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Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the three and six months ended June 30, 2010.
"Quarter after quarter our production success and progress at Cigar Lake demonstrate the confidence we have in our ability to achieve our goal of doubling annual uranium production from existing assets," said CEO Jerry Grandey. "It is also clear that customers - most recently those in China, where nuclear capacity is rapidly expanding - have confidence in our capability. Our growth strategy will ensure we remain among the world's leading uranium suppliers to customers around the world who are choosing safe, clean and reliable nuclear power."
Our net earnings this quarter were $68 million ($0.17 per share diluted), compared to $247 million ($0.63 per share diluted) in the second quarter of 2009. For the first six months of the year, net earnings were $211 million ($0.53 per share diluted), compared to $329 million ($0.85 per share diluted) for the first half of 2009.
Our net earnings for the quarter and first six months of the year were significantly lower, primarily as a result of recording after-tax expenses of $46 million (for the quarter) and $15 million (for the first half) for unrealized mark-to-market losses on financial instruments, compared to gains of $107 million and $83 million for the same periods in 2009. The Canadian dollar weakened slightly in the first half of 2010, while it strengthened in the first six months of 2009.