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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    Q1 2017 Update


    During the first quarter of 2017, NUKEM delivered 2.3 million pounds of uranium, a significant increase from the same period last year due to the timing of customer requirements and a greater number of acceptable spot sale opportunities relative to the first quarter of 2016. The majority of the deliveries in the quarter were under existing contracts with utilities but a significant portion related to spot market activity. Total revenues increased to $78 million from $2 million in 2016 as a result of the higher sales volumes.

    NUKEM did not record a gross profit in the first quarter of 2017 or 2016. In 2017, an operating margin of $3 million was offset by a write-down of the carrying value of inventory. The write-down was mainly the result of purchases in the quarter under contracts that were previously committed to at prices above the current spot price.

      3 months ended
    March 31
      2017 2016 Change
    Uranium sales U308 (million lbs)1 2.3 0.1 >100%
    Average realized price ($Cdn/lb) 33.57 39.32 (15)%

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

    See full Quarterly Report