Refining and Conversion

Cameco is one of three major western suppliers of uranium hexafluoride (UF₆) conversion services through our ownership of the Port Hope conversion facility in Canada and a toll-conversion arrangement with Springfields Fuels Ltd. in the UK. Cameco is also the only commercial supplier of natural uranium dioxide (UO₂) to fuel Canadian-designed Candu reactors.

Cameco's objective is to build on its competitive advantage in fuel services while striving to meet four major goals:

• remaining a sustainable low-cost producer,
• expanding our market position,
• increasing supply flexibility, and
• maximizing realized prices.

Fuel Manufacturing

Cameco is one of two suppliers of Candu reactor fuel bundles in Canada. Our objective is to secure existing customers and prepare to meet increased demand should reactor refurbishment and construction of new units proceed as planned in Canada.

Power Generation

Bruce Power is Cameco's chosen vehicle for investing in generation of clean nuclear power in Canada. Cameco owns 31.6% of a limited partnership that operates the four nuclear reactors that comprise the Bruce B facility. Cameco will continue to evaluate evolving proposals for refurbishment of the Bruce reactors in Ontario as well as new-build proposals outlined in preliminary in Alberta and Saskatchewan. Future investment decisions in nuclear power will have to meet Cameco's investment criteria.

For more information on our strategy see the 2012 Annual Report.