(Bloomberg) -- Cameco Corp., one of the world’s top uranium producers, is considering expanding some of its mining projects as global demand for nuclear power rises, according to its top executive.
“We’ve got some fantastic uranium ore bodies, and we’re looking to extend and expand those where we can,” Chief Executive Officer Tim Gitzel said in an interview on Bloomberg Television. Gitzel didn’t specify which projects the company might expand.
Uranium prices have soared over the past three years as investors piled into the commodity underpinning the world’s push for more nuclear energy. However, the spot price has fallen about 22% this year since hitting a record high of $106.40 per pound on Feb. 1.
Canada’s Cameco is one of the two biggest producers of uranium, alongside Kazakhstan’s Kazatomprom.
Growing demand for nuclear power poses the “best fundamentals I’ve ever seen for nuclear in my 40-year career,” Gitzel said.
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