Cameco Revenues Up 45 Per Cent Over Last Year

Cameco Revenues Up 45 Per Cent Over Last Year

Tuesday, May 13, 2008 at 15:27

Uranium giant Cameco has released its financial results from the first quarter of this fiscal year.

The company is reporting a profit of $133 million.

Cameco also says revenue of $593 million generated in the first quarter of 2008 was 45 per cent higher than in the first quarter last year.

Meanwhile, CEO Jerry Grandey says de-watering efforts continue at the Cigar Lake operation, and production won’t happen until 2011 at the earliest.

He also says operations have resumed at Rabbit Lake, and the company predicts 3.6 million pounds of production this year.

Grandey acknowledges there have been some delays in the transitioning of a second mining area at the McArthur River operation.

He says they are a “little bit behind” in both freeze drilling and underground development, but says things are still progressing and he is optimistic things will soon be back on schedule.