Cameco’s 2013 annual report is out and profits are up.
The report shows a 12 per cent increase in gross profits at the uranium mining company last year from $540 million to $607 million.
Revenues were also up by 29 per cent compared to 2012 from $1.9 billion to $2.4 billion.
However, the annual report says Cameco faced some short-term challenges in 2013 including downward pressure on uranium prices and market uncertainty caused by the slowness of Japanese nuclear reactor restarts.
Cash provided by operations after working capital changes was down by 8 per cent to $530 million.
Market uncertainty has also caused Cameco to abandon a uranium production growth target of 36 million pounds by 2018.