NUKEM, a wholly-owned subsidiary, is based in the United States (NUKEM, Inc.) and in Germany (NUKEM GmbH). NUKEM is one of the world's leading market intermediaries for uranium producers (and other parties in the nuclear fuel chain) and nuclear-electric utilities in North and South America, Europe and the Far East. NUKEM buys and sells uranium in the form of U3O8, uranium hexafluoride (UF6) and enriched uranium product (EUP), which are the "commoditized" forms of uranium used to make fuel for commercial nuclear reactors.

NUKEM’s main customers are commercial nuclear power plants using enriched uranium fuel, typically large utilities that are either government-owned, or large-scale utilities with multi billion-dollar market capitalizations and strong credit ratings. NUKEM also trades with converters, enrichers, other traders and investors. It has uranium and uranium-related products under contract until 2022.

In January, 2013, Cameco completed the acquisition of NUKEM Energy GmbH from Advent International and other shareholders.

For further information, please visit the NUKEM website

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    Q2 2017 Update

    Second Quarter Sales

    During the second quarter of 2017, NUKEM delivered 2.5 million pounds of uranium, similar to the same period last year. Total revenues decreased 32% due mainly to a 34% decrease in average realized price. The decrease in realized price was mainly the result of a lower uranium spot price compared to the second quarter of 2016.

    NUKEM recorded a gross loss of $15 million in the second quarter of 2017 compared to $10 million in 2016. In the current quarter, there was a $10 million write-down of inventory, which was the result of a decline in the spot price during the quarter. In 2016, a write-down of inventory of $14 million was recorded.

      3 months ended
    June 30
      6 months ended
    June 30
      2017 2016 Change 2017 2016 Change
    Uranium sales U308 (million lbs)1 2.5 2.4 4% 4.9 2.4 >100%
    Average realized price ($Cdn/lb) 34.86 52.51 (34)% 34.24 52.24 (34)%

    1. There were no significant inter-segment transactions in the periods shown.

    See full Quarterly Report