35. Jointly controlled entities

Cameco holds a 31.6% interest in the BPLP partnership, which is governed by an agreement that provides for joint control of the strategic operating, investing and financing activities among the three major partners. Cameco uses the proportionate consolidation method to account for its 31.6% interest in BPLP. Cameco also holds a 60% interest in the Inkai joint venture. The participants in the joint venture have joint control of the strategic operating, investing and financing activities. Cameco uses the proportionate consolidation method to account for its 60% interest in Inkai.

The following schedules reflect Cameco’s proportionate interest in the assets, liabilities, revenue and expenses of the BPLP partnership:

	2012	2011
Current assets	$260,131	$225,719
Non-current assets	492,233	502,250
Current liabilities	(155,788)	(155,504)
Non-current liabilities	(675,450)	(605,993)
Net liabilities	$(78,874)	$(33,528)

	2012	2011
Revenue	$470,018	$427,927
Expenses	(289,405)	(329,605)
Net earnings	$180,613	$98,322

The following schedule reflects Cameco’s proportionate interest in the assets and liabilities of the Inkai joint venture:

	2012	2011
Current assets	$66,424	$54,968
Non-current assets	221,664	198,831
Current liabilities	(12,779)	(17,085)
Non-current liabilities	(146,895)	(130,782)
Net assets	$128,414	$105,932

Through unsecured shareholder loans, Cameco has agreed to fund the development of the Inkai project. On proportionate consolidation of Inkai, Cameco eliminates the loan balances recorded by Inkai and records advances receivable (notes 12 & 36) representing its 40% ownership interest.

The following schedule reflects Cameco’s proportionate interest in the revenue and expenses of the Inkai joint venture:

	2012	2011
Revenue	$116,144	$132,845
Expenses	(80,102)	(78,517)
Net earnings	$36,042	$54,328

The participants in the Inkai joint venture purchase uranium from Inkai, and, in turn, derive revenue directly from the sale of such product to third party customers. On proportionate consolidation of Inkai, Cameco eliminates revenues and cost of sales recorded by Inkai related to sales by Inkai to Cameco.