Continued downward pressure on uranium prices in 2012 means Cameco has had to cut back production and eliminate about 100 positions.
The Saskatchewan uranium company held its annual general meeting for shareholders in Saskatoon Tuesday.
Cameco CEO Tim Gitzel says the 2011 Japan nuclear disaster has had a significant impact on uranium markets.
“Well you know, Fukushima intervened of course,” he says. “We started the program about four years ago to double our production, Fukushima intervened and the whole market slowed down. So, we couldn’t just keep going full steam. We had to react to the market and that’s why we’ve had to take the steps to pull back on our capital spending, our operations and streamline the organization.”
Nevertheless, Gitzel says 2013 looks positive for the uranium industry with growing demand for nuclear energy in China and the end of the Russia/US highly enriched uranium agreement.