The president and CEO of Cameco says although there was a $13-million loss in the third quarter, the uranium mining company is focused on the long term and demand is on the upswing. With the closure of the McArthur River/Key Lake operation, Tim Gitzel says they are in the market to buy uranium at a lower cost than they can produce it. When that changes, their tier 1 facilities will re-open.

He is confident this is the right decision for the long term. Gitzel is optimistic about what he considers the role nuclear power will play to ensure safe, reliable, and affordable low-carbon electricity generation. In the third quarter report, Gizel adds that Cameco’s balance sheet is strong, with more than $860-million on the balance sheet, so the ability to manage risk has improved.