Cameco’s 2023 net earnings and cash from operations more than doubled from the previous year as the benefits of nuclear power “have come clearly into focus” and geopolitical tensions prompt governments to reevaluate energy policy.

The Canada-based uranium company said the financial results were the results of higher sales volumes and realised prices for uranium production and fuel services.

Cameco president and chief executive officer Tim Gitzel said the current bullish trend in the uranium market is not just a fleeting moment, adding that the market is driven by global-scale factors that will “persist for years to come”.