CEO and president Jerry Grandey said Cameco's goal is to double its uranium production to meet the demands of emerging markets in Asia. (Geoff Howe/CP)

Jerry Grandey, the president and CEO of uranium mining company Cameco, says the nuclear energy industry is entering a renaissance and he is looking forward to reaping the rewards for increased demand for reactor fuel.

"Our goal is to double our annual uranium production to help fuel the nuclear renaissance," Grandey said Thursday in a conference call with investment analysts and media.

During the call, Grandey spoke about rising demand for uranium to supply nuclear energy plants.

"Skeptics who dismiss the idea of a nuclear renaissance ignore the accelerating momentum," he said, referring to increased demand.

Grandey said there are 53 reactors in various stages of construction or final planning around the world.

"Many of these will be fuelled and ready to start operations by the middle of this decade."

Led by China

He said the most aggressive plans were taking place in China, where 20 new nuclear energy plants could be online by 2020.

Grandey also spoke about the expansion of nuclear energy in India and South Korea.

"These decisions to build new reactors are all being made in the emerging economic powerhouses of Asia and the Middle East," he said.

'Skeptics who dismiss the idea of a nuclear renaissance ignore the accelerating momentum.'—Cameco CEO Jerry Grandey

Grandey said western governments are beginning to embrace nuclear power as an option to deal with climate change.

"That is why Cameco is building upon our reserves and resources to take advantage of the opportunities that are coming," he said.

For the year just ended, Grandey said Cameco, headquartered in Saskatoon, had done very well.

Record revenues in 2009

"Not everyone has reported 2009 as positive, but for Cameco 2009 was a very good year," Grandey said. "It was a year that saw a new record for revenue."

The company reported net earnings of $1.1 billion.

He said the most significant move in the year was the sale of its interest in Centerra Gold. That transaction generated an after-tax gain for Cameco of $374 million.

Having sold the gold mining company, Grandey said Cameco is now what he called "a pure play nuclear energy investment".

He said Cameco's five operating mines surpassed production expectations in 2009.

Three of those mines are in Saskatchewan's north.

Another Saskatchewan mine, still in development, is Cigar Lake which Grandey noted was poised to enter production in three years.

Cigar Lake had been hit with a series of setbacks due to underground flooding. The company reported earlier in February that all the water had been removed from the mine.

"We are [now] in a position to assess the condition of the underground workings," he said Thursday.

"Bringing Cigar Lake into production remains a cornerstone of our goal of doubling Cameco's uranium output," he said. He said he wants to meet that goal by 2018.

Huge cash reserves

"Our financial position at the end of 2009 is strong," Grandey added, noting that the company has cash on hand of $1.3 billion.

"Let us be clear," he quickly added. "The money is not burning a hole in our pockets," he said. "We intend to take our time to ensure that any new investment will bring real value to our shareholders."

Cameco is one of the world's largest producers of uranium, the fuel used to generate electricity in nuclear energy plants.