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Cameco Corp Up More Than 2% in Pre-Market as CEO Says Nuclear Future Still Sound

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Shares of Cameco Corp ( CCJ ) were up more than 2% in U.S. pre-market trading after Chief Executive Jerry Grandey reportedly said on Monday he remains confident that the long-term outlook for uranium is solid despite global anxiety over radiation from an earthquake-crippled nuclear plant in Japan.

Speaking to Reuters in an exclusive interview at the Mining and Steel Summit, Grandey reportedly said that while the so-called nuclear renaissance will be slowed by the crisis in Japan, more uranium will be needed in the next few years to fuel reactors already online and under construction.

Cameco, the world's No. 2 uranium producer, plans to double production to 40 million pounds a year by 2018, Reuters says. With contracts in place through 2017, the crisis will not have a material impact on the company's long-term outlook, Grandey reportedly said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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