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Mineral Reserves

As at December 31, 2013 (100% basis – only the second last column shows our share)

Proven and probable

(tonnes in thousands; pounds in millions)
    Proven Probable Total mineral reserves  
Property Mining
method
Tonnes Grade
% U3O8
Content
(lbs
U3O8)
Tonnes Grade
% U3O8
Content
(lbs U3O8)
Tonnes Grade
% U3O8
Content
(lbs U3O8)
Cameco’s
share of
content
(lbs U3O8)
Metallurgical
recovery (%)
Notes
UG – underground
OP – open pit
ISR – in situ recovery

Estimates in the above table:
  • use an average uranium price of $63.75 (US)/lb U3O8
  • are based on an average exchange rate of $1.00 US=$1.05 Cdn
  • Totals may not add up due to rounding.
McArthur River UG 465.2 21.42 219.7 572.2 11.17 140.8 1,037.4 15.76 360.5 251.6 98.7
Cigar Lake UG 233.6 22.31 114.9 303.5 15.22 101.8 537.1 18.30 216.7 108.4 98.5
Rabbit Lake UG 43.0 0.29 0.3 1,599.1 0.57 20.0 1,642.1 0.56 20.3 20.3 97
Key Lake OP 67.5 0.50 0.7       67.5 0.50 0.7 0.6 98.7
Inkai ISR 1,947.1 0.08 3.6 57,742.6 0.07 84.0 59,689.7 0.07 87.6 50.4 85
Smith
Ranch-Highland
ISR 1,100.8 0.10 2.5 1,498.3 0.08 2.7 2,599.1 0.09 5.2 5.2 80
North Butte-Brown Ranch ISR 925.1 0.09 1.8 1,361.9 0.07 2.0 2,287.0 0.08 3.8 3.8 80
Crow Butte ISR 928.6 0.11 2.3       928.6 0.11 2.3 2.3 85
Total   5,710.8 345.7 63,077.6 351.5 68,788.5 697.2 442.7  

We do not expect these mineral reserve estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, marketing or other relevant issues.

Metallurgical recovery

We report mineral reserves as the quantity of contained ore supporting our mining plans, and include an estimate of the metallurgical recovery for each uranium property. The estimate of the amount of valuable product that can be physically recovered by the metallurgical extraction process is obtained by multiplying quantity of contained metal (content) by the planned metallurgical recovery percentage. Our share of uranium in the table above is before accounting for estimated metallurgical recovery.