Quarterly Reports - 2013 - Q4

  • strong performance in a weak market
  • delivered record annual consolidated revenue
  • strong uranium segment results – record annual revenue and average realized price
  • record quarterly and annual uranium production
  • began jet boring in ore at Cigar Lake
  • recorded a $70 million write-down on Talvivaara asset
  • announced the sale of our interest in Bruce Power Limited Partnership

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2013 in accordance with International Financial Reporting Standards (IFRS).

"2013 was a challenging year, but also a year in which Cameco was, again, able to demonstrate resilience and strength," said president and CEO, Tim Gitzel. "We were able to achieve record production and a number of record financial results, despite the continued uncertainty in the uranium market.

That uncertainty has lasted for longer than had been expected, and this year, we've moved away from our production target of 36 million pounds by 2018. Although we still have an extensive portfolio of assets from which we can increase our production, the market incentive must be there. We're confident this change will ensure we have the flexibility to remain competitive, create value for shareholders, and benefit when certainty and growth return to the market over the long term."