“We’re quite optimistic about it,” Grandey said
China’s fuel requirement will increase 10-fold over the next two decades.
“We’ve done some more recent business with China, and we hope as time goes on to get a greater presence, if you will, in that market on a sustained basis,” Grandey said.
Cameco estimates around two billion pounds of uranium will be consumed by the world’s reactors during the next decade. Grandey said Most of the growth comes from a renewed nuclear renaissance as the world finds out the environmental benefits of nuclear energy.
Grandey said that four to eight reactors are estimated to be built in US over the next 10 years. In Canada, site applications are now with the regulator in Ontario and reactors are presently being pitched in three other provinces, including Saskatchewan.
Grandey said Cameco was not resistant to the financial turmoil of 2008. But while he anticipates uranium prices to fluctuate in 2009 and said Cameco is financially strong.
The company has had ongoing problems at its Cigar Lake project in northern Saskatchewan, which has been flooded since October 2006.
According to Grandey, Cigar Lake still does not have a production date but progress is being made on remediation.
“One mine shaft is already dry and more pumping capacity is being put in place to prepare for the remote possibility of another leak in the future,” Grandey said.
“We will not let the mine flood again,” said Grandey. “Rest assured, we are taking a cautious and methodical approach to develop this challenging ore body. The deposit it just too valuable to do otherwise.”
