Cameco (CCJ) CEO Says Nuclear Renaissance Will Continue

While acknowledging there could be a temporary slowdown in the nuclear industry because of Japan nuclear struggles, Cameco (NYSE:CCJ) Chief Executive Officer Jerry Grandey doesn't see it having a negative impact on the long term.

Grandey says he firmly believes the nuclear renaissance will survive the unfolding Japanese nuclear disaster, as the 60-plus power plants now under construction around the globe continue to forge ahead.

During a conference call with analysts, investors and news media Monday, Grandey said two Japanese utilities are directly affected. However, even if they were to temporarily deter part of their deliveries, Cameco would still be well within its guidance for their year, he emphasized.

Of the 54 nuclear power stations in Japan, 11 are now down due to the earthquake and the tsunami, Grandey said. Nevertheless, he explained, "Even if the 11 units remain down, it would not be all that significant to Cameco."

And, Grandey stressed, Cameco will not shift its uranium portfolio as a consequence of the events in Japan. Nor does he anticipate that the Saskatchewan-based uranium miner will have to sell back into the spot market.

No long-term contracts have been canceled at this point, Grandey noted.




source