04:45:05 EDT Fri 31 Mar 2023
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Cameco Corp
Symbol CCO
Shares Issued 398,403,050
Close 2022-05-24 C$ 30.38
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FP/wire say Cameco CEO sees appetite for uranium grow

2022-05-24 07:11 ET - In the News

The Financial Post reports in its Tuesday, May 24, edition that uranium miners are racing to revive projects mothballed after the Fukushima disaster more than a decade ago, spurred by renewed demand for nuclear energy and a leap in yellowcake prices after Russia's invasion of Ukraine. A Reuters dispatch to the Post reports that spot prices for uranium have doubled from lows of $28 per pound last year to $64 in April, sparking a rush on projects stalled since an earthquake and tsunami crippled Japan's Fukushima nuclear power plant in 2011 (all figures U.S.). Cameco chief executive officer Tim Gitzel said after a May 5 earnings call, "Things are moving very quickly in our industry, and we're seeing countries and companies turn to nuclear with an appetite that I'm not sure I've ever seen in my four decades in this business." Reuters notes that Cameco mothballed four of its mines after Fukushima. Uranium prices began to rise in mid-2021 as several countries seeking to limit climate change said they aimed to move back to nuclear power as a source of carbon-free energy. Reuters says a quest for secure energy supplies has added to the potential demand. Uranium prices have retreated since a peak in April.

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