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How We're Doing

GRI Results

You can review our GRI metrics and results in detail in our GRI index.

Safe, healthy and rewarding workplace

Hiring and labour practices

  • LA1 Workforce (by employment type, contract and gender)
  • LA2 Hiring and turnover
  • LA4 Collective bargaining

2013 Highlights

  • Top 100 Employer
  • Best Diversity Employer
  • Top Employer for Young People

Employee development

  • LA12 Performance and career development reviews

2013 Highlights

  • 75% of employees receive 3 formal performance reviews per year

Safety and working conditions

  • LA6 Health and safety committees
  • LA7 Injury frequency, missed work
  • CA2 Average radiation dose to workers

2013 Highlights

  • Continued low LTI frequency
  • 100% of workers covered by OHS committees
  • Continued low average dose of radiation to workers
  • Won CIM’s John T. Ryan National Safety Trophy for the McArthur River operation

LTI Rate

2011 2012 2013
LTI Rate 0.309 0.126 0.172

Average Radiation Dose

mSv (millisieverts)

2011 2012 2013
Average Radiation Dose 0.81 0.72 0.72

Number of Employees

2011 2012 2013
Number of Employees 3474 3574 3345

Clean environment

Energy

  • EN3 Direct energy use
  • EN4 Indirect energy use

2013 Highlights

  • Modest energy increases despite production increases

Water

  • EN8 Water withdrawal
  • EN21 Water discharge and quality

2013 Highlights

  • Slight decrease in water intake
  • Continued decrease in amount of molybdenum and uranium in treated water discharged to the environment

Emissions

2013 Highlights

  • Declining GHG emissions
  • Decreases in SO2 and NO2 emissions

Waste

2013 Highlights

  • Decrease in the overall amount of waste generated at our operations
  • Over 8 million tonnes of waste rock reclaimed

Incidents

  • EN23 Significant incidents
  • EN28 Significant environmental fines

2013 Highlights

  • No significant environmental incidents
  • No significant environmental fines

Land

  • MM1 Operational footprint

2013 Highlights

  • Added 415 hectares to operational footprint

Water Withdrawal (m3)

2011 2012 2013
Water Withdrawal 21135822 21673994 20667091

Total Non-Mine Waste Generated
(tonnes)

2011 2012 2013
Total Waste Generated 15471 17408 14307

GHG Emission (tonnes CO2e)

2011 2012 2013
GHG Emission 512790 532497 519589

Supportive communities

Economic impact

  • EC6 Local spending
  • EC7 Local hiring
  • EC8 Infrastructure and service investments
  • EC9 Indirect economic impact

2013 Highlights

  • $550 million in local procurement, including $450 from locally owned northern Saskatchewan companies
  • 747 local employees from northern Saskatchewan

Engagement

  • SO1 Community engagement

2013 Highlights

  • Community engagement activities at 100% of our operations
  • One additional agreement with local community
  • 4th CCAB PAR Gold certification

Community relations

  • MM5 Proximity to Indigenous territories
  • MM6 Disputes related to land use and customary rights
  • MM7 Grievance mechanisms
  • HR9 Disputes related to Indigenous rights
  • MM10 Operations with preliminary decommissioning plans

2013 Highlights

  • No significant disputes related to land use or customary rights
  • 5 operations on Indigenous Territory
  • 1 significant dispute related to Indigenous rights
  • 90% of operations with preliminary decommissioning plans

Public opinion, lobbying

  • CA1 Polling (public support)
  • SO5 Public policy, lobbying

2013 Highlights

  • Strong support wherever we operate

Northern Saskatchewan Local Procurement Dollars

2011 2012 2013
Local Procurement Dollars 393000000 (74%) 458000000 (73%) 451000000 (67%)

Northern Saskatchewan Local
Employees

2011 2012 2013
Local Employees 761 756 747

2013 Public Polling

Percentage

Saskatchewan N. Saskatchewan S. Ontario N. Ontario Nebraska Wyoming
Public Polling Numbers 79% 76% 87% 93% 69% 89%

Outstanding financial performance and governance

Economic value

  • EC1 Direct economic value

2013 Highlights

  • increased revenue and operating costs

Fines, sanctions, litigation

  • SO7 Legal action (anti-competitive behaviour)
  • SO8 Competition law compliance
  • PR4 Labelling non-compliance
  • PR4 Sanctions (product non-compliance)

2013 Highlights

  • no legal actions for anti-competitive behaviour
  • two significant fines for non-compliance with laws and regulations
  • four incidents involving dangerous goods labelling, including two resulting in warnings

Governance

  • CA3 Annual governance scores and rankings

2013 Highlights

  • ranked 25th out of 232 Canadian companies by Globe and Mail in governance practices

Revenue and Operating Costs*

2011 2012 2013
Revenue 2400000000 1900000000 2400000000
Operating Costs 1200000000 1200000000 1600000000

G&M Governance Scores

2011 2012 2013
G&M Governance Scores 91 91 88

Community Investment Dollars

2011 2012 2013
Community Investment 5300000 5300000 4100000

*Starting in the first quarter of 2013, IFRS 11 – Joint Arrangements requires that we account for our interest in Bruce Power Limited Partnership using equity accounting. Our results for 2012 have been revised for comparative purposes; however, our results prior to 2012 have not been revised.

Corporate Targets

Our corporate objectives are designed to help us achieve our strategy, which you can read about in the Approach section of this report.

Outstanding Financial Performance

2013 Objectives Results
1 We use adjusted net earnings and cash flow from operations (before working capital changes) as a more meaningful way to compare our financial performance from period to period. These measures do not have a standardized meaning or a consistent basis of calculation under IFRS (non-IFRS measure), and they should not be considered in isolation or as a substitute for financial information prepared in accordance with IFRS. Other companies may calculate these measures differently. Adjusted net earnings (non-IFRS measure) is our net earnings attributable to equity holders, adjusted to better reflect the underlying financial performance for the reporting period. This measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period and adjusted for impairment charges, inventory write-downs, losses on exploration interests and income taxes on adjustments. Cash flow from operations (before working capital changes) of $669 million is cash provided by operations of $530 million with the changes in non-cash working capital of $139 million added back. Changes in non-cash working capital includes changes in accounts receivable, inventories, supplies and prepaid expenses, accounts payable and accrued liabilities, and certain other operating items, as further detailed in note 24 to our audited 2013 financial statements.
Earnings Measures
  • Achieve targeted adjusted net earnings and cash flow from operations (before working capital changes).
 Exceeded
  • Adjusted net earnings1 were $445 million, 11% higher than our target.
  • Cash flow from operations (before working capital changes)1 was $669 million, 11% higher than our target.
Capital Management
  • Execute capital projects within scope, on time and on budget.
 Partially achieved
  • Our cost performance indicator for 2013 was 0.87 (over budget), above the threshold; however, below the target of 1.0, due to cost overruns and necessary scope additions at Cigar Lake.
  • Our schedule performance indicator was below our threshold for 2013, resulting in a zero rating.
Cigar Lake
  • Achieve production at Cigar Lake in 2013.
 Not achieved
  • In 2013, we made strong progress toward production, including jetting in waste, assembling a second jet boring system underground, and commissioning most of the other mine systems. We were also successful in obtaining the required construction and operating licence. However, production of the first packaged pounds was delayed as a result of additional work to ensure the safe, efficient operation of the mine and mill. In December, we began jet boring in ore, and have since completed the first cavity in ore.

Safe, Healthy and Rewarding Workplace

2013 Objectives Results
1 Measured against the Occupational Safety and Health Administration (OSHA) safety metrics, total recordable incident rate (TRIR) and days away, restricted or transferred (DART), adopted by the company to continue to drive improvements in safety performance. TRIR is a measure of the rate of “recordable” workplace injuries. Examples of “recordable injuries” are a medical treatment (other than first aid), restricted work, lost time and other specific injuries such as 10 decibel hearing loss, loss of consciousness and broken bone. DART is a measure of the rate of workplace injuries and illnesses that require employees to miss work, perform restricted work activities or transfer to another job within a calendar year.
  • Strive for no lost-time injuries (LTI) at all Cameco-operated sites and, at a minimum, maintain a long-term downward trend in combined employee and contractor injury frequency and severity, and radiation doses.
 Exceeded
  • Overall safety performance was strong in 20131. Injury rates trended downward across the company and were better than expected. Average radiation doses remained low and stable. In the past two years, we have met our targets for safety performance.
  • Attract and retain the employees needed to support operations and growth.
 Achieved
  • We were listed as both a Top 100 Employer (for the fourth year in a row) and one of the Financial Post’s 10 Best Companies to Work For, in addition to receiving awards for being among Saskatchewan’s Top 10 Employers, Canada’s Best Diversity Employers, Top Employer for Canadians Over 40, and a Top Employer for Young People.
  • Our 2013 turnover rate of 8.3% (excluding the impact of restructuring) was lower than our target of 9%.
  • The expected turnover rate for new hires within the first year of employment was slightly higher than expected at 12.7%.

Clean Environment

2013 Objectives Results
  • Do not incur an incident that results in moderate or significant environmental impacts or remediation costs of greater than or equal to $1M or which has reasonable potential to result in significant negative impact on the company’s reputation. Achieve a decreasing trend for environmental incidents, measured as less than the long-term average.
 Exceeded
  • There were no significant environmental incidents in 2013, and our reportable environmental incidents were significantly lower than our long-term average of 38, with only 22 over the course of the year.

Supportive Communities

2013 Objectives Results
  • Increase employment of residents of Saskatchewan’s north (RSN) by 2% (15 net additions) over 2012.
  • Support northern business development opportunities by procuring at least 75% of northern services from northern Saskatchewan vendors.
 Not achieved
  • Overall RSN employment decreased seven positions from 2012 to 747 positions. However, we were successful in adding 18 RSN employees at Cigar Lake, and maintained a 50% RSN workforce overall at the northern sites.
  • Only 67% of northern services were procured from northern Saskatchewan vendors. We did not achieve our target due to disproportionate growth in overall spend, cost efficiencies and a temporary increase in expenditures, largely growth capital at Cigar Lake which required specialized services that were not available from northern Saskatchewan vendors. Over the past few years, overall spend has grown faster than the growth in capacity of northern vendors. Despite not achieving our targeted ratio, the nominal business volume with northern Saskatchewan vendors has more than doubled since 2009.

2014 Objectives

Outstanding Financial Performance

  • Achieve targeted adjusted net earnings and cash flow from operations.
  • Execute capital projects within scope, on time and on budget.
  • Achieve production at Cigar Lake in 2014, and advance other activities needed to achieve medium and long-term growth objectives.

Safe, Healthy and Rewarding Workplace

  • Improve workplace safety and performance at all sites
  • Attract and retain the employees needed to support operations and growth.

Clean Environment

  • Improve environmental performance at all sites.

Supportive Communities

  • Build and sustain strong stakeholder support for our activities.
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