Uranium prices have increased vertiginously in the past year. Credit: Dmitry Kalinovsky via Shutterstock.com.

Canadian uranium producer Cameco’s net earnings and cash from operations in 2023 more than doubled compared with 2022, and adjusted earnings before interest, taxes, depreciation and amortization was up 93%, off the back of higher uranium prices.

Renewed focus on nuclear energy as a vital source in the renewables transition has spurred demand for uranium, the metal most widely used for nuclear fission. Uranium spot prices more than doubled to $100 per pound (lb) at the end of January 2024, jumping from $48/lb at the end of 2022.

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Konstantinos Venetis, commodities economist at GlobalData TS Lombard, said: “Demand (for uranium) has increased as nuclear energy becomes a more popular option in the context of ‘net zero’ – especially in China and other emerging markets. At the same time a decent share of supply sits in geopolitically sensitive areas. With speculative players jumping on this theme, prices have received an additional boost.”

Cameco’s year-end revenue for 2023 was $1.93bn (C$2.6bn), up from $1.39bn in 2022. Gross profit was $417.7m, up from $173.18m in 2022.

Tim Gitzel, CEO of Cameco, said: “The benefits of nuclear power have come clearly into focus, with 28 countries around the world declaring support for the tripling of capacity to help achieve global net-zero greenhouse gas emissions by 2050. The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to increased long-term contracting activity, and in 2023, about 160 million pounds of uranium was placed under long-term contracts by utilities.”

In 2023, Cameco also acquired a 49% stake in the US nuclear construction company Westinghouse. Brookfield asset management owns the remaining 51%.

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At each of the McArthur River-Key Lake and Cigar Lake mines, Cameco plans to produce 18 million pounds of uranium oxide this year. In 2023, the company produced 17.6 million pounds.