Saskatoon-based uranium giant, Cameco, is reporting an annual net loss of $53 million after fourth quarter net earnings of $80 million with adjusted net earning of $48 million. The company says annual results were driven by the continued execution of the company’s strategy and, what it calls, proactive measures taken due to COVID-19.

Cameco says the positive fourth-quarter results demonstrated the positive financial impact of the return of low-cost tier-one production from Cigar Lake after its first production suspension and the elimination of care and maintenance costs associate with that suspension.

Last December, production at Cigar Lake was suspended for a second time as a precautionary measure due to the increased uncertainty about access to qualified personnel caused by the pandemic. The production plan for this year is uncertain.