Quarterly Reports - 2011 - Q4

  • delivered a strong fourth quarter—record revenue and gross profit from our nuclear business
  • record annual revenue and gross profit from our nuclear business, and record revenue and realized prices in our uranium segment
  • uranium production 3% higher than plan—on track with our Double U strategy
  • matched our 2010 production record at McArthur River/Key Lake
  • continued progress at Cigar Lake—broke through on the 480 metre level, putting it on the path to become another source of high-grade, low-cost production

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter ended December 31, 2011 and for the year.

"2011 was a challenging year for the nuclear industry," said CEO Tim Gitzel. "However, it was business as usual for us, and in some ways, even better than usual. We achieved a number of financial records including record revenue and gross profit from our nuclear business and record realized prices for uranium. At our operations we delivered on a number of key milestones in a safe and responsible manner.

"Looking forward, we remain confident in the long-term fundamentals of the nuclear industry. With our extraordinary assets, contract portfolio, employee expertise, industry knowledge and financial strength, we are well positioned to meet the growing demand for uranium and add value for our shareholders."