Associates

• i. GLE

  Cameco owns a 24% interest in GLE and accounts for it under the equity method of accounting. During the year, a decision was made by the majority partner of GLE to significantly reduce funding of the project. As a result, Cameco recognized an impairment charge of $183,615,000, which represented the full amount of Cameco’s investment.

  GLE primarily operates in North Carolina and is testing a third-generation technology that, if successful, will use lasers to commercially enrich uranium. The technology is unique to the industry, is inherently risky and the significant reduction of funding introduces a further level of risk to this project. Because the funding reduction significantly jeopardizes the viability of the project, Cameco determined the fair value less costs to sell to be nil and as such recognized an impairment charge for the full amount of the asset. Future contributions to the project will be reflected in net earnings.

  The following table summarizes the financial information of GLE:

  	2014	2013
  Current assets	$ —	$526
  Non-current assets	—	206,107
  Current liabilities	—	(5,280)
  Net assets (100%)	$ —	$201,353
  Cameco’s share of net assets (24%)	$ —	$48,325
  Acquisition fair value and other adjustments	—	136,837
  Carrying amount in the statement of financial position	$ —	$185,162
  Loss from operations and comprehensive loss	$(55,279)	$(54,477)
  Cameco’s share of loss from operations and comprehensive loss (24%)	$(13,267)	$(13,074)

• ii. Other associate

  Cameco has one other associate. The following table summarizes the carrying amount and share of loss and other comprehensive income of this associate:

  	2014	2013
  Carrying amount of associates	$3,230	$7,104
  Share of loss from operations and comprehensive loss	$(3,874)	$(1,033)

  At December 31, 2014, the quoted value of the Company’s share in this associate that has shares listed on a recognized stock exchange was $14,256,000 (2013 – $19,758,000).