Cameco First Quarter Profits Down

Cameco First Quarter Profits Down

Friday, May 06, 2011 at 14:51

 

 

Cameco is reporting its first-quarter profits are down compared to last year.

 

The company says net earnings for the first quarter of 2011 were $91 million.

 

That’s down from $143 million in 2010, a drop of 36 per cent.

 

Company CEO Jerry Grandey says the industry is still dealing with fallout from the disaster in Japan which has put a damper on the nuclear sector.

 

However, he insists the long-term prognosis for the industry is sound.

 

Closer to home, Cameco says production volumes at McArthur River/Key Lake were 23 per cent lower this quarter compared to the same quarter last year.

 

However, he says much of that is due to work to remove abandoned freeze pipes from the new production chamber at McArthur River.

 

Grandey says he expects production at McArthur River/Key Lake to be on target to meet projections for the year.

 

He adds they still expect production to begin at the Cigar Lake mine in 2013.