Earnings of $34.1 million in 1990, up by 45% from the previous year, were recorded by Cameco, the government-owned uranium and gold producer based in Saskatoon, Sask. Net earnings of $91.6 million, enhancedby a gain on sale of $57.5 million, were also reported.
Cameco, owned 61.5% by the Saskatchewan government and 38.5% bny the Canadian government and which is to be privatized over the next few years, reported a 33% reduction in its long-term debt to $347.8 million. In cutting its debt, the corporation lowered its debt-over-equity to 37% from 62%.
Revenues dropped to $315.6 million in 1990 from $319.5 million the previos year. The company attributed the decline to softer spot uranium prices and a strong Canadian dollar. While Cameco did nopt sell its uranium products into the spot market last year, certain of its long term contract prices were tied to the prevailing spot price, Tom Gordon, vice-president of finance, said. Cameco’s uranium and gold mining operations are in northern Saskatchewan. Its uranim processing facilities are in Ontario.
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