Uranium major Cameco is excited about the future of nuclear power generation, CEO Tim Gitzel said on Wednesday, stating that demand for both traditional and nontraditional uses of nuclear power was growing as the focus on electrification took hold.

The vertically integrated company believes it has the right strategy to support the global clean-air transition and is exploring emerging opportunities in the fuel cycle to contribute to global climate change solutions.

Cameco recently signed a memorandum of understanding with GE Hitachi Nuclear Energy and Global Nuclear Fuel-Americas to explore several areas of cooperation to advance the commercialisation and deployment of small modular reactors in Canada and around the world.

The company is also invested in Global Laser Enrichment, which is the exclusive licensee of proprietary Silex laser enrichment technology.

“Our vision to energise a clean-air world recognises that we have an important role to play in enabling the vast reductions in greenhouse gas emissions required to accomplish the targets being set by countries and companies around the world to achieve a resilient, net-zero carbon economy,” said Gitzel.

Meanwhile, Cameco also announced its second-quarter results, which the company said was in line with the execution of its strategy and the proactive decisions to suspend production to protect the health and safety of its workers.

The company reported a quarterly net loss of $37-million and an adjusted net loss of $38-million.

The suspension of production at the Cigar Lake mine, in Canada, for about four months until its restart in mid-April resulted in an additional care-and-maintenance cost of $8-million.

Operations at the mine were suspended again at the beginning of July following the evacuation of nonessential personnel owing to the proximity of a forest fire. Production restarted a few days later and, provided that there are no further disruptions, Cigar Lake would produce up to 12-million pounds this year.