Port Hope conversion services
Cameco Fuel Manufacturing Inc.
Springfields Fuels Ltd. (SFL)

Production update

Fuel services produced 4.7 million kgU in the first quarter, 4% higher than the same period last year. We increased our production target in 2013 to between 15 million and 16 million kgU, so quarterly production is anticipated to be higher than comparable periods in 2012.

Labour relations

The current collective agreements with unionized employees at the Port Hope conversion facility will expire on June 30, 2013. Bargaining will begin in April 2013. There is risk to production if we are unable to reach an agreement and a work stoppage occurs.