Cameco Planning Expansion Of Uranium Business

Cameco Planning Expansion Of Uranium Business

Thursday, May 28, 2009 at 13:39

Cameco says it will continue to expand its operations to meet the world’s demands for uranium.

Yesterday, company president and CEO Jerry Grandey told shareholders that Cameco estimates about 2 billion pounds of uranium will be consumed by the world reactors during the next 10 years.

Grandey says 20 per cent of the total demand would have to come from new mines or the expansion of existing operations.

He points to China and India as potential customers.

Grandey says Cameco is always in talks with China.

He says China is currently constructing 24 reactors — and by 2030, he says that country intends to construct 100 additional nuclear plants.

Grandey also says India will likely build at least 18 new reactors in the next 10 years.