As with any industry, there have been ups and downs in the past 50 years, and I can say from my 25 years in the industry, it’s been up and down and public support has come in, and then stronger and a little bit weaker, but the world’s reactors have continued to produce energy efficiently and affordably. As a result, many utilities around the world want and need nuclear in their energy portfolios, so much so that over the past decade, we started to see construction of new reactors, the magnitude of which has not been seen for many years. The pace of that construction accelerated to the point where, today, dozens of reactors are being built around the world, and increasing the need for uranium.The challenge for the industry, as Oscar has mentioned, is the near and mid-term uncertainty that has arisen from the events of Japan last year. At that point, all countries with nuclear programs paused to review the safety of their operations and to conduct stress tests, which has led to some delays in the licensing and construction. Some countries, most notably Germany, as most of you probably know, over time, has decided to move away from nuclear and focus on other ways to generate electricity. And Japan, as of very recently, has no reactors operating.
Cameco Management Presents At Bank Of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference (Transcript)
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