Cameco has three reportable segments: uranium, fuel services and electricity. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The electricity segment involves the generation and sale of electricity.

Cameco's reportable segments are strategic business units with different products, processes and marketing strategies.

Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies.

(a)	Business Segments

For the three months ended June 30, 2011
		Uranium	Fuel Services	Electricity	Other	Total
Revenue		$256,261	$69,606	$99,224	$614	$425,705
Expenses
	Products and services sold	148,139	51,094	68,752	74	268,059
	Depreciation, depletion and amortization	22,449	5,947	16,845	4,517	49,758
Cost of sales		170,588	57,041	85,597	4,591	317,817
Gross profit (loss)		85,673	12,565	13,627	(3,977)	107,888
	Exploration	17,133	–	–	–	17,133
	Cigar Lake remediation	1,395	–	–	–	1,395
	Loss on sale of assets	719	–	–	–	719
	Share of loss from equity-accounted investees	1,951	373	–	–	2,324
	Other income	(352)	–	–	–	(352)
	Non-segmented expenses					36,319
Earnings (loss) before income taxes		64,827	12,192	13,627	(3,977)	50,350
	Income tax recovery					(873)
Net earnings						$51,223

For the three months ended June 30, 2010
		Uranium	Fuel Services	Electricity	Other	Total
Revenue		$359,113	$72,949	$113,349	$644	$546,055
Expenses
	Products and services sold	196,905	50,468	58,640	110	306,123
	Depreciation, depletion and amortization	35,143	4,383	15,644	4,904	60,074
Cost of sales		232,048	54,851	74,284	5,014	366,197
Gross profit (loss)		127,065	18,098	39,065	(4,370)	179,858
	Exploration	17,743	–	–	–	17,743
	Cigar Lake remediation	5,126	–	–	–	5,126
	Gain on sale of assets	(51)	–	–	–	(51)
	Share of loss from equity-accounted investees	1,117	748	–	–	1,865
	Other income	(628)	–	–	–	(628)
	Non-segmented expenses					106,444
Earnings (loss) before income taxes		103,758	17,350	39,065	(4,370)	49,359
	Income tax recovery					(18,714)
Net earnings						$68,073

For the six months ended June 30, 2011
		Uranium	Fuel Services	Electricity	Other	Total
Revenue		$553,568	$118,915	$206,632	$850	$879,965
Expenses
	Products and services sold	322,792	89,089	124,828	74	536,783
	Depreciation, depletion and amortization	44,798	10,439	34,558	9,076	98,871
Cost of sales		367,590	99,528	159,386	9,150	635,654
Gross profit (loss)		185,978	19,387	47,246	(8,300)	244,311
	Exploration	34,958	–	–	–	34,958
	Cigar Lake remediation	4,447	–	–	–	4,447
	Loss on sale of assets	695	–	–	–	695
	Share of loss from equity-accounted investees	3,866	1,150	–	–	5,016
	Other income	(4,975)	–	–	–	(4,975)
	Non-segmented expenses					60,553
Earnings (loss) before income taxes		146,987	18,237	47,246	(8,300)	143,617
	Income tax expense					2,934
Net earnings						$140,683

For the six months ended June 30, 2010
		Uranium	Fuel Services	Electricity	Other	Total
Revenue		$660,906	$130,936	$237,822	$1,107	$1,030,771
Expenses
	Products and services sold	362,574	83,397	108,955	137	555,063
	Depreciation, depletion and amortization	63,925	6,734	31,671	9,922	112,252
Cost of sales		426,499	90,131	140,626	10,059	667,315
Gross profit (loss)		234,407	40,805	97,196	(8,952)	363,456
	Exploration	32,910	–	–	–	32,910
	Cigar Lake remediation	7,839	–	–	–	7,839
	Loss on sale of assets	183	–	–	–	183
	Share of loss from equity-accounted investees	1,372	1,467	–	–	2,839
	Other income	(2,633)	–	–	–	(2,633)
	Non-segmented expenses					114,045
Earnings (loss) before income taxes		194,736	39,338	97,196	(8,952)	208,273
	Income tax recovery					(2,081)
Net earnings						$210,354