Markets

We sell uranium and fuel services directly to nuclear utilities around the world, as uranium concentrates, UO2, UF6, conversion services or fuel fabrication. Utility companies buy the majority of their uranium and fuel services products under long-term contracts with suppliers and meet the rest of their needs on the spot market.

We are also active in the spot market, buying and selling uranium where it is beneficial for us. Our activity in the spot market takes prudent consideration of the spot price and other business factors. This activity gives us insight into the underlying market fundamentals and is a source of profit.

Supply & Demand

In today's environment, we believe the risk to uranium supply is greater than the risk to demand and expect it will create a renewed focus on ensuring availability of reliable long-term supply to fuel nuclear reactors.

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Contracting Framework

The purpose of our contracting framework is to deliver value. Our approach is to secure a solid base of earnings and cash flow by maintaining a balanced contract portfolio that optimizes our realized price.

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Our Customers

We have worldwide commitments to sell over 160 million pounds of U3O8 with 34 customers in our uranium segment, and over 48 million kilograms as UF6 conversion with 30 customers in our fuel services segment.

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Uranium Price Sensitivity

Our Uranium Price Sensitivity table is designed to indicate how our portfolio of fully-executed, long-term contracts in place on a specified date would respond to various spot prices on the same date. It is not a forecast of prices we expect to receive and the prices we actually realize will be different.

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Supply & Demand

We believe the market is in transition. While utilities have increased long-term contracting, volumes remain well below annual consumption.

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Cameco Customers

Globally, we have commitments to sell over 160 million pounds of U3O8 and over 48 million kilograms as UF6 conversion.

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Caution about Forward-Looking Information

Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.