency Wage Subsidy program and volatility in foreign exchange rates that resulted in foreign exchange gains.

BL对这些数字的解读：

2020年delivery了30.6M U给客户，自己只生产了5M，在市场上买了11.5M，意思用掉了库存至少30.6-5-11.5=11.4M；2021/0/1/15数据说还有库存14.4，如果2021再不生产，自己的库存很可能不够（取决于岸合同需要付的数目）.