Cameco Profits Down; Cigar Lake Repairs Underway

Cameco Profits Down; Cigar Lake Repairs Underway

Monday, November 02, 2009 at 12:02

Less revenue from uranium and gold are being cited as reasons for a decrease in profits at Cameco.

The company released its quarterly report today.

Its adjusted net earnings for the third quarter of 2009 came in at $104-million. That’s down 18 percent from last year.

On the positive side of things, Cameco says its electricity business in Ontario is doing very well, which helped offset costs.

Meantime, efforts continue to fix the Cigar Lake mine.

The company says progress has been made in repairing the inflow that occurred in August of last year when workers attempted to dewater the mine’s underground area.