Cameco is reporting strong profits for the first quarter of this business year.
Net earnings are up 45% from the same time in 2011.
The company says higher average realized prices and increased sales volume led to the increase, as well as the fact older contracts are winding down while newer contracts are coming on.
Meantime, work at the Cigar Lake mine is proceeding on schedule.
Cameco says it remains on track to have the first packaged uranium coming out of the mine by next year.
Meanwhile, company president Tim Gitzel says a feasibility study on the Millennium mine project will begin later this year:
“We’ve submitted some draft environmental assessment documents in, so . . . I would say, toward the end of the year, we’ll be in a better position to take a decision on going forward with Millennium.”
He notes Cameco will soon own between 58% and 70% of the Millennium project.
The company recently bought out AREVA’s stake in the project, and is now waiting to see what a Japanese partner in the project wants to do.