Cameco Annual Report 2011

Our strategy

Our strategy is to increase annual uranium production to 40 million pounds by 2018 and to invest in opportunities across the nuclear fuel cycle that we expect will complement and enhance our business.


Our growth strategy continues to focus on our uranium segment. Over the next 10 years, we expect 96 net new reactors to be built. Deliveries under the Russian HEU commercial agreement will end in 2013, and the industry will need new production. Lead-times in our industry are long, so we are preparing our assets today to make sure we can respond quickly to changing market conditions with a continued focus on profitability.

In addition, we have an active exploration program and a disciplined acquisition strategy, which we expect will provide us with opportunities to create synergies and grow.


Our program is directed at replacing mineral reserves as they are depleted by our production, and ensuring our growth beyond 2018. We have maintained an active exploration program even during periods of weak uranium prices, which has helped us secure land with exploration and development prospects that are among the best in the world. Many of these prospects are located close to our existing operations where we have established infrastructure and capacity to expand.

Our exploration efforts have increased uranium mineral reserves and resources at our operations. We have direct interests in almost 75 active exploration projects in eight countries, over 110 experienced professionals searching for the next generation of deposits, and ownership interests in approximately 5 million hectares (12.5 million acres) of land mainly in Canada, Australia, Kazakhstan, the US, Mongolia and Peru. In northern Saskatchewan alone, we have direct interests in 1.4 million hectares (3.5 million acres) of land covering many of the most prospective exploration areas of the Athabasca Basin. Many of our projects are advanced through joint ventures with both junior and major uranium companies.

For properties that meet our investment criteria, we will partner with other companies through strategic alliances, equity holdings and traditional joint venture arrangements. Our leadership position and industry expertise in both exploration and corporate social responsibility make us a partner of choice.


We have a dedicated team looking for acquisition opportunities that we expect will further add to our production, support our sales activities, and complement and enhance our business in the nuclear industry. We will invest when an opportunity is available at the right time and the right price.