Uranium miner Cameco says 2018 production target no longer makes sense

SASKATOON – Cameco chief executive Tim Gitzel says it no longer makes sense for the company to keep its goal of producing 36 million pounds of uranium a year by 2018.

He says the company continues to like the long-term prospects for the industry, but the near- to medium-term outlook is too foggy to support that target.

Cameco (TSX:CCO) says it expects to produce 23.8 million to 24.3 million pounds in 2014.

The uranium miner says it earned $64 million, or 16 cents per share, in the quarter ended Dec. 31, up from $41 million, or 10 cents per share, a year ago.

Revenue for the three-month period totalled $977 million, up from $846 million.

Adjusted earnings for the company were $150 million, or 38 cents per share, down from $233 million, or 59 cents per share.