It was another tough year for Saskatoon’s Cameco Corporation.
The uranium mining company released its fourth-quarter results Friday which show when compared to 2018, adjusted net earnings were down by $170 million, revenues $229 million and gross profit by $54 million.
Uranium production volume in millions of pounds was also down two per cent, sales volume 10 per cent and average realized price per pound in U.S. dollars nine per cent.
However, in a press release, the company says it is encouraged by strong fourth-quarter numbers in the final four months of last year where revenues were up by $43 million, uranium production 13 per cent and sales volume 11 per cent when compared to the same three months in 2018.
Cameco CEO Tim Gitzel says the company continues to be hurt by low uranium world prices even as supply significantly retracts.
Gitzel has said the company has no immediate plans to reopen its Key Lake and McCarthur River operations in Northern Saskatchewan.