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Cameco may cut further production amid decline in uranium demand

Cameco Corp. will not restart its mines until the uranium market improves, and may further cut production due to declining demand, Reuters reported Sept. 5, citing an interview with company CEO Tim Gitzel.

The company has not made a final decision yet, according to Gitzel. In July 2018, Cameco extended the suspension of its McArthur River/Key Lake operations in Saskatchewan.

It suspended production at its Rabbit Lake operation, also in Saskatchewan, in April 2016. Production at Crow Butte in Nebraska and Smith Ranch-Highland in Wyoming was also curtailed in 2016.

For the second quarter of 2019, Cameco reported a loss attributable to equity holders of C$23 million, decreasing by 70% year on year from a loss of C$76 million.

Uranium prices have decreased primarily due to the impact of the 2011 Fukushima disaster in Japan.