05:26:26 EDT Fri 24 May 2024
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Cameco Corp
Symbol CCO
Shares Issued 398,289,260
Close 2022-02-14 C$ 27.67
Market Cap C$ 11,020,663,824
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Globe says Cameco boosting McArthur mine production

2022-02-15 08:22 ET - In the News

The Globe and Mail reports in its Tuesday, Feb. 15, edition that Cameco is boosting uranium production at its McArthur River mine in Northern Saskatchewan. The Globe's Niall McGee writes that Cameco mothballed the mine in 2018 amid a prolonged uranium slump precipitated by the meltdown of the Fukushima power plant in Japan. In the aftermath of the 2011 accident, the price of uranium went into freefall and some countries vowed to phase out nuclear power entirely. However, over the past few years, nuclear has been touted by politicians as a possible silver bullet to help countries meet ever-stricter emissions standards. The European Union recently designated nuclear as a "green" fuel, as it generates no carbon dioxide. That means investment managers are likely to increasingly seek out uranium companies for inclusion in environmental, social and governance (ESG) funds. Cameco chief executive officer Tim Gitzel says: "You've heard it from many different agencies and countries. There's no path to net zero that doesn't include nuclear." Cameco has added 40 million pounds of uranium to its long-term contract commitments so far this year. Its total order book stands at 160 million pounds, or about 14 times its current yearly production.

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