Another Year Of Record Earnings At Cameco
Wednesday, February 06, 2008 at 14:05
Despite a string of flooding incidents at northern Saskatchewan mine sites, Cameco continues to bring in record profits.
The Saskatoon-based uranium mining company says, for the year 2007, revenue from its uranium business rose by 58 per cent over 2006 to over $1.2 billion — mainly due to rapidly rising uranium prices.
However, the company produced six per cent less uranium compared to 2006.
That’s mainly because production was down 20 per cent from the previous year at Rabbit Lake — where mining activity was halted late in the year because of flooding.
Cameco says the improved results in the uranium business led to a 120 per cent increase in overall net earnings in 2007 from 2006.
It also says it expects its revenue to rise by 5 to 15 per cent in 2008.
However, the company also says its capital expenditures will rise by 77 per cent.
That increase is partially due to various revitalization programs at Key Lake.