THE RIGHT STRATEGY
Cameco's strategy is focused on taking advantage of the long-term growth we see coming in our industry, while maintaining the ability to respond to market conditions as they evolve. Our strategy is to focus on our tier-one assets and profitably produce at a pace aligned with market signals in order to preserve the value of those assets and increase long-term shareholder value, and to do that with an emphasis on safety, people and the environment.
We have world class assets that are the foundation of our strategy, providing an extensive base of mineral reserves and resources and diversified sources of supply. These include our tier-one operations at McArthur River/Key Lake, the largest uranium operation in the world, and Cigar Lake, the highest grade uranium deposit in the world, as well as Inkai in Kazakhstan. These assets are complemented by participation in other parts of the nuclear fuel cycle, producing fuel and components for reactors around the world.
OPERATING REACTOR GROWTH
There is growing focus on electrification and an increasing recognition of the role nuclear power must play in providing safe, reliable, affordable carbon-free baseload electricity and achieving a low-carbon economy. Momentum is also building for non-traditional commercial uses of nuclear power such as development of small modular reactors and advanced reactors.
According to the International Atomic Energy Agency there are currently 443 reactors operating globally and 52 reactors under construction. That growth is led by Asia and China with 24 reactors under construction.
LONG-TERM MARKET GROWTH
We believe the current backlog of long-term contracting presents a substantial opportunity. UxC estimates that cumulative uncovered requirements are about 1.4 billion pounds to the end of 2035. We do not believe the pounds available in the spot market will be enough to satisfy the growing backlog of long-term demand.
There is opportunity, in the long term, for strong producers that have the right mix of low-cost assets and flexibility to fulfill utilities' uncovered requirements.
Caution about Forward-Looking Information
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