Business
Cameco Reports First Quarter Results, Solid Quarter Demonstrating the Strength and Purpose of Our Strategy; Long-Term Contracting Success in New Markets; Still Early Days of a Market Transition
SASKATOON, Saskatchewan / Apr 28, 2023 / Business Wire / Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the
About this update from Cameco Corporation
[{"type":"text","content":"SASKATOON, Saskatchewan / Apr 28, 2023 / Business Wire / Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2023, in accordance with International Financial Reporting Standards (IFRS). “Our results demonstrate the strength and purpose of the strategic decisions we have made over the last several years, and the continued support we see developing for nuclear power around the world. In fact, I am not sure there’s ever been a better time to be a pure-play investment in the growing demand for nuclear energy. We remain in the enviable position of having what we believe are the world’s premier, tier-one assets operating in a stable geopolitical region, and as McArthur River and Key Lake continue to ramp up to planned production, we are returning to our tier-one cost structure,” said Tim Gitzel, Cameco’s president and CEO. “The world is recognizing the benefits of clean-air nuclear energy and the critical tool it can be in the fight against climate change and in providing energy security. For example, we welcomed the joint statement from Natural Resources Canada and the US Department of Energy at the end of March, announcing enhanced collaboration between our two nations with the goal of diversifying the nuclear fuel supply chain. It addressed the need to work together globally as the world grapples with providing safe, clean, reliable, affordable and secure energy. Furthermore, five of the G7 nations, including Canada, United States, United Kingdom, Japan and France, have created an alliance to leverage their respective civil nuclear sectors. This agreement will support the stable supply of nuclear fuels, as well as to support the nuclear fuel needs of future advanced reactors. Whether its improving public support for nuclear power, policy decisions in support of nuclear being enacted, or market-based solutions being pursued, there is increasing evidence to support full-cycle demand growth for nuclear power and the uranium required to run reactors. The positive fundamentals we have talked about for nearly a decade are no longer just a long-term story, they are right in front of us. “Amid the heightened supply risk caused by geopolitical developments, utilities continue to evaluate their nuclear fuel supply chains and are looking to diversify the origin of ...