Cameco’s second quarter report states that the uranium mining company continues to advance recruitment, training and operational readiness for the McArthur River Mine and Key Lake mill in northern Saskatchewan, at a cost of $45-million. There are now around 670 employees and long-term contractors employed at the mine and mill and when operations resume, later this year, he expects about 850 employees and long-term contractors.

The report shows earnings of $84-million and adjusted net earnings of $72-million. President and CEO Tim Gitzel says the demand for uranium is going up and the supply is dwindling. He suggests, that as government’s strive for clean energy solutions, policy makers and business leaders must recognize that there is a need to balance affordability and security, saying that too much focus on intermittent, weather-dependent, renewable energy has left some jurisdictions struggling with power shortages and spiking energy prices or a dependence on Russian energy supplies. The good news, Gitzel says, is that because of this, many are turning to nuclear power.

(CJWW)