Saskatchewan-based Cameco Corp., one of the world's biggest uranium producers and drilling an exploration property in Northern Quebec, May 5 posted first-quarter earnings of $142 million.
CEO Jerry Grandey said the nuclear renaissance is unfolding in Asia and gaining traction in the developed world. "There are 53 nuclear plants under construction with many more planned," he said.
China is slow to lock in significant uranium volumes on long-term contract, but this should change over the near term, he added.
Cameco plans to double annual uranium output to 40 million pounds over eight years, counting heavily on its 50 per cent-owned Cigar Lake mine in Northern Saskatchewan with future capacity of 16 million pounds.
Cigar Lake is expected to start up in 2013 after a long and costly struggle to dewater the mine after a 2006 flooding.

Source：www.montrealgazette.com