Cameco Corp. plans to look at acquisition of mining assets and joint venture opportunities with customers in Asia. The company intends to double annual uranium output from its existing operations by 2018. Chief Executive Officer of the company, Jerry Grandey said that Cameco’s 2018 production forecast has been “interpreted as a diminishing interest in looking at potential acquisitions, which is not the case. We’re pursuing both avenues: organic growth and acquisitions.” He added that the company isn’t dependent on divesting its 49% stake in Centerra Gold Inc. before making an acquisition, even with high valuations posing a hurdle to acquisitions right now. Jerry Grandey said stated that Cameco’s market value of $2.88 billion indicate the high end of a range of deals it would consider. He said: “An acquisition of that size would not be difficult for Cameco, particularly if we monetize our gold asset, and even without it, it is certainly digestible.” The company is always evaluating opportunities. He stated that the company is in potential joint venture talks in exploration, development and fuel processing with India and China. He added that no deals are imminent.

Jerry Grandey, Chief Executive Officer of Cameco Corp. said that the firm may sell its stake in Centerra Gold Inc. to a strategic buyer or divest it through a secondary stock offering. He added, “We will, in a disciplined fashion, exit. The issue is whether we find a strategic buyer, do we do it secondary, can we do it all at once, do we two it in two tranches. We’re evaluating various options.” He plans that the firm plans to sell the stake “within a year or two” to focus on investments in uranium mining and nuclear energy, he said. Rising gold prices have helped overcome buyers’ concerns that political and regulatory obstacles will hinder operations at Centerra’s mines in the Kyrgyz Republic and Mongolia, Mr. Grandey said. Bloomberg reported that he declined to comment on whether Cameco is in talks with specific strategic buyers.

Cameco Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company has posted net earnings of $172 million or $0.44 per share diluted, $37 million higher than net earnings of $135 million or $0.39 per share diluted recorded in the third quarter of 2008. Third quarter adjusted net earnings was $104 million or $0.26 per share adjusted and diluted were 18% lower than in the third quarter of 2008. Cash provided by operations was $248 million compared to $109 million for the same period a year ago. Revenue was $694 million compared to $729 million for the same period a year ago. For the nine months ended September 30, 2009, net earnings were $501 million or $1.29 per share diluted, $82 million higher than net earnings of $419 million or $1.21 per share diluted recorded in the first nine months of 2008. Adjusted net earnings was $334 million or $0.86 per share adjusted and diluted, 19% lower than in 2008 due to lower earnings in the uranium and gold businesses, partially offset by higher results in the fuel services and electricity businesses. Cash provided by operations was $565 million compared to $368 million for the same period a year ago. Revenue was $2,083 million compared to $1,941 million for the same period a year ago.