Record Profits for Cameco

Record Profits for Cameco

Wednesday, January 28, 2004 at 13:21

Cameco posted a record profit last year, despite the underground flooding at the McArthur River mine.

The uranium mining giant reported yesterday that its net profit for 2003 was just under 205 million dollars — up from 43.5 million dollars the year before.

This, despite a shutdown at McArthur River that cost the company 26 million dollars in lost production.

Cameco attributes much of the increase in net earnings to the rising spot price for uranium, which jumped over 40 per cent last year.