Cameco eyes further uranium production cuts as demand stalls

|About: Cameco Corporation (CCJ)|By:, SA News Editor

Cameco (CCJ +2.3%) says it will limit production until uranium prices recover and could cut output still further, although nuclear reactor life extensions in France and newbuilds in China and other countries offer some hope.

"We are not restarting mines until we see a better market and we may close more capacity, although no decision has been taken yet," CEO Tim Gitzel told Reuters today at the World Nuclear Association's annual conference.

A new WNA report shows world uranium production fell 14% to 53.5K metric tons in 2018 from 62.2K mt in 2016, with Canada, the world's second biggest producer, cutting output in half to 7K mt.

ETF: URA

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