The President & CEO of Saskatoon-based company Cameco expects the next 12 to 18 months to be interesting for the uranium industry.
Tim Gitzel says they’re cautiously optimistic, despite the low price of uranium, because there is still growth.
In their 4th quarter report, Gitzel says the company has streamlined operations by suspending production at Rabbit Lake and curtailing production at its U.S. operations. More recently, they’ve temporarily suspended the McArthur River/Key Lake operation.
- 500 jobs lost as Cameco suspends Rabbit Lake operation
- Cameco temporarily shutting down operations in northern Saskatchewan
- Sask. Premier confident with how Cameco is handling shutdown situation
There will also be an extended summer shut down at Cigar Lake.
Gitzel says the goal is to remain competitive and wait for the market to turn around.