Cameco Annual Report 2011

About Cameco

Our head office is in Saskatoon, Saskatchewan. We are one of the world's largest uranium producers, with uranium assets on three continents. Nuclear energy plants around the world use our uranium products to generate one of the cleanest sources of electricity available today. Our operations and investments span the nuclear fuel cycle, from exploration to electricity generation.

Management update

On July 1, 2011, Tim Gitzel assumed the role of president and chief executive officer (CEO), succeeding Jerry Grandey, who retired after more than eight years as CEO and 18 years with Cameco. Tim has developed extensive experience in Canadian and international uranium mining activities during his 18 years in senior management positions, and his transition to CEO was well planned and seamlessly executed. Tim joined the company in 2007 as senior vice-president and chief operating officer and was promoted to president in May of 2010. Before joining Cameco, he was executive vice-president, mining business unit for AREVA, based in Paris, France, with responsibility for uranium, gold, exploration and decommissioning operations in 11 countries around the world.

On July 15, 2011, Grant Isaac, previously senior vice-president, corporate services, became senior vice-president and chief financial officer (CFO), succeeding Kim Goheen who retired after 14 years with Cameco.

Alice Wong, previously vice-president, safety, health, environment, quality and regulatory relations, was appointed senior vice-president, corporate services.

Under Tim's direction, the management team remains committed to the strategy, vision and values that have helped us become a global leader in the nuclear industry.


We are a pure-play nuclear investment with a proven track record and the strengths to take advantage of the world's rising demand for safe, clean and reliable energy. Our core strengths make us unique:

  • a large portfolio of low-cost mining operations and geographically diverse uranium assets
  • controlling interests in the world's largest high-grade uranium reserves
  • extensive mineral reserves and resources located near our existing infrastructure
  • excellent growth potential from existing assets, combined with an advanced global exploration program
  • multiple sources of conversion and the ability to adjust production in response to changing market signals
  • a worldwide marketing presence and a strong, creditworthy customer base
  • an extensive portfolio of long-term sales contracts supported by long-life assets
  • innovative technology and experience operating in technically challenging environments
  • a leader in corporate social responsibility—building long-term, trusting relationships with communities impacted by our operations
  • an enterprise-wide risk management system tied directly to our strategy and objectives
  • balanced financial management focused on adding value for our shareholders while positioning us for growth
  • among the first to build relationships in emerging markets

With our extraordinary assets, contract portfolio, employee expertise, comprehensive industry knowledge and financial strength, we are confident in our ability to continue to grow and increase shareholder value.

Business segments

Global presence

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