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.

Strengths

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.

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

Uranium
We are one of the world’s largest uranium producers, and in 2012 accounted for about 14% of the world’s production. We have controlling ownership of the world’s largest high-grade reserves, with ore grades up to 100 times the world average, and low-cost operations. Product uranium concentrates (U₃O₈) Mineral reserves and resources Mineral reserves approximately 465 million pounds proven and probable Mineral resources approximately 244 million pounds measured and indicated and 287 million pounds inferred Global exploration focused on four continents approximately 3.7 million hectares of land	Operating properties McArthur River and Key Lake, Saskatchewan Rabbit Lake, Saskatchewan Smith Ranch-Highland, Wyoming Crow Butte, Nebraska Inkai, Kazakhstan Development project Cigar Lake, Saskatchewan Projects under evaluation Inkai blocks 1 and 2 production increase, Kazakhstan Inkai block 3, Kazakhstan Millennium, Saskatchewan Yeelirrie, Australia Kintyre, Australia
Fuel services
We are an integrated uranium fuel supplier, offering refining, conversion and fuel manufacturing services. Products uranium trioxide (UO₃) uranium hexafluoride (UF₆) (control about 25% of world conversion capacity) uranium dioxide (UO₂) (the world’s only commercial supplier of natural UO₂) fuel bundles, reactor components and monitoring equipment used by Candu reactors	Operations Blind River refinery, Ontario (refines uranium concentrates to UO₃) Port Hope conversion facility, Ontario (converts UO₃ to UF₆ or UO₂) Cameco Fuel Manufacturing Inc., Ontario (manufactures fuel bundles and reactor components) a toll conversion agreement with Springfields Fuels Ltd. (SFL), Lancashire, United Kingdom (UK) (to convert UO₃ to UF₆ — expires in 2016) We also have a 24% interest in Global Laser Enrichment (GLE) in North Carolina, with General Electric (51%) and Hitachi Ltd. (25%). GLE is testing a third-generation technology that, if successful, will use lasers to commercially enrich uranium.
NUKEM
Our ownership of NUKEM GmbH (NUKEM) provides us with access to one of the world’s key traders of uranium and uranium-related products. We acquired NUKEM in January, 2013.	Activity physical trading of uranium concentrates, conversion and enrichment services through back-to-back purchase and sales transactions recovery of natural and enriched non-standard uranium from western facilities and other sources
Electricity
We generate clean electricity through our 31.6% interest in the Bruce Power Limited Partnership (BPLP), which operates four nuclear reactors at the Bruce B generating station in southern Ontario.	Capacity 3,260 megawatts (MW) (100% basis) (about 15% of Ontario’s electricity) We also have agreements to manage the procurement of fuel and fuel services for BPLP, including: uranium concentrates conversion services fuel fabrication services

Global presence

Key Market Facts

The 2012 World Energy Outlook predicts that by 2035 electricity consumption will have grown by about 70% from current levels, driven mainly by growth in the developing world as it seeks to diversify sources of energy and provide security of supply.

At the start of 2013, there were 433 operable commercial nuclear power reactors in 31 countries, and by 2022, we expect that to grow to 524 reactors.
At the start of 2013, there were 64 reactors under construction in 14 countries, and dozens more planned to begin operation by 2022.
Most of this new build is being driven by rapidly developing countries like China and India, which have severe energy deficits and want clean sources of electricity to improve their environment and sustain economic growth.
Over the next decade, we expect demand for uranium to grow by an average of 3% per year and to meet global demand, we expect about two-thirds of uranium supply will come from mines that are currently in operation, about 15% from finite sources of secondary supply (mainly Russian highly enriched uranium (HEU), government inventories and limited recycling), and about 20% will have to come from new sources of supply.
With uranium assets on three continents, including high-grade reserves and low-cost mining operations in Canada, and investments that cover the nuclear fuel cycle—we are ideally positioned to benefit from the world's growing need for clean, reliable energy.