In spite of some short-term challenges, the CEO of Cameco says the future of the global nuclear industry looks bright.
Cameco released its annual report this week which shows revenues increased by 29 per cent and profits 12 per cent over 2012.
However, Cameco CEO Tim Gitzel says there continues to be some market uncertainties in the uranium mining industry.
“There is also some reactors shut down in Japan and that need to come back on and the market is soft, prices are soft right now,” he says. “So we’re just managing our way as a company right through these softer periods.”
Nevertheless, Gitzel says overall the future looks positive for the global nuclear industry.
“China, India, South Korea, Russia, the Middle East where population’s burgeoning, demands for electricity growing rapidly, and they’re looking for large base load electricity and that’s coming in the form of nuclear.”
He adds it expected another 93 new nuclear reactors will come online in the next ten years.
Cameco celebrated its 25th anniversary in 2013.
The company is expected to hold its annual shareholders meeting sometime in May.