Cameco

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This article is about the uranium company. For other uses, see Cameco (disambiguation).
Cameco Corporation
Type Public
Traded as TSXCCO
NYSECCJ
S&P/TSX 60 component
Industry Mining, energy
Predecessors Eldorado Nuclear Limited
Saskatchewan Mining Development Corporation
Founded 1988
Headquarters Saskatoon, Saskatchewan, Canada
Key people Neil McMillan (Chairman)
Tim Gitzel (President & CEO)
Products Uranium, electricity
Revenue Increase$2.438 billion CAD (2013)[1]
Employees 3,300 Globally (2010)
Website http://www.cameco.com/

Cameco Corporation is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan. In 2012, it was the world's third largest uranium producer, accounting for 14% of world production.[2]

History[edit]

"Cameco - Canadian Mining and Energy Corporation" was formed in 1988 by the merger and privatization of two crown corporations: the federally owned Eldorado Nuclear Limited (known previously as Eldorado Mining and Refining Limited) and Saskatchewan-based Saskatchewan Mining Development Corporation (SMDC). The name was later shortened to "Cameco Corporation".

The new company was initially owned 62% by the provincial government and 38% by the federal government. The initial public offering (IPO) for 20% of the company was conducted in July, 1991. Government ownership of the company decreased over the next eleven years, with full privatization occurring in February, 2002.

In 1996, Cameco acquired Power Resources Inc., the largest uranium producer in the United States. This was followed in 1998 by the acquisition of Canadian-based Uranerz Exploration and Mining Limited and Uranerz U.S.A., Inc.

In 2012, it acquired a nuclear fuel intermediary Nukem Energy.[3]

Operations[edit]

Head office

Cameco operates several uranium mines in North America and Kazakhstan, including McArthur River, the world's largest high grade uranium deposit and mine, and Cigar Lake, the world's largest undeveloped high-grade uranium deposit, both in Saskatchewan. Other operations in Saskatchewan include a mine and mill at Rabbit Lake and a mill at Key Lake.

In the United States, Cameco operates uranium mines in the states of Nebraska and Wyoming through its US subsidiary Cameco Resources Inc. Cameco Resources was formed in 2007 through a restructuring of two wholly owned subsidiaries, Power Resources Inc. (Wyoming) and Crowe Butte Resources Inc. (Nebraska).

In the province of Ontario, Cameco operates a uranium refinery in Blind River and a uranium conversion facility in Port Hope, which has faced opposition from some community groups.[4][5] Through the Bruce Power Limited Partnership (BPLP), Cameco also participates in nuclear power generation in the province.

In 2004, Cameco spun off its gold mining operations in Kyrgyzstan, Mongolia and the USA to a newly formed public company, Centerra Gold. Cameco divested its remaining interest in Centerra on December 30, 2009.[6]

Mines
Producing
Name Location
McArthur River Saskatchewan, Canada
Eagle Point (Rabbit Lake) Saskatchewan, Canada
Smith Ranch-Highland Wyoming, United States
Crow Butte Nebraska, United States
Inkai Kazakhstan
Cigar Lake Saskatchewan, Canada
Mills
Name Location
Key Lake Saskatchewan, Canada
Rabbit Lake Saskatchewan, Canada
Fuel Production
Name Location
Port Hope conversion facility Ontario, Canada
Blind River refinery Ontario, Canada
Power Generation
Name Location
Bruce Power Ontario, Canada

Corporate governance[edit]

Current (2014) members of the board of directors of Cameco Corporation are:

  • A. Neil McMillan (chair)
  • Ian Bruce
  • Daniel Camus
  • John H. Clappison
  • Joe F. Colvin
  • James R. Curtiss
  • Donald H. F. Deranger
  • Catherine Gignac
  • Tim S. Gitzel
  • James K. Gowans
  • Nancy E. Hopkins
  • A. Anne McLellan
  • A. Neil McMillan
  • Victor J. Zaleschuk

In the News[edit]

In January 2011, Cameco participated in the clean up of a ship-board uranium concentrate spill on the MCP Altona that had occurred on December 23, 2010.[7]

In 2011, Cameco signed an agreement with Talvivaara Mining Company whereby Cameco would pay US$60 million to construct a uranium extraction circuit at the Talvivaara nickel-zinc mine in Sotkamo. Talvivaara would then pay back the initial construction costs in the form of uranium concentrate; once the initial costs were paid Cameco would continue to purchase the uranium concentrate at a pricing formula based on market price on the day of delivery.[8]

See also[edit]

References[edit]

  1. ^ "2013 Annual Report". Cameco Corporation. 
  2. ^ "World Uranium Mining". World Nuclear Association. July 2013. Retrieved 2014-06-09. 
  3. ^ "Cameco to buy Nukem Energy". World Nuclear News. 2012-05-14. Retrieved 2012-05-15. 
  4. ^ Port Hope Community Health Concerns Committee
  5. ^ Port Hope Families Against Radiation Exposure
  6. ^ "Cameco Announces Completion of Centerra Common Share Sale". Retrieved 2010-02-01. 
  7. ^ "CUPDATE Jan. 24: Uranium ship out of Stuart Channel". BC Local News. Retrieved 2011-02-12. 
  8. ^ "Cameco logs net earnings of $207 million in Q4 on $673 in revenue". Canadian Press. Retrieved 2011-02-12. 

External links[edit]