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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 fuel manufacturing.


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


We are one of the world’s largest uranium producers, and in 2013 accounted for about 15% 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.


  • uranium concentrates (U3O8)

Mineral reserves and resources

Mineral reserves

  • approximately 443 million pounds proven and probable

Mineral resources

  • approximately 391 million pounds measured and indicated and 289 million pounds inferred

Global exploration

  • focused on four continents
  • approximately 2.0 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.


  • uranium trioxide (UO3)
  • uranium hexafluoride (UF6)
    (control about 25% of world conversion capacity)
  • uranium dioxide (UO2)
  • fuel bundles, reactor components and monitoring equipment used by CANDU reactors


  • 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)
Our ownership of NUKEM GmbH (NUKEM) provides us with access to one of the world’s leading traders of uranium and uranium-related products. We acquired NUKEM in January 2013.


  • 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

Other fuel cycle investments


We continue to explore innovative areas like laser enrichment technology to broaden our fuel cycle participation and help us serve our customers more effectively. Uranium enrichment is the second largest value component, after uranium, in a typical light water reactor fuel bundle. Having operational control of both uranium production and enrichment facilities would offer operational synergies that could significantly enhance profit margins.

The enrichment market has the same customer base as the uranium market, and most of the world’s commercial nuclear reactors need enriched uranium.


  • we have a 24% interest in GE-Hitachi 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.

Global presence

Map of Cameco operations around the world

Key Market Facts

The 2013 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 2014, there were 433 operable commercial nuclear power reactors in 31 countries, and by 2023, we expect that to grow to 526 reactors.
  • At the start of 2014, there were 70 reactors under construction in 15 countries, and dozens more planned to begin operation by 2023.
  • Most of this new build is being driven by rapidly developing countries such as China and India, which have severe energy deficits and want clean sources of electricity to improve their environment and sustain economic growth.
  • In emerging nuclear countries, construction has begun in the United Arab Emirates (UAE) and Belarus, and planning for first reactors is underway in Turkey, Vietnam, Bangladesh, Poland, Jordan and Saudi Arabia.
  • Over the next decade, we expect demand for uranium to grow by an average of 4% per year. 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 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 span the nuclear fuel cycle from exploration to fuel manufacturing, we believe we are ideally positioned to benefit from the world’s growing need for clean, reliable energy.