It’s a new day for the uranium mining industry. President and CEO of Cameco, Tim Gitzel, spoke to a metals and mining conference in Florida saying he is optimistic that the market will turn around. Gitzel says Cameco’s vision is to energize a clean air world, which is aligned with the world’s growing demand for energy while helping to avoid some of the worst consequences of climate change. He adds for the countries like China, India and South Korea with massive populations, it’s more about clean air for them than climate change.

Until the market transitions to one where the price is set by production costs, not the most desperate seller, the McArthur River mine and Key Lake mill will remain in care and maintenance mode. Gitzel says there is new digital and automation technology which would allow Cameco to substantially reduce operating costs, increase operational flexibility and increase safety at McArthur River/Key Lake and they are looking at those options while the northern Saskatchewan operations are on hold.