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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    2016 Update


    During 2016, NUKEM delivered 7.1 million pounds of uranium, a decrease of 3.6 million pounds compared to the previous year due to very light market activity with a lack of profitable opportunities. Revenues from NUKEM amounted to $391 million, 29% lower than in 2015 as a result of lower sales volumes and a decline in the average realized price. Gross loss percentage was 7% for 2016, compared to a gross profit of 8% for 2015.

    The net effect was a $70 million decrease in gross profit. Included in the 2016 gross loss is an $18 million net write-down of inventory compared to a $3 million net recovery in 2015. The write-down in 2016 was a result of a decline in the spot price during the year.

      3 months ended
    December 31
    Year ended
    December 31
      2016 2015 Change 2016 2015 Change
    Uranium sales U308 (million lbs)1 3.1 3.7 (16)% 7.1 10.7 (34)%
    Average realized price ($Cdn/lb) 46.63 52.22 (11)% 47.90 48.82 (2)%

    1. Includes sales and revenue between our uranium, fuel services and NUKEM segments (nil in 2016, 0.9 million pounds in sales and revenue of $19.3 million in 2015).

    See full Quarterly Report