THE RIGHT STRATEGY
Our strategy is to capture full-cycle value, set wtihin the context of increasing populations, a growing focus on electrification and decarbonization, and geopolitical uncertainty which we expect will durably strengthen the long-term fundamentals for our industry. Nuclear energy must be a central part of the solution to the world’s shift to a low-carbon, climate resilient economy. Cameco is committed to responsibly and sustainably managing our business and increasing our contributions to global climate change solutions. We will execute our strategy 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 our work 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 continues 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 441 reactors operating globally and 52 new reactors under construction. That growth continues to be 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. With the lack of investment over the past decade due to low uranium prices, there is growing uncertainty about where uranium will come from to satisfy growing 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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