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People's Daily Online>>Foreign Affairs

Canadian mining giant benefits from Chinese investment (2)

By Tyler Orton (Xinhua)

10:32, February 12, 2012

Despite challenges such as lower uranium prices and the Fukushima nuclear meltdown that rocked Japan last year, Gitzel said "it was also a year of record performance for us at Cameco."

Revenue went from 673 million dollars in the fourth quarter of 2010 to 977 million dollars in the final quarter of 2011 - a jump of 45 percent.

Gross profits in the fourth quarter also climbed to 353 million dollars, up from 252 million compared to the same time last year.

Cameco managed to generate 13.8 million pounds of uranium in terms of sales volume. Gitzel said the company benefited from a good safety record and stronger than expected production at a number of its facilities.

"For us it's been business as usual and in some ways, even a little better than usual," he said. "Looking forward, we remain confident in the long-term fundamentals of the nuclear industry. With our extraordinary assets, contract portfolio, employee expertise, industry knowledge and financial strength, we are well positioned to meet the growing demand for uranium and add value for our shareholders."

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