Uranium

Cameco has nuclear utility customers in 13 countries on four continents. We sell uranium in direct competition with various sources worldwide and pursue a strategy of selling largely under long-term contracts. Our strategy is to commit our uranium production to utilities under contracts with a diversified mix of pricing mechanisms.

Cameco has averaged uranium sales of 31.8 million pounds per year over the past ten years.

Currently, Cameco has commitments in excess of 300 million pounds of U₃O₈ under long-term contracts with about 50 customers worldwide. Our five largest customers account for 47% of those commitments.

Geographically, 49% of Cameco's sales volume is to utilities in the Americas (US, Canada and Latin America), 30% to European customers and 21% to utilities in the Far East.

Conversion

UF₆

As with uranium, Cameco's strategy for uranium hexafluoride (UF₆) conversion is based on securing long-term contracts with utilities in different regions of the world.

Currently, Cameco has about 90 million kilograms of UF₆ committed to 50 customers worldwide under long-term contracts. Our five largest customers account for 37% of those commitments. About 52% of our contracted UF₆ is destined for customers in the Americas, 27% to European customers and 21% to utilities in the Far East.

UO₂

Cameco is the only supplier of uranium dioxide (UO₂) used by the Canadian operators of Candu heavy water reactors. These customers include Bruce Power, Ontario Power Generation, NB Power and Hydro-Québec. Cameco also exports UO₂ to South Korea for its Candu reactors and sells the product to customers in Japan and the US for use in light-water reactor fuel applications.

UO₃

Cameco's intermediate fuel services product, uranium trioxide (UO₃) has also found a meaningful market for use as blendstock as a highly enriched uranium (HEU) diluent. As the United States government pursues disarmament goals by blending down and commercializing uranium inventories, the characteristics and specifications of Cameco's refined UO₃ powder has shown to be the preferred source of blendstock for that purpose.

Fuel Manufacturing

Cameco is one of two nuclear fuel manufacturers in Canada. Cameco manufactures fuel bundles for Candu reactors at its plant in Port Hope, Ontario. We have the capacity to produce 1,200 tonnes of uranium annually as finished fuel which is used to generate clean electricity.

Cameco also produces components for nuclear reactors and specialty alloy products for a variety of applications. Cameco is the largest Canadian-based supplier of reactor components to Candu operators in Canada.

Marketing offices

Cameco has marketing staff in Saskatoon and Port Hope, Canada, Minneapolis in the US, Zug, Switzerland, and Hyderabad, India.

For more information on Cameco's marketing activities see our annual information form