By Brent Bosker

Production up,earnings down for Cameco

Nov 8, 2010 | 8:53 AM

Cameco remains on track to double uranium production by 2018.

The Saskatchewan uranium company reported Monday, a 17 per cent increase in production volumes compared to 2009 in its third-quarter earnings.

Uranium output is expected to remain strong as Cameco anticipates 22 million pounds to be taken from the ground this year.

While production is up, the company’s earnings were significantly less than what they were a year ago.

Net earnings for the quarter were $98 million. That compares to $172 million in the same period last year.

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The company also released an update on its Cigar Lake project.

Cameco said it remains on track to be in production by the middle of 2013.

Clean up work, inspection, assessment and securing of the underground development areas will continue this quarter.

bbosker@panow.com