“First, demand for nuclear power is becoming more certain as the mega trend of increasing electrification while phasing out carbon-intensive sources of energy continues to take hold around the globe,” he told analysts on a conference call.
“Second, uranium supply is becoming less certain as years of persistently low prices have led to planned production curtailments, lack of investment, the end of reserve life for some mines, shrinking secondary supplies and trade policy issues.”
“We are excited about the future of nuclear power generation, about the fundamentals of uranium supply and demand and about the prospects for our company," he said.
Cameco reported an adjusted net loss of CAD29m (€19.7m) for the quarter, compared with adjusted net earnings of CAD29m a year earlier.
The company said the period was impacted by CAD33m in additional care and maintenance costs due to another Covid-19 suspension of the Cameco-operated Cigar Lake joint venture which began in December.
Cigar Lake restarted in April but Mr Gitzel said the company was not in a position to provide additional outlook for 2021 until it knew the rate it could sustainably operate the mine.
