Earnings down in uranium mining

30 May 2001

Two Canadian uranium mining companies reported decreased earnings.

Cameco reported earnings of $650,000 for the first quarter of this year, compared with $5.9 million for the same period in 2000. The company attribute the decline to decreased sales volume as well as lower realised prices in their nuclear business.

Denison Mines has reported net earnings of $583,000 for this year’s first quarter, down from $790,000 the previous year. However, the uranium part of the business has seen an 8.5% increase in revenue and production at McClean Lake is running above expected levels.

Despite this news, both companies’ shares hit 52-week highs last month. The upturn followed the unveiling of US plans to develop nuclear power.



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