Cameco Corporation Fact Sheet 2013
Cameco Corporation Uranium | Investing in clean electricity Common Shares: TSX - CCO | NYSE - CCJ | Dividend – $0.10 (CDN) quarterly Rabbit Lake Cigar Lake McArthur River Millennium Key Lake Saskatoon
Vision
Blind River BPLP Port Hope Cobourg
SFL Switzerland Germany
Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.
Strategy
Smith Ranch-Highland
Connecticut GLE Minneapolis Crow Butte
Our strategy is to increase annual uranium supply to 36 million pounds by 2018, subject to market conditions, and to invest in opportunities across the nuclear fuel cycle that we expect will complement and enhance our business. Cameco’s measures of success are a safe, healthy and rewarding workplace, a clean environment, supportive communities wherever it operates, and outstanding financial performance.
Strength We have extensive mineral reserves and resources, a large portfolio of low-cost mining operations, and geographically diverse uranium assets with controlling interests in the world’s largest high-grade uranium reserves. Our company is filled with talented and creative people who are committed to achieving our strategy in a manner consistent with our corporate values of protecting people and the environment, excellence and integrity.
Solid Fundamentals Electricity is essential to maintaining and improving the standard of living for people around the world. Over the next decade, Cameco expects consumption of uranium to increase as countries with rapidly developing economies advance their plans to use nuclear power as a part of their energy mix. As finite secondary sources diminish, increased demand from new reactors will need to be met by increasing uranium supply. Given its extensive mineral reserves and resources, diversified sources and global exploration program, Cameco is well positioned to meet the growing demand for uranium.
M AY 2013
Head Office Uranium Fuel Services Electricity Marketing NUKEM
Inkai
Kintyre Yeelirrie
Cameco is one of the world’s largest uranium producers, accounting for almost 14% of world production from its mines in Canada, the US and Kazakhstan. Cameco’s leading position is backed by approximately 465 million pounds of proven and probable reserves and extensive resources. Cameco holds premier land positions in the world’s most promising areas for new uranium discoveries in Canada and Australia as part of an intensive global exploration program. Cameco is also a leading provider of processing services required to produce fuel for nuclear power plants, and generates 1,000 MW of clean electricity through a partnership in North America’s largest nuclear generating station located in Ontario, Canada.
Quality Uranium Assets
Fuel Services
Electricity Generation
• One of the world’s largest uranium producers with five operating mines in Canada, the US and Kazakhstan. • Controlling ownership of the world’s largest high-grade reserves and low-cost operations in northern Saskatchewan, Canada with ore grades up to 100 times the world average. • New production started at North Butte in the US and, in Canada the Cigar Lake deposit is under development. • Approximately 465 million pounds of proven and probable reserves, extensive resources, and a robust global exploration program.
• One of only three conversion suppliers in the western world. • Owns or controls about 25% of the world’s capacity to produce uranium hexafluoride (UF6) required to produce fuel for light water reactors. • World’s only commercial producer of natural uranium fuel for Candu reactors. • One of two Canadian suppliers of finished fuel bundles for Candu reactors.
• Generates more than 1,000 MW of clean electricity through its 31.6% interest in Bruce Power Limited Partnership which operates a nuclear generating station in southern Ontario with four Candu reactors. • www.brucepower.com
Financial Highlights December 31, 2012
($ millions except where indicated)
Revenue
Tim Gitzel, President & CEO
Proven Track Record • Achieved annual revenue of $2.3 billion in 2012 • Exceeded production target for 2012, producing 21.9 million pounds U3O8 • Achieved safety milestones at five operations in 2012 which included Smith Ranch-Highland, Crow Butte, Inkai, Blind River and Cameco Fuel Manufacturing
2011
Change
2,321 2,384 (3)%
Gross profit
723 776 (7)%
Net earnings attributable to equity holders
266 450 (41)%
$ per common share (diluted)
0.67 1.14 (41)%
Adjusted net earnings (non-IFRS*)
447 509 (12)%
$ per common share (adjusted and diluted)
1.13 1.29 (12)%
Cash provided by operations (after working capital changes)
644 745 (14)%
Average realized prices Uranium $US/lb 47.62 49.17 (3)% $Cdn/lb 47.61 49.18 (3)%
Fuel services $Cdn/kgU
Electricity $Cdn/MWh
17.24 16.71 3% 55 54 2%
* Adjusted net earnings, a non-IFRS measure, should be considered supplemental in nature and not a substitute for related information prepared in accordance with IFRS. Other companies may calculate this measure differently. A reconciliation of adjusted net earnings is available on page 34 of Cameco’s February 11, 2013 Annual Management’s Discussion and Analysis.
Cameco Corporation 2121-11th Street West Saskatoon, Saskatchewan S7M 1J3 Phone: 306-956-6200 cameco.com
13-166-025
2012
Vision
Blind River BPLP Port Hope Cobourg
SFL Switzerland Germany
Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.
Strategy
Smith Ranch-Highland
Connecticut GLE Minneapolis Crow Butte
Our strategy is to increase annual uranium supply to 36 million pounds by 2018, subject to market conditions, and to invest in opportunities across the nuclear fuel cycle that we expect will complement and enhance our business. Cameco’s measures of success are a safe, healthy and rewarding workplace, a clean environment, supportive communities wherever it operates, and outstanding financial performance.
Strength We have extensive mineral reserves and resources, a large portfolio of low-cost mining operations, and geographically diverse uranium assets with controlling interests in the world’s largest high-grade uranium reserves. Our company is filled with talented and creative people who are committed to achieving our strategy in a manner consistent with our corporate values of protecting people and the environment, excellence and integrity.
Solid Fundamentals Electricity is essential to maintaining and improving the standard of living for people around the world. Over the next decade, Cameco expects consumption of uranium to increase as countries with rapidly developing economies advance their plans to use nuclear power as a part of their energy mix. As finite secondary sources diminish, increased demand from new reactors will need to be met by increasing uranium supply. Given its extensive mineral reserves and resources, diversified sources and global exploration program, Cameco is well positioned to meet the growing demand for uranium.
M AY 2013
Head Office Uranium Fuel Services Electricity Marketing NUKEM
Inkai
Kintyre Yeelirrie
Cameco is one of the world’s largest uranium producers, accounting for almost 14% of world production from its mines in Canada, the US and Kazakhstan. Cameco’s leading position is backed by approximately 465 million pounds of proven and probable reserves and extensive resources. Cameco holds premier land positions in the world’s most promising areas for new uranium discoveries in Canada and Australia as part of an intensive global exploration program. Cameco is also a leading provider of processing services required to produce fuel for nuclear power plants, and generates 1,000 MW of clean electricity through a partnership in North America’s largest nuclear generating station located in Ontario, Canada.
Quality Uranium Assets
Fuel Services
Electricity Generation
• One of the world’s largest uranium producers with five operating mines in Canada, the US and Kazakhstan. • Controlling ownership of the world’s largest high-grade reserves and low-cost operations in northern Saskatchewan, Canada with ore grades up to 100 times the world average. • New production started at North Butte in the US and, in Canada the Cigar Lake deposit is under development. • Approximately 465 million pounds of proven and probable reserves, extensive resources, and a robust global exploration program.
• One of only three conversion suppliers in the western world. • Owns or controls about 25% of the world’s capacity to produce uranium hexafluoride (UF6) required to produce fuel for light water reactors. • World’s only commercial producer of natural uranium fuel for Candu reactors. • One of two Canadian suppliers of finished fuel bundles for Candu reactors.
• Generates more than 1,000 MW of clean electricity through its 31.6% interest in Bruce Power Limited Partnership which operates a nuclear generating station in southern Ontario with four Candu reactors. • www.brucepower.com
Financial Highlights December 31, 2012
($ millions except where indicated)
Revenue
Tim Gitzel, President & CEO
Proven Track Record • Achieved annual revenue of $2.3 billion in 2012 • Exceeded production target for 2012, producing 21.9 million pounds U3O8 • Achieved safety milestones at five operations in 2012 which included Smith Ranch-Highland, Crow Butte, Inkai, Blind River and Cameco Fuel Manufacturing
2011
Change
2,321 2,384 (3)%
Gross profit
723 776 (7)%
Net earnings attributable to equity holders
266 450 (41)%
$ per common share (diluted)
0.67 1.14 (41)%
Adjusted net earnings (non-IFRS*)
447 509 (12)%
$ per common share (adjusted and diluted)
1.13 1.29 (12)%
Cash provided by operations (after working capital changes)
644 745 (14)%
Average realized prices Uranium $US/lb 47.62 49.17 (3)% $Cdn/lb 47.61 49.18 (3)%
Fuel services $Cdn/kgU
Electricity $Cdn/MWh
17.24 16.71 3% 55 54 2%
* Adjusted net earnings, a non-IFRS measure, should be considered supplemental in nature and not a substitute for related information prepared in accordance with IFRS. Other companies may calculate this measure differently. A reconciliation of adjusted net earnings is available on page 34 of Cameco’s February 11, 2013 Annual Management’s Discussion and Analysis.
Cameco Corporation 2121-11th Street West Saskatoon, Saskatchewan S7M 1J3 Phone: 306-956-6200 cameco.com
13-166-025
2012
