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People's Daily Online>>Foreign Affairs

Canadian mining giant benefits from Chinese investment

By Tyler Orton (Xinhua)

10:32, February 12, 2012

VANCOUVER, Feb. 10 (Xinhua) -- Canadian mining giant Cameco, which has been the beneficiary of considerable Chinese investment, saw earnings soar 29 percent during its fourth quarter compared to the same period last year.

In a newly released financial statement, the company reported 265 million dollars in net income in the final quarter of 2011, up from 206 million dollars in the fourth quarter of 2010.

Along with the fourth quarter financial summary, Cameco also released its year-ending report, which saw net income increase compared to 2010.

"2011 was also strong from a financial and operational perspective," Cameco CEO Tim Gitzel said. "We saw high uranium sales volumes and record realized prices, which combined to generate almost 2.4 billion dollars in revenue for our nuclear business - 12 percent higher than in 2010 and a record for the company. 1.6 billion dollars of that was from our uranium segments."

Cameco, one of the world's largest uranium producers, signed an agreement in 2010 to supply China's Guangdong Nuclear Power with 29 million pounds of uranium through to 2025.

Canadian Prime Minister Stephen Harper has been touring China this week and managed to secure a deal that would see business between the two countries increase even more.

"(Feb. 9) it was announced that Canada and China have agreed on a protocol to allow deliveries of Canadian uranium concentrate to the world's fastest-growing nuclear market," Gitzel said.

"Once ratified, this will help us build our position as a key uranium supplier to China and grow employment and investment in Canada's uranium mining industry. We commend the governments of both countries for getting this done."

The protocol will allow the shipment of Canadian uranium directly into China. Some 50 million pounds of uranium is expected to ship from Cameco's operations to China over the next 15 years.

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