|Traded as||TSX: CCO
S&P/TSX 60 component
|Predecessor||Eldorado Nuclear Limited
Saskatchewan Mining Development Corporation
|Neil McMillan (Chairman)
Tim Gitzel (President & CEO)
|Revenue||$2.438 billion CAD (2013)|
Number of employees
|3,300 Globally (2010)|
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.
"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.
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. 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.
|McArthur River||Saskatchewan, Canada|
|Eagle Point (Rabbit Lake)||Saskatchewan, Canada|
|Smith Ranch-Highland||Wyoming, United States|
|Crow Butte||Nebraska, United States|
|Cigar Lake||Saskatchewan, Canada|
|Key Lake||Saskatchewan, Canada|
|Rabbit Lake||Saskatchewan, Canada|
|Port Hope conversion facility||Ontario, Canada|
|Blind River refinery||Ontario, Canada|
|Bruce Power||Ontario, Canada|
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
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.
- Uranium Participation Corporation
- Uranium mining
- Nuclear power
- Anti-nuclear movement in Canada
- World Uranium Hearing
- Nuclear power in Canada
- "2013 Annual Report". Cameco Corporation.
- "World Uranium Mining". World Nuclear Association. July 2013. Retrieved 2014-06-09.
- "Cameco to buy Nukem Energy". World Nuclear News. 2012-05-14. Retrieved 2012-05-15.
- Port Hope Community Health Concerns Committee
- Port Hope Families Against Radiation Exposure
- "Cameco Announces Completion of Centerra Common Share Sale". Retrieved 2010-02-01.
- "CUPDATE Jan. 24: Uranium ship out of Stuart Channel". BC Local News. Retrieved 2011-02-12.
- "Cameco logs net earnings of $207 million in Q4 on $673 in revenue". Canadian Press. Retrieved 2011-02-12.