Cameco shares fall after explosion at Japan nuclear plant

 The CEO of the world's largest uranium producer is putting a brave face on a bad situation.

Cameco shares fell nearly 16 percent today after an explosion at one of Japan's nuclear plants, but CEO Jerry Grandey has few concerns over both long, and short term impacts on his company.

Grandey reacted to the sharp drop in shares during a conference call today.

“This is largely driven by emotion as one would expect in a situation like this,” said Grandey.

Grandey says Cameco is made up of long term contracts, and solid customers relations that have been built over decades.

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“These contracts are designed to ensure a solid base of earnings, and cash flow, and insulate us, to a large extent, from market volatility, fueled by events such as the one before us,” said Grandey.

Two of the companies customers, Tohoku, and Tepco, have been effected by the massive 8.9 earthquake.

But Grandey says even if these two customers temporarily defer their operations, Cameco will still be on solid financial footing.

news@panow.com