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Cameco said it plans to nearly double uranium production to 40 million pounds annually over the next eight years to satisfy rising demand for nuclear fuel as nuclear power generation capacity expands.

Cameco’s expansion plans rely heavily on production from its 50 percent owned Cigar Lake project in Saskatchewan, which was on track to produce 18 million pounds a year before it flooded in 2006. France’s Areva (CEPFi.PA) owns a minority stake. The company has been struggling to overhaul the project over the past four years, and now expects output in 2013

Cameco, which has forecast uranium output of of 21,5-million pounds for this year, plans to grow production to at least 40-million pounds a year of uranium by 2018.

About nine-million tons a year of the production growth will come from the company’s share of output from Cigar Lake, and the balance will come from expansions and projects in Kazakhstan, Canada, Australia and the US.

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Brian Wang

Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.

Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.

A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.