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Uranium miner Cameco Corp. has raised its consolidated revenue outlook for 2023 as demand for nuclear power grows in the transition away from fossil fuels, even as the company reported a 14 per cent drop in revenue in its second quarter. The Saskatoon-based company on Aug. 2 said it expects to sell higher volumes of uranium this year, and also reported higher long-term contracting numbers.
Cameco said that as of June 30, its long-term commitments require an average annual delivery of 28 million pounds of uranium over the next five years as opposed to the 26 million pounds reported at the end of March. The company also said it hopes to deliver between 31 million and 33 million pounds of uranium this year, a boost from previous expectations of 29 to 31 million.
Overall, Cameco increased its revenue outlook for the year to $2.4 billion to $2.5 billion from $2.2 billion to $2.4 billion. “The significant momentum seen in the nuclear energy industry and the heightened supply risk caused by geopolitical developments are translating into increased opportunities for Cameco,” Tim Gitzel, the company’s chief executive, said in a statement.
“We expect industry long-term contracting volumes in 2023 to exceed those in each of the last 10 years. We believe this is a good indication that a new long-term contracting cycle is underway.”
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