Cameco Corporation is reporting a $33 million loss in adjusted net earnings for the first three months of 2019.
The company also says gross profits were down 104 per cent, revenue 42 per cent and sales volume 27 per cent when compared to the same period last year.
CEO Tim Gitzel says there is still no definite date when northern Saskatchewan operations in McCarthur River and Key Lake will come back online.
“So, for the time being, McCarthur River, Key Lake, along with our Rabbit Lake and U.S. operations will remain in care and maintenance resulting in an annual supply reduction of more than 26 million pounds,” he says.
Gitzel says declining primary supply and trade policy issues are contributing to an unstable uranium market.
The market also continues to adjust to production cuts and reductions in producer inventories of uranium, the company says.
On a more positive note, Cameco says long-term commitments to sell uranium have increased by 25 million pounds and 50 new reactors are under construction.
The numbers were released Wednesday morning.