A message from Cameco president and CEO Tim Gitzel
When asked by Canadian Mining Journal to comment on Cameco’s success and plans for the future, the answer was very easy because after a year of global economic, political and environmental challenges, our focus remains the same; a company-wide commitment to increase annual uranium production.
We remain confident in the long-term fundamentals of the nuclear industry. World demand for safe, clean, reliable and affordable energy continues to grow and the need for nuclear energy as part of the global energy mix remains compelling.
Our numbers show that 96 new nuclear reactors are expected to be on line by 2021 – 63 of which are presently under construction. Most significant are countries like South Korea, India, Russia, and of course China, where we are seeing the most growth.
More reactors mean more demand for uranium. Today, Cameco has 435 million pounds of proven and probable uranium reserves, 254 million pounds of measured and indicated resources and 318 million pounds of inferred resources. These assets, some of the richest in the world, position us to meet the growing global demand for uranium as new reactors come on line.
Cameco’s goal is to be a dominant nuclear energy company – the supplier, partner, employer and investment of choice in the nuclear industry.
Cameco’s key measures of success are a safe, healthy and rewarding workplace, a clean environment, supportive communities and outstanding financial performance.
In 2011, we delivered record financial performance at a time when the industry saw uranium prices decline and some producers delay or cancel projects. This was done safely and responsibly – something that is crucial to our business, and something we will never compromise on.
Cameco invested about $5 million in community initiatives and projects in 2011, maintained its position as the largest industrial employer of aboriginals in Canada, and was widely recognized as one of the best companies to work for in Canada.
Our goal is to make a difference, both at home, and around the world through the clean energy that is generated from our products and services. We will continue our strong corporate performance in 2012 and will look at new ways to make a positive impact in the communities where we live and work.
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