7Baggers

Cameco Corporation
(NYSE:CCJ) 

CCJ stock logo

Cameco Corporation produces and sells uranium. It operates in two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and ...

Founded: 1988
Full Time Employees: 1,885
Sector: Energy
Industry: Uranium
Nuclear EnergyMaterialsUranium
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
  • Top-Tier Uranium Producer with Long-Life Assets: Cameco is one of the world’s largest publicly traded uranium producers, anchored by high-quality, long-life assets (notably in Canada) and additional exposure through conversion/fuel services.
  • Leverage to Uranium Price and Contracting Cycle: Earnings and cash flow are highly sensitive to uranium market fundamentals and the pace/terms of long-term contracting, creating upside in tightening markets but volatility if prices or demand weaken.
  • Kazakhstan JV Exposure Adds Output and Geopolitical Complexity: Ownership in Inkai (via JV) provides meaningful production exposure, while also introducing jurisdictional, operational, and geopolitical risks that can affect deliveries and financial results.
  • Balance Sheet and Liquidity Support Operational Flexibility: Cameco generally maintains liquidity and financial flexibility to manage production restarts/ramp-ups, inventory/working-capital swings, and market disruptions, though results can vary by cycle.
  • Key Risks: Commodity Cyclicality, Regulatory/ESG, and Supply Chain: Primary risks include uranium price cyclicality, permitting and regulatory changes, ESG scrutiny around nuclear fuel, and potential disruptions across mining, conversion, and transportation/logistics.
Bull Thesis:
  • Surging Uranium Prices & Nuclear Renaissance: The global push for decarbonization is driving a renewed interest in nuclear power as a clean energy source. This 'nuclear renaissance' is leading to a significant increase in uranium spot and long-term contract prices, directly benefiting Cameco as a major producer with substantial reserves and production capacity.
  • Strategic Production Assets & Cost Advantage: Cameco owns and operates some of the world's largest and highest-grade uranium mines, including McArthur River/Key Lake and Cigar Lake. These tier-one assets provide a significant cost advantage and the flexibility to ramp up production efficiently as market conditions improve and long-term contracts are secured at favorable prices.
  • Disciplined Market Strategy & Strong Contract Book: Cameco has demonstrated strong market discipline by curtailing production during periods of low uranium prices and focusing on securing long-term, higher-priced contracts. This strategy provides revenue visibility, insulates the company from short-term price volatility, and positions it to capture value from the rising price environment.
  • Growing Global Demand & Structural Supply Deficit: Projections indicate a widening supply-demand gap for uranium in the coming years, driven by new reactor builds, extensions of existing ones, and increased demand from utilities seeking supply security. This structural deficit is expected to keep uranium prices elevated, favoring major producers like Cameco.
Bear Thesis:
  • Operational Execution & Production Ramp-Up Risks: While Cameco has significant production capacity, ramping up operations at mines like McArthur River/Key Lake to full capacity involves complex logistical, labor, and operational challenges. Any delays, technical issues, or cost overruns during this ramp-up could impact production targets and profitability.
  • Geopolitical & Regulatory Uncertainty: The nuclear industry is highly sensitive to geopolitical events, regulatory changes, and public sentiment. Any major nuclear incident, shift in government policy (e.g., anti-nuclear stances), or increased environmental activism in key operating or consuming countries could dampen demand or create operational hurdles for Cameco.
  • Capital Intensity & Free Cash Flow Generation: Developing and maintaining large-scale uranium mines is highly capital-intensive. While uranium prices are rising, significant capital expenditures required for production ramp-ups, exploration, and potential acquisitions could constrain free cash flow generation in the near to medium term, impacting shareholder returns.
  • Competition & Market Share Dynamics: Cameco operates in a market with other major producers, including state-owned enterprises like Kazatomprom. Aggressive production or pricing strategies from competitors, or unexpected shifts in global supply from secondary sources, could impact Cameco's market share and profitability, especially if the supply-demand balance shifts unexpectedly.
Main Competitors:
  • Kazatomprom ($KAP.L) (Uranium), The world's largest uranium producer by volume, Kazatomprom directly competes with Cameco for global uranium supply market share, influencing pricing and long-term contract negotiations with nuclear utilities. Its production decisions significantly impact the overall market.
  • Orano (Nuclear fuel cycle services (including uranium mining)), A major integrated player in the nuclear fuel cycle, Orano competes with Cameco across various stages, including uranium mining, conversion, and enrichment. While its mining output is generally smaller than Cameco's, it's a key supplier to utilities and a significant market participant.
  • Paladin Energy ($PDN.AX) (Uranium), As a pure-play uranium miner, Paladin Energy competes by bringing its Langer Heinrich mine back into production, adding to global uranium supply and vying for long-term contracts with utilities. It represents a significant independent producer in the market.
  • NexGen Energy ($NXE.TO) (Uranium (development-stage)), While not yet a producer, NexGen Energy is developing one of the world's highest-grade uranium deposits (Rook I/Arrow) in Saskatchewan, Canada – Cameco's home province and a key production region. Its eventual production could significantly impact the market and compete directly with Cameco's high-grade output.
Moat:
Cameco operates in an oligopolistic uranium market, dominated by a few major producers. Its primary moat stems from owning and operating some of the world's highest-grade, lowest-cost uranium mines (e.g., McArthur River, Cigar Lake) in politically stable regions, coupled with a strong base of long-term supply contracts with global utilities. Competition primarily revolves around securing these long-term contracts, managing production costs, and leveraging access to high-quality, economically viable deposits. Geopolitical factors and government influence (especially with state-owned entities like Kazatomprom) also play a significant role in shaping the competitive landscape and global supply dynamics.
Income Statements:
Quarterly
Annual
    Unit: USD2025-05-01 2025-02-20 2024-11-07 2024-04-30 2024-02-08 2023-10-31 2023-02-09 2022-02-09 2021-10-29 2021-02-10 2020-11-04 2020-07-29 2020-02-07 2019-11-01 2019-02-11 2018-04-06 2018-02-09 2017-04-07 2017-02-10 2016-04-07 2016-02-08 2015-04-08 2015-02-09 2014-04-09 2014-02-10 2013-02-11 2012-02-10 2011-05-06 2011-02-14 2010-02-24 2009-02-17 2008-04-09 2008-03-10 2008-02-06 2007-10-31 2007-07-30 2007-04-30 2007-04-09 2007-03-19 2007-02-07 2006-11-01 2006-07-27 2006-04-30 2006-01-31 2005-11-02 2005-07-29 2005-04-29 2005-03-08 2005-03-07 2005-01-27 2004-10-26 2004-07-30 2004-04-23 2004-01-28 2003-10-29 2003-07-31 2003-05-05 2003-02-12 
                                                              
      cost of product sold
    		364,000,000  386,500,000 355,900,000                                                       
      add /
    		                                                          
      royalties
    		-37,400,000  -38,400,000 -17,800,000                                                       
      care and maintenance costs
    		-13,600,000  -13,400,000 -12,200,000                                                       
      other selling costs
    		-3,500,000  -2,900,000 -4,900,000                                                       
      change in inventories
    		-47,800,000  -8,900,000 20,400,000                                                       
      cash operating costs
    		261,700,000   341,400,000                                                       
      depreciation and amortization
    		51,400,000 280,702,000 59,300,000 36,700,000 220,324,000  177,376,000 190,415,000  208,662,000   275,749,000  327,973,000 330,345,000 330,345,000 371,689,000 371,689,000 312,518,000 312,518,000 338,983,000 338,983,000 282,756,000 282,756,000 293,429,000 274,835,000                                
      total operating costs
    		323,400,000   398,200,000                                                       
      uranium produced & purchased
    		7,200,000  6,100,000 8,400,000                                                       
      cash costs per pound
    		36,350,000  52,930,000 40,640,000                                                       
      total costs per pound
    		44,920,000  60,260,000 47,400,000                                                       
      revenue from products and services
    		11,000,000 3,135,772,000 12,000,000 12,000,000 2,587,758,000 11,000,000 1,868,003,000 1,474,984,000 10,000,000 1,800,073,000 9,000,000  1,862,925,000 10,000,000 2,091,661,000 2,156,852,000 2,156,852,000 2,431,404,000 2,431,404,000 2,754,378,000 2,754,378,000 2,397,532,000 2,397,532,000 2,438,723,000 2,438,723,000 2,321,471,000 2,384,404,000                                
      cost of products and services sold
    		 2,072,488,000   1,805,768,000  1,457,336,000 1,282,635,000  1,484,962,000   1,345,551,000  1,467,940,000 1,390,233,000 1,390,233,000 1,596,235,000 1,596,235,000 1,744,815,000 1,744,815,000 1,420,768,000 1,420,768,000 1,549,238,000 1,549,238,000 1,304,778,000 1,333,449,000                                
      cost of sales
    		 2,353,190,000 20,000,000  2,026,092,000 19,000,000 1,634,712,000 1,473,050,000 18,000,000 1,693,624,000 17,000,000  1,621,300,000 18,000,000 1,795,913,000 1,720,578,000 1,720,578,000 1,967,924,000 1,967,924,000 2,057,333,000 2,057,333,000 1,759,751,000 1,759,751,000 1,831,994,000 1,831,994,000 1,598,207,000 1,608,284,000 -3,701                               
      gross profit
    		 782,582,000   561,666,000  233,291,000 1,934,000  106,449,000   241,625,000  295,748,000 436,274,000 436,274,000 463,480,000 463,480,000 697,045,000 697,045,000 637,781,000 637,781,000 606,729,000 606,729,000 723,264,000 776,120,000 3,701                               
      yoy
    		            -44.62%  -36.19% -37.41% -37.41% -27.33% -27.33% 14.89% 14.89% -11.82% -17.82% 16393550.36%                                   
      qoq
    		      11962.62%        -32.21% 0.00% -5.87% 0.00% -33.51% 0.00% 9.29% 0.00% 5.12% 0.00% -16.11% -6.81% 20970448.50%                                
      gross margin %
    		NaN% Infinity% NaN% NaN% Infinity% NaN% Infinity% Infinity% NaN% Infinity% NaN% NaN% Infinity% NaN% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 0% 0% NaN% NaN% NaN% 
      administration
    		 253,150,000   245,539,000  172,029,000 127,566,000  145,344,000   124,869,000  141,552,000 163,095,000 163,095,000 206,652,000 206,652,000 186,810,000 186,810,000 176,385,000 176,385,000 184,976,000 184,976,000 181,248,000 157,476,000 -504 155,810,000 135,558,000 115,791,000 127,229,000 127,229,000     143,014,000 143,014,000       27,311,000             
      exploration
    		 19,419,000   17,551,000  10,578,000 8,016,000  10,873,000   13,686,000  20,283,000 29,933,000 29,933,000 42,579,000 42,579,000 40,259,000 40,259,000 46,565,000 46,565,000 72,833,000 72,833,000 97,169,000 95,924,000  95,796,000 49,061,000 78,258,000 66,813,000 66,813,000     58,152,000 58,152,000       12,491,000        3,552 3,957    
      research and development
    		 36,540,000   21,036,000  12,175,000 7,168,000  3,965,000   6,058,000  1,757,000 5,660,000 5,660,000 4,952,000 4,952,000 6,587,000 6,587,000 5,044,000 5,044,000 7,302,000 7,302,000 9,301,000 4,514,000  4,794,000 630,000 4,998,000 3,609,000 3,609,000     2,682,000 2,682,000       729,000             
      other operating expense
    		9,000,000  10,000,000  -7,509,000  22,944,000 -8,407,000 8,000,000 23,921,000 7,000,000  2,732,000 8,000,000 59,616,000 43,000 43,000                                          
      loss on disposal of assets
    		 1,042,000   2,188,000  514,000 3,803,000  1,072,000   1,869,000  2,303,000 6,947,000 6,947,000 23,168,000 23,168,000 2,326,000 2,326,000 44,762,000 44,762,000    7,602,000                                
      earnings from operations
    		 510,114,000   282,861,000  15,051,000   -78,726,000   92,411,000  70,237,000   -141,785,000 -141,785,000 245,575,000 245,575,000 38,332,000 38,332,000 264,693,000 264,693,000 269,206,000 506,241,000 4,205   524,170,000 475,010,000 475,010,000     335,380,000 335,380,000       36,632,000             
      finance costs
    		12,000,000 -147,171,000 13,000,000 13,000,000 -115,869,000 12,000,000 -85,728,000 -76,612,000 11,000,000 -96,133,000 10,000,000  -98,622,000 11,000,000 -111,779,000 -110,608,000 -110,608,000 -111,906,000 -111,906,000 -103,615,000 -103,615,000 -77,122,000 -77,122,000 -62,121,000 -62,121,000 -80,349,000 -73,668,000 -14,785                               
      loss on derivatives
    		17,000,000     18,000,000              -280,610,000 -280,610,000                                      
      finance income
    		 21,228,000   111,670,000  37,499,000 6,804,000  10,835,000   29,760,000  22,071,000 5,265,000 5,265,000 4,379,000 4,379,000 5,417,000 5,417,000 7,402,000 7,402,000 6,967,000 6,967,000 20,745,000 24,547,000                                
      share of loss from equity-accounted investees
    		6,000,000                   -758,000 -758,000 -17,141,000 -17,141,000 -10,867,000 -10,867,000 -6,005,000 -7,233,000 2,888                               
      foreign exchange gains
    		 65,517,000                                                         
      other income
    		 975,000 14,000,000 14,000,000 16,238,000 13,000,000 96,934,000 21,353,000 12,000,000 51,440,000 11,000,000  33,840,000 12,000,000 108,160,000 -30,410,000 -30,410,000 60,671,000 60,671,000 54,723,000 54,723,000 50,591,000 50,591,000   -24,746,000 4,920,000     -9,078,000      10,046,000                     
      earnings before income taxes
    		 256,716,000   487,153,000  84,795,000   -39,531,000   135,018,000  39,929,000       -119,098,000 -119,098,000 227,929,000 227,929,000 218,207,000 450,390,000 -7,692                          33,548 17,836    
      income tax expense
    		13,000,000 84,874,000 15,000,000 15,000,000 126,337,000 14,000,000  -1,201,000  13,666,000 12,000,000  61,077,000 13,000,000            -46,376,000 11,755,000 -8,468    29,468,000      -68,843,000                     
      net earnings
    		 171,842,000   360,816,000  89,264,000   -53,197,000   73,941,000  166,235,000   -59,879,000 -59,879,000 63,362,000 63,362,000 183,413,000 183,413,000 317,687,000 317,687,000 264,583,000 438,635,000 776 514,749,000 1,099,422,000 450,117,000 416,112,000 416,112,000     375,715,000 375,715,000       32,434,000             
      yoy
    		              -377.62%   -132.65% -132.65% -80.06% -80.06% -30.68% -58.19% 40938946.39% -38.28% -75.93% -2.55% -100.00% 23.70%                              
      qoq
    		                 0.00% -194.50% 0.00% -65.45% 0.00% -42.27% 0.00% 20.07% -39.68% 56525028.87% -100.00% -53.18% 144.25% 8.17% 0.00%      0.00%                     
      net income margin %
    		NaN% Infinity% NaN% NaN% Infinity% NaN% Infinity% NaN% NaN% -Infinity% NaN% NaN% Infinity% NaN% Infinity% NaN% NaN% -Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% NaN% NaN% NaN% NaN% Infinity% Infinity% NaN% NaN% NaN% NaN% NaN% NaN% Infinity% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 0% 0% NaN% NaN% NaN% 
      net earnings attributable to:
    		                                                          
      equity holders
    		 171,853,000   360,847,000  89,382,000 -102,577,000  -53,169,000   74,000,000  166,323,000 -204,942,000 -204,942,000 -61,611,000 -61,611,000 65,286,000 65,286,000 185,234,000 185,234,000 318,495,000 318,495,000 266,136,000 450,404,000 776                               
      non-controlling interest
    		 -11,000   -31,000  -118,000 -77,000  -28,000   -59,000  -88,000 224,000 224,000 1,732,000 1,732,000 -1,924,000 -1,924,000 -1,821,000 -1,821,000 -808,000 -808,000 -1,553,000 -11,769,000                                
      earnings per common share attributable to equity holders:
    		                                                          
      basic
    		14,000,000 400 16,000,000 16,000,000 830 15,000,000 220   -130   190 14,000,000 420   -160 -160     810 810 670 1,140                                
      diluted
    		14,000,000 390 16,000,000 16,000,000 830 15,000,000 220   -130   190 14,000,000 420   -160 -160     810 810 670 1,140                                
      other operating income
    		 -37,683,000  10,000,000  9,000,000            -34,075,000 -34,075,000                                        
      gain on derivatives
    		 -183,103,000 19,000,000 19,000,000 37,791,000  -72,949,000 12,529,000 17,000,000 36,577,000 16,000,000  32,269,000 17,000,000 -81,081,000 56,250,000 56,250,000 34,407,000 34,407,000                                        
      share of earnings from equity-accounted investees
    		 -10,844,000 7,000,000 7,000,000 154,462,000                                                      
      cash costs of production
    		  322,900,000                                                        
      total production costs
    		  367,600,000                                                        
      cigar lake
    		     1,400,000   2,000,000  200,000 5,300,000  1,400,000                                             
      mcarthur river/key lake
    		     1,600,000                                                     
      total
    		     3,000,000   2,000,000  200,000 5,300,000  1,400,000                                             
      share of earnings from equity-accounted investee
    		     7,000,000 93,988,000 68,283,000 6,000,000 36,476,000 5,000,000  45,360,000 6,000,000 32,321,000                                            
      income tax recovery
    		      -4,469,000  13,000,000      -126,306,000 -2,519,000 -2,519,000 -94,355,000 -94,355,000 -142,630,000 -142,630,000 -175,268,000 -175,268,000 -89,758,000 -89,758,000                                  
      income from operations
    		       -136,212,000        -127,734,000 -127,734,000                                          
      yoy
    		                                                          
      qoq
    		               0.00%                                           
      operating margin %
    		NaN% NaN% NaN% NaN% NaN% NaN% NaN% -Infinity% NaN% NaN% NaN% NaN% NaN% NaN% NaN% -Infinity% -Infinity% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 0% 0% NaN% NaN% NaN% 
      income before income taxes
    		       -103,855,000        -207,237,000 -207,237,000 -154,234,000 -154,234,000 -79,268,000 -79,268,000                                      
      net income
    		       -102,654,000        -204,718,000 -204,718,000                                          
      net loss attributable to:
    		                                                          
      loss per common share attributable to equity holders:
    		                                                          
      basic
    		       -260 14,000,000  13,000,000     -520 -520                                          
      diluted
    		       -260 14,000,000  13,000,000     -520 -520                                          
      mcarthur river/key lake •   greg murdock, general manager, mcarthur river/key lake, cameco cigar lake •   lloyd rowson, general manager, cigar lake, cameco
    		                                                          
      gross loss
    		                                                          
      •  greg murdock, general manager, mcarthur river/key lake, cameco
    		                                                          
      •  lloyd rowson, general manager, cigar lake, cameco
    		                                                          
      our share
    		                                                          
      us isr
    		                                                          
      mcarthur river/key lake •  greg murdock, general manager, mcarthur river/key lake, cameco cigar lake •  lloyd rowson, general manager, cigar lake, cameco
    		                                                          
      impairment charges
    		               358,330,000 358,330,000 361,989,000 361,989,000 215,488,000 215,488,000 326,693,000 326,693,000 70,159,000 70,159,000                                  
      net earnings from continuing operations
    		                   63,362,000 63,362,000 56,170,000 56,170,000                                    
      net earnings from discontinued operation
    		                     127,243,000 127,243,000                                    
      continuing operations
    		                   160 160 150 150      1.31 1.84                             
      discontinued operation
    		                     320 320                                    
      total basic earnings per share
    		                   0.16 0.16 0.47 0.47      1.31 2.83                             
      total diluted earnings per share
    		                   0.16 0.16 0.47 0.47      1.3 2.82                             
      losses on derivatives
    		                     -121,160,000 -121,160,000                                    
      earnings per common share attributable to equity holders
    		                                                          
      loss on sale of assets
    		                       6,766,000 6,766,000 -1,660,000                                 
      gains on derivatives
    		                       -61,970,000 -61,970,000 39,356,000 -4,417,000                                
      share of earnings from bplp
    		                       109,553,000 109,553,000                                  
      other expense
    		                       -18,326,000 -18,326,000                                  
      earnings per common share attributable to equity holders
    		                                                          
      basic
    		14,000,000 400 16,000,000 16,000,000 830 15,000,000 220   -130   190 14,000,000 420   -160 -160     810 810 670 1,140                                
      diluted
    		14,000,000 390 16,000,000 16,000,000 830 15,000,000 220   -130   190 14,000,000 420   -160 -160     810 810 670 1,140                                
      impairment charge on non-producing property
    		                         168,000,000                                 
      cigar lake remediation
    		                          4,363,000  16,633,000 17,884,000 11,369,000 29,403,000      20,559,000                     
      products and services sold
    		                           -2,593 1,127,879,000 1,324,278,000 1,517,760,000 1,211,664,000 1,211,664,000     1,127,772,000 1,127,772,000       163,570,000        119,796 118,808    
      depreciation, depletion and amortization
    		                           -1,108                               
      gain on sale of assets
    		                               -4,028,000      -51,826,000                     
      basic earnings per common share
    		                               1,180      1,070                     
      diluted earnings per common share
    		                               1,130      1,020                     
      other comprehensive income, net of taxes
    		                                                          
      unrealized foreign currency translation gains
    		                           -355                               
      gains on derivatives designated as cash flow hedges
    		                                                          
      gains on derivatives designated as cash flow hedges transferred to net earnings
    		                                                          
      unrealized losses on available-for-sale securities
    		                                                          
      losses on available-for-sale securities transferred to net earnings
    		                                                          
      defined benefit plan actuarial losses
    		                                                          
      other comprehensive loss
    		                           -355                               
      total comprehensive income, net of taxes
    		                           421                               
      total comprehensive income attributable to:
    		                                                          
      total comprehensive income
    		                           421                               
      revenue from
    		                                                          
      products and services
    		                            2,123,655,000 2,314,985,000 2,859,158,000 2,309,741,000 2,309,741,000     1,831,690,000 1,831,690,000       287,120,000             
      expenses
    		                                                          
      depreciation, depletion and reclamation
    		                            251,547,000 240,643,000 293,315,000 225,539,000 225,539,000     199,665,000 199,665,000       45,291,000        28,201 30,059    
      interest and other [note 15]
    		                            3,474,000 -12,470,000                             
      gains on derivatives [note 26]
    		                            -75,183,000                              
      loss on sale of assets [note 16]
    		                            107,000                              
      earnings from continuing operations
    		                            542,798,000 803,771,000                             
      other expense [note 17]
    		                            -11,150,000 -36,912,000                             
      earnings before income taxes and minority interest
    		                            531,648,000 766,859,000 484,897,000 465,932,000 465,932,000     345,426,000 345,426,000       51,393,000             
      income tax expense [note 18]
    		                            27,251,000                              
      minority interest
    		                            -10,352,000 -3,035,000 59,535,000 20,352,000 20,352,000     38,554,000 38,554,000       10,121,000             
      earnings from discontinued operations [note 24]
    		                                                          
      net earnings per share [note 27]
    		                                                          
      basic
    		                                                          
      discontinued operations
    		                             0.99                             
      total basic earnings per share
    		                   0.16 0.16 0.47 0.47      1.31 2.83                             
      diluted
    		                                                          
      losses on derivatives [note 27]
    		                             -243,804,000                             
      gain on sale of assets [note 16]
    		                             -566,000                             
      income tax expense (recovery) [note 18]
    		                             52,897,000                             
      earnings from discontinued operations [note 25]
    		                             382,425,000                             
      net earnings per share [note 28]
    		                                                          
      basic
    		                                                          
      (i) excludes depreciation, depletion and reclamation expenses of:
    		                             228,317 284,456,000                            
      interest and other [note 13]
    		                              300,394,000        -3,708,000                    
      restructuring of gold business [note 23]
    		                              17,200,000                            
      stock option plan amendment [note 20]
    		                                                          
      gain on sale of assets [note 14]
    		                              -4,097,000        -51,826,000                    
      other income [note 15]
    		                              -39,273,000        10,046,000                    
      income tax (recovery) expense [note 16]
    		                              -24,755,000                            
      basic earnings per common share [note 26]
    		                              1,290        1,070                    
      diluted earnings per common share [note 26]
    		                              1,280        1,020                    
      interest and other
    		                               -32,673,000      -3,708,000                     
      restructuring of gold business
    		                               113,000,000                           
      stock option plan amendment
    		                               94,175,000                           
      .
    		                                                          
      interest and other [note 14]
    		                                -32,673,000                          
      cigar lake remediation [note 13]
    		                                29,403,000                          
      restructuring of gold business [note 24]
    		                                113,000,000                          
      stock option plan amendment [note 21]
    		                                94,175,000                          
      gain on sale of assets [note 15]
    		                                -4,028,000                          
      other income [note 16]
    		                                -9,078,000                          
      income tax expense (recovery) [note 17]
    		                                29,468,000                          
      basic earnings per common share [note 28]
    		                                1,180                          
      diluted earnings per common share [note 28]
    		                                1,130                          
      earnings from bruce power
    		                                             14,022,000             
      cigar lake remediation [note 12]
    		                                      20,559,000                    
      earnings from bruce power [note 19]
    		                                                          
      income tax expense (recovery) [note 16]
    		                                      -68,843,000                    
      interest and other [note 5]
    		                                             1,210,000             
      other income [note 6]
    		                                             739,000             
      income tax expense [note 7]
    		                                             8,838,000             
      basic earnings per common share [note 8]
    		                                             190             
      diluted earnings per common share [note 8]
    		                                             180             
      pro forma net earnings attributable to common shares
    		                                                     203,233     
      pro forma basic earnings per share
    		                                                     3.61     
      pro forma diluted earnings per share
    		                                                     3.56     
      number of options granted
    		                                                     706,350     
      average strike price
    		                                                     38.62     
      dividend
    		                                                     0.6 0.6    
      expected volatility
    		                                                     20 20    
      risk-free interest rate
    		                                                     4.1 4.1    
      expected life of option
    		                                                     5 5    
      expected forfeitures
    		                                                     10 17    
      weighted-average grant date fair values
    		                                                     8.14     
      for the three months ended december 31, 2003
    		                                                          
      revenue
    		                                                     185,770 170,011    
      yoy
    		                                                          
      qoq
    		                                                     9.27%     
      research & development
    		                                                          
      other
    		                                                     673 -649    
      non-segmented expenses
    		                                                          
      preferred securities charges, net of tax
    		                                                          
      convertible debenture charges, net of tax
    		                                                          
      net earnings attributable to common shares
    		                                                          
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-02-20 2024-02-08 2023-02-09 2022-02-09 2021-02-10 2020-02-07 2019-02-11 2018-04-06 2018-02-09 2017-04-07 2017-02-10 2016-04-07 2016-02-08 2015-04-08 2015-02-09 2014-04-09 2014-02-10 2013-02-11 2012-02-10 2011-11-07 2011-08-04 2011-05-06 2011-02-14 2010-02-24 2009-12-31 2009-04-13 2009-02-17 2008-12-31 2008-04-09 2008-03-10 2007-12-31 2007-04-09 2007-03-19 2006-12-31 2004-10-26 2004-07-30 2004-04-23 
                                           
        assets
      		                                     
        current assets
      		                                  383,000 360,000 349,000 
        cash and cash equivalents
      		600,462,000 566,809,000 1,143,674,000 1,247,447,000 918,382,000 1,062,431,000 711,528,000 591,620,000 591,620,000 320,278,000 320,278,000 458,604,000 458,604,000 566,583,000 566,583,000 229,135,000 229,135,000 749,824,000 399,279,000     1,101,229,000 1,101,229,000 269,176,000 269,176,000 269,176,000 131,932,000 131,932,000 131,932,000 334,089,000 334,089,000 334,089,000    
        accounts receivable
      		346,800,000 422,333,000 183,944,000 276,139,000 204,980,000 328,044,000 402,350,000 396,824,000 396,824,000 242,482,000 242,482,000 246,865,000 246,865,000 455,002,000 455,002,000 431,375,000 431,375,000 546,500,000 612,181,000  348 1,864 2,000,000 453,622,000 453,622,000 568,340,000 568,340,000 568,340,000 347,097,000 347,097,000 347,097,000 403,280,000 403,280,000 403,280,000    
        current tax assets
      		2,579,000 974,000 1,056,000 4,966,000 8,184,000 3,667,000 6,996,000 11,408,000 11,408,000 11,552,000 11,552,000 493,000 493,000 3,096,000 3,096,000 2,598,000 2,598,000 22,804,000 31,388,000                   
        inventories
      		826,863,000 692,261,000 664,698,000 409,521,000 680,369,000 320,770,000 467,795,000 949,766,000 949,766,000 1,287,939,000 1,287,939,000 1,285,266,000 1,285,266,000 902,278,000 902,278,000 913,315,000 913,315,000 563,578,000 493,875,000  -10,291 -8,387 -8,000,000   470,649,000   437,487,000   416,479,000      
        supplies and prepaid expenses
      		145,390,000 149,352,000 157,910,000 95,341,000 89,428,000 85,502,000 89,206,000 149,872,000 149,872,000 169,084,000 169,084,000 180,544,000 180,544,000 130,406,000 130,406,000 177,632,000 177,632,000 189,421,000 182,037,000  2,686   162,105,000 162,105,000 301,937,000 301,937,000 301,937,000 210,464,000 210,464,000 210,464,000 191,831,000 191,831,000 191,831,000    
        current portion of long-term receivables, investments and other
      		1,093,000 10,161,000 32,180,000 23,232,000 18,716,000 6,564,000 13,826,000 36,089,000 36,089,000 10,498,000 10,498,000 12,193,000 12,193,000 10,341,000 10,341,000 3,775,000 3,775,000 46,259,000 62,433,000       49,836,000   164,164,000   8,745,000      
        total current assets
      		1,923,187,000 1,841,890,000 3,321,636,000 2,141,552,000 1,945,044,000 1,806,978,000 2,082,726,000 2,135,579,000 2,135,579,000 2,041,833,000 2,041,833,000 2,183,965,000 2,183,965,000 2,067,706,000 2,067,706,000 1,757,830,000 1,757,830,000 2,167,921,000 2,585,334,000  -7,257 -6,523                
        property, plant and equipment
      		3,286,515,000 3,368,772,000 3,473,490,000 3,576,599,000 3,771,557,000 3,720,672,000 3,881,926,000 4,191,892,000 4,191,892,000 4,655,586,000 4,655,586,000 5,228,160,000 5,228,160,000 5,291,021,000 5,291,021,000 5,040,993,000 5,040,993,000 5,249,099,000 4,532,107,000  -369,183 -351,329 -351,000,000   4,416,293,000   3,437,450,000   3,312,152,000   2,162,000 2,123,000 2,100,000 
        intangible assets
      		39,822,000 43,577,000 47,117,000 51,247,000 55,822,000 60,410,000            94,327,000 98,954,000                   
        long-term receivables, investments and other
      		595,896,000 613,773,000 595,507,000 577,527,000 652,042,000 630,131,000 751,868,000 520,073,000 520,073,000 512,484,000 512,484,000 449,236,000 449,236,000 423,280,000 423,280,000 287,548,000 287,548,000 298,038,000 283,818,000    -291,000,000   628,972,000   387,304,000   293,714,000      
        investment in equity-accounted investees
      		3,218,456,000 3,173,185,000                                    
        deferred tax assets
      		843,131,000 892,860,000 984,071,000 937,579,000 936,678,000 956,376,000 1,006,012,000 861,171,000 861,171,000 835,985,000 835,985,000 713,674,000 713,674,000 486,328,000 486,328,000 266,203,000 266,203,000 193,113,000 81,392,000  -10,596 -9,006 -9,000,000               
        total non-current assets
      		7,983,820,000 8,092,167,000 5,311,157,000 5,376,192,000 5,635,787,000 5,620,270,000 5,935,910,000 5,643,148,000 5,643,148,000 6,207,365,000 6,207,365,000 6,610,672,000 6,610,672,000 6,404,961,000 6,404,961,000 6,281,487,000 6,281,487,000 6,047,099,000 5,216,497,000  -433,529 -404,281                
        total assets
      		9,907,007,000 9,934,057,000 8,632,793,000 7,517,744,000 7,580,831,000 7,427,248,000 8,018,636,000 7,778,727,000 7,778,727,000 8,249,198,000 8,249,198,000 8,794,637,000 8,794,637,000 8,472,667,000 8,472,667,000 8,039,317,000 8,039,317,000 8,215,020,000 7,801,831,000  -440,786 -410,804 -435,000,000 7,342,102,000 7,342,102,000 7,010,601,000 7,010,601,000 7,010,601,000 5,371,382,000 5,371,382,000 5,371,382,000 5,140,429,000 5,140,429,000 5,140,429,000    
        liabilities and shareholders’ equity
      		                                     
        current liabilities
      		                                  151,000 157,000 187,000 
        accounts payable and accrued liabilities
      		619,035,000 577,550,000 374,714,000 340,458,000 233,649,000 181,799,000 224,754,000 258,405,000 258,405,000 312,900,000 312,900,000 317,856,000 317,856,000 316,258,000 316,258,000 437,941,000 437,941,000 468,776,000 457,307,000  701 1,305 2,000,000 534,664,000 534,664,000 580,903,000 580,903,000 580,903,000 541,283,000 541,283,000 541,283,000 402,806,000 402,806,000 402,806,000    
        current tax liabilities
      		21,225,000 24,076,000 6,498,000 4,129,000 1,480,000 6,290,000 19,633,000 20,133,000 20,133,000 36,413,000 36,413,000 56,494,000 56,494,000 51,719,000 51,719,000 54,708,000 54,708,000 36,600,000 39,330,000                   
        current portion of long-term debt
      		285,707,000 499,821,000     499,599,000                   10,175,000   8,816,000   7,900,000      
        current portion of other liabilities
      		221,820,000 48,544,000 131,324,000 22,791,000 26,119,000 33,073,000 79,573,000 54,370,000 54,370,000 60,744,000 60,744,000 241,113,000 241,113,000 87,883,000 87,883,000 60,685,000 60,685,000 21,144,000 50,495,000       117,222,000   32,492,000   30,881,000      
        current portion of provisions
      		37,974,000 39,113,000 48,305,000 46,365,000 42,535,000 56,248,000 52,316,000 38,507,000 38,507,000 19,619,000 19,619,000 16,595,000 16,595,000 20,375,000 20,375,000 20,213,000 20,213,000 18,830,000 14,857,000  17,851 16,301                
        total current liabilities
      		1,185,761,000 1,189,104,000 560,841,000 413,743,000 303,783,000 277,410,000 875,875,000 410,994,000 410,994,000 469,255,000 469,255,000 671,637,000 671,637,000 515,814,000 515,814,000 704,551,000 704,551,000 707,812,000 708,019,000  -34,234 -69,529                
        long-term debt
      		995,583,000 1,284,353,000 997,000,000 996,250,000 995,541,000 996,718,000 996,072,000 1,494,471,000 1,494,471,000 1,493,327,000 1,493,327,000 1,492,237,000 1,492,237,000 1,491,198,000 1,491,198,000 1,293,383,000 1,293,383,000 1,292,440,000 801,271,000       1,212,982,000   717,130,000   696,691,000   1,137,000 1,159,000 1,211,000 
        other liabilities
      		363,497,000 343,420,000 216,162,000 171,774,000 166,559,000 153,927,000 142,061,000 126,103,000 126,103,000 122,988,000 122,988,000 132,142,000 132,142,000 172,034,000 172,034,000 79,380,000 79,380,000 599,428,000 528,264,000  35,151 53,958 72,000,000   179,880,000   258,511,000   232,370,000      
        provisions
      		997,833,000 1,022,871,000 1,022,725,000 1,090,009,000 1,156,387,000 1,004,230,000 1,011,036,000 875,033,000 875,033,000 889,163,000 889,163,000 918,163,000 918,163,000 825,935,000 825,935,000 570,700,000 570,700,000 550,624,000 519,625,000  341,194 340,528 315,000,000               
        total non-current liabilities
      		2,356,913,000 2,650,644,000 2,235,887,000 2,258,033,000 2,318,487,000 2,154,875,000 2,149,169,000 2,508,074,000 2,508,074,000 2,521,415,000 2,521,415,000 2,577,721,000 2,577,721,000 2,513,049,000 2,513,049,000 1,985,372,000 1,985,372,000 2,562,941,000 1,988,307,000  8,183 76,493                
        shareholders’ equity
      		                                     
        share capital
      		2,935,367,000 2,914,165,000 2,880,336,000 1,903,357,000 1,869,710,000 1,862,749,000 1,862,652,000 1,862,652,000 1,862,652,000 1,862,646,000 1,862,646,000 1,862,646,000 1,862,646,000 1,862,646,000 1,862,646,000 1,854,671,000 1,854,671,000 1,851,507,000 1,842,289,000  297,400 297,400 297,000,000 1,512,461,000 1,512,461,000 1,062,714,000 1,062,714,000 1,062,714,000 819,268,000 819,268,000 819,268,000 812,769,000      
        contributed surplus
      		210,784,000 215,679,000 224,687,000 230,039,000 237,358,000 234,681,000 234,982,000 224,812,000 224,812,000 216,213,000 216,213,000 209,115,000 209,115,000 196,815,000 196,815,000 186,382,000 186,382,000 168,952,000 155,757,000     131,577,000 131,577,000 131,858,000 131,858,000 131,858,000 119,531,000 119,531,000 119,531,000 540,173,000      
        retained earnings
      		3,099,264,000 2,979,743,000 2,696,379,000 2,639,650,000 2,735,830,000 2,825,596,000 2,791,321,000 2,650,417,000 2,650,417,000 3,019,872,000 3,019,872,000 3,241,902,000 3,241,902,000 3,333,099,000 3,333,099,000 3,314,049,000 3,314,049,000 2,915,437,000 2,874,973,000  -762,826 -765,566 -767,000,000 3,158,506,000 3,158,506,000 2,153,315,000 2,153,315,000 2,153,315,000 1,779,629,000 1,779,629,000 1,779,629,000 1,428,206,000 1,428,206,000 1,428,206,000    
        other components of equity
      		118,892,000 -15,282,000 34,652,000 72,795,000 115,457,000 71,699,000 104,327,000 121,407,000 121,407,000 159,640,000 159,640,000 233,357,000 233,357,000 51,084,000 51,084,000 -6,837,000 -6,837,000 7,791,000 46,548,000  50,691 50,398 51,000,000               
        total shareholders’ equity attributable to equity holders
      		6,364,307,000 6,094,305,000 5,836,054,000 4,845,841,000 4,958,355,000 4,994,725,000 4,993,282,000 4,859,288,000 4,859,288,000 5,258,371,000 5,258,371,000 5,547,020,000 5,547,020,000 5,443,644,000 5,443,644,000 5,348,265,000 5,348,265,000 4,943,687,000 4,919,567,000  -414,735 -417,768 -419,000,000               
        non-controlling interest
      		26,000 4,000 11,000 127,000 206,000 238,000 310,000 371,000 371,000 157,000 157,000 -1,741,000 -1,741,000 160,000 160,000 1,129,000 1,129,000 580,000 185,938,000  157,539 164,040 164,000,000               
        total shareholders’ equity
      		6,364,333,000 6,094,309,000 5,836,065,000 4,845,968,000 4,958,561,000 4,994,963,000 4,993,592,000 4,859,659,000 4,859,659,000 5,258,528,000 5,258,528,000 5,545,279,000 5,545,279,000 5,443,804,000 5,443,804,000 5,349,394,000 5,349,394,000 4,944,267,000 5,105,505,000  -257,196 -253,728 -255,000,000               
        total liabilities and shareholders’ equity
      		9,907,007,000 9,934,057,000 8,632,793,000 7,517,744,000 7,580,831,000 7,427,248,000 8,018,636,000 7,778,727,000 7,778,727,000 8,249,198,000 8,249,198,000 8,794,637,000 8,794,637,000 8,472,667,000 8,472,667,000 8,039,317,000 8,039,317,000 8,215,020,000 7,801,831,000  -440,786 -410,804 -435,000,000 7,342,102,000 7,342,102,000 7,010,601,000 7,010,601,000 7,010,601,000 5,371,382,000 5,371,382,000 5,371,382,000 5,140,429,000 5,140,429,000 5,140,429,000    
        short-term investments
      		  1,138,174,000 84,906,000 24,985,000  391,025,000           49,535,000 804,141,000                   
        investment in equity-accounted investee
      		  210,972,000 233,240,000 219,688,000 252,681,000 230,502,000                               
        goodwill and intangible assets
      		      65,602,000 70,012,000 70,012,000 203,310,000 203,310,000 217,130,000 217,130,000 201,102,000 201,102,000 194,031,000 194,031,000                     
        dividends payable
      		       39,579,000 39,579,000 39,579,000 39,579,000 39,579,000 39,579,000 39,579,000 39,579,000 39,548,000 39,548,000 39,535,000 39,475,000     23,570,000 23,570,000 21,943,000 21,943,000 21,943,000 17,220,000 17,220,000 17,220,000 14,092,000 14,092,000 14,092,000    
        deferred tax liabilities
      		       12,467,000 12,467,000 15,937,000 15,937,000 35,179,000 35,179,000 23,882,000 23,882,000 41,909,000 41,909,000 5,773,000 8,165,000  -52,786 -87,135 -1,000,000               
        investments in equity-accounted investees
      		           2,472,000 2,472,000 3,230,000 3,230,000 492,712,000 492,712,000 212,522,000 220,226,000  224,726 222,564 222,000,000               
        bank overdraft
      		               41,226,000 41,226,000                     
        short-term debt
      		               50,230,000 50,230,000 106,590,000 91,703,000       89,817,000            
        current portion of finance lease obligation
      		                 16,337,000 14,852,000                   
        finance lease obligation
      		                 114,676,000 130,982,000                   
        current portion of long-term receivables and other
      		                                     
        long-term receivables, investments, other
      		                    -278,476 -266,510                
        provision for reclamation
      		                    -263,721 -258,277 -258,000,000   353,344,000   284,673,000   228,496,000      
        minority interest
      		                    -157,539 -164,040 -164,000,000 164,040,000 164,040,000 779,203,000 779,203,000 779,203,000 435,807,000 435,807,000 435,807,000 400,071,000 400,071,000 400,071,000    
        current portion of long-term receivables, and other
      		                                     
        | |
      		                                     
        short-term investments [note 5]
      		                       202,836,000 202,836,000             
        inventories [note 6]
      		                       453,224,000 453,224,000             
        current portion of long-term receivables, investments and other [note 9]
      		                       154,725,000 154,725,000             
        assets of discontinued operations [note 25]
      		                                     
        property, plant and equipment [note 7]
      		                       4,068,103,000 4,068,103,000             
        intangible assets [note 8]
      		                       97,713,000 97,713,000             
        long-term receivables, investments and other [note 9]
      		                       648,545,000 648,545,000             
        short-term debt [notes 10, 24]
      		                       76,762,000 76,762,000             
        current portion of long-term debt [note 11]
      		                       11,629,000 11,629,000             
        current portion of other liabilities [note 13]
      		                       29,297,000 29,297,000             
        future income taxes [note 18]
      		                       87,135,000 87,135,000             
        liabilities of discontinued operations [note 25]
      		                                     
        long-term debt [note 11]
      		                       952,853,000 952,853,000             
        provision for reclamation [note 12]
      		                       296,896,000              
        other liabilities [note 13]
      		                       187,072,000 187,072,000             
        accumulated other comprehensive income
      		                       41,284,000 41,284,000 167,036,000 167,036,000 167,036,000 25,433,000         
        benefit from reclamation [note 12]
      		                        296,896,000             
        intangible assets and goodwill
      		                         283,344,000   255,484,000         
        long-term inventory
      		                         22,054,000            
        future income taxes
      		                         68,857,000   84,653,000   46,289,000      
        inventories [note 4]
      		                          470,649,000 470,649,000  437,487,000 437,487,000  416,479,000 416,479,000    
        current portion of long-term receivables, investments and other [note 7]
      		                          49,836,000 49,836,000  164,164,000 164,164,000       
        property, plant and equipment [note 5]
      		                          4,416,293,000 4,416,293,000  3,437,450,000 3,437,450,000  3,312,152,000 3,312,152,000    
        intangible assets and goodwill [note 6]
      		                          283,344,000 283,344,000  255,484,000 255,484,000       
        long-term receivables, investments and other [note 7]
      		                          628,972,000 628,972,000  387,304,000 387,304,000       
        long-term inventory [note 4]
      		                          22,054,000 22,054,000          
        short-term debt [notes 8, 22]
      		                          89,817,000 89,817,000          
        current portion of long-term debt [note 9]
      		                          10,175,000 10,175,000          
        current portion of other liabilities [note 11]
      		                          117,222,000 117,222,000          
        future income taxes [note 16]
      		                          68,857,000 68,857,000     46,289,000 46,289,000    
        long-term debt [note 9]
      		                          1,212,982,000 1,212,982,000          
        provision for reclamation [note 10]
      		                          353,344,000           
        other liabilities [note 11]
      		                          179,880,000 179,880,000          
        benefit from reclamation [note 10]
      		                           353,344,000          
        current portion of long-term debt [note 8]
      		                             8,816,000 8,816,000       
        current portion of other liabilities [note 10]
      		                             32,492,000 32,492,000       
        future income taxes [note 17]
      		                             84,653,000 84,653,000       
        long-term debt [note 8]
      		                             717,130,000 717,130,000       
        provision for reclamation [note 9]
      		                             284,673,000        
        other liabilities [note 10]
      		                             258,511,000 258,511,000       
        accumulated other comprehensive income [note 12]
      		                             25,433,000 25,433,000       
        benefit from reclamation [note 9]
      		                              284,673,000       
        goodwill
      		                               180,139,000      
        cumulative translation account
      		                               -39,766,000      
        current portion of long-term receivables, investments and other [note 6]
      		                                8,745,000 8,745,000    
        long-term receivables, investments and other [note 6]
      		                                293,714,000 293,714,000    
        goodwill [note 22]
      		                                180,139,000 180,139,000    
        current portion of long-term debt [note 7]
      		                                7,900,000 7,900,000    
        current portion of other liabilities [note 9]
      		                                30,881,000 30,881,000    
        long-term debt [note 7]
      		                                696,691,000 696,691,000    
        provision for reclamation [note 8]
      		                                228,496,000     
        other liabilities [note 9]
      		                                232,370,000 232,370,000    
        share capital [note 10]
      		                                812,769,000 812,769,000    
        contributed surplus [note 10]
      		                                540,173,000 540,173,000    
        cumulative translation account [note 11]
      		                                -39,766,000 -39,766,000    
        benefit from reclamation [note 8]
      		                                 228,496,000    
        revenue
      		                                  1,228,000 833,000 399,000 
        operating costs
      		                                  833,000 536,000 250,000 
        earnings before interest and taxes
      		                                  395,000 297,000 149,000 
        interest
      		                                  50,000 33,000 18,000 
        earnings before taxes
      		                                  345,000 264,000 131,000 
        cameco’s share
      		                                  109,000 83,000 41,000 
        adjustments
      		                                  10,000 8,000 5,000 
        cameco’s share of earnings before taxes
      		                                  119,000 91,000 46,000 
        long-term receivables, and investments
      		                                  173,000 182,000 165,000 
        liabilities and partners’ capital
      		                                     
        partners’ capital
      		                                  1,430,000 1,349,000 1,216,000 
                                           
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2016-02-08 2015-09-30 2008-03-31 2007-09-30 2007-06-30 2007-03-31 2006-11-01 2006-06-30 2005-12-31 2004-09-30 2004-06-30 2004-04-23 2003-10-29 
                     
          operating activities
        		             
          net earnings
        		  133,000,000 91,000,000 205,000,000 59,000,000 71,000,000 149,000,000      
          adjustments for:
        		             
          depreciation and amortization
        		             
          deferred sales
        		             
          unrealized loss on derivatives
        		             
          share-based compensation
        		             
          loss on disposal of assets
        		             
          finance costs
        		             
          finance income
        		             
          share of loss (earnings) from equity-accounted investees
        		             
          other income
        		             
          foreign exchange gains
        		             
          other operating income
        		             
          income tax expense
        		             
          interest received
        		             
          income taxes received
        		             
          dividends from equity-accounted investee
        		             
          other operating items
        		             
          net cash from operations
        		             
          capital expenditures
        		             
          free cash flows
        		             
          investing activities
        		             
          additions to property, plant and equipment
        		             
          acquisition
        		             
          decrease in short-term investments
        		             
          decrease in long-term receivables, investments and other
        		             
          proceeds from sale of property, plant and equipment
        		             
          net cash from investing
        		             
          financing activities
        		             
          increase in long-term debt
        		             
          decrease in long-term debt
        		             
          interest paid
        		             
          proceeds from issuance of shares, stock option plan
        		             
          lease principal payments
        		             
          dividends paid
        		             
          net cash from financing
        		             
          increase in cash and cash equivalents, during the year
        		             
          exchange rate changes on foreign currency cash balances
        		             
          cash and cash equivalents, beginning of year
        		             
          cash and cash equivalents, end of year
        		             
          cash and cash equivalents is comprised of:
        		             
          cash
        		             
          cash equivalents
        		             
          cash and cash equivalents
        		             
          share of earnings from equity-accounted investees
        		             
          other operating expense
        		             
          acquisitions
        		             
          proceeds from issuance of shares, net of issue costs
        		             
          decrease in cash and cash equivalents, during the year
        		             
          share of earnings from equity-accounted investee
        		             
          income tax recovery
        		             
          increase in short-term investments
        		             
          net loss
        		             
          deferred charges
        		             
          unrealized gain on derivatives
        		             
          other expense
        		             
          income taxes paid
        		             
          share of earnings in equity-accounted investee
        		             
          impairment charges
        		             
          increase in long-term receivables, investments and other
        		             
          loss on sale of assets
        		             
          share of loss in equity-accounted investees
        		             
          decrease in debt
        		             
          impairment charge
        		             
          discontinued operation
        		             
          increase in debt
        		             
          contributions from non-controlling interest
        		             
          revenue
        		 84,000,000 593,000,000 681,000,000 725,000,000 409,000,000 363,000,000 417,000,000    399,000  
          gross profit
        		 -20,000,000            
          net earnings (losses) attributable to equity holders
        		             
          per common share
        		 -230,000            
          adjusted net earnings
        		 32,000,000     42,000,000 76,000,000      
          cash from operations
        		 -56,000,000     79,000,000 40,000,000      
          •
        		             
          net earnings attributable to equity holders
        		             
          unrealized losses on derivatives
        		             
          share of loss from equity-accounted investees
        		             
          income taxes refunded
        		             
          net cash from continuing operations
        		             
          net cash from discontinued operation
        		             
          acquisitions, net of cash
        		             
          repayment of debt acquired on acquisition of business
        		             
          increase in cash and cash equivalents net of bank overdraft, during the year
        		             
          cash and cash equivalents, net of bank overdraft, beginning of year
        		             
          cash and cash equivalents, net of bank overdraft, end of year
        		             
          bank overdraft
        		             
          cash and cash equivalents and bank overdraft
        		             
          share of earnings from bplp
        		             
          impairment charge on non-producing property
        		             
          bplp net distributions
        		             
          cash and cash equivalents net of bank overdraft, beginning of year
        		             
          cash and cash equivalents net of bank overdraft at end of year
        		             
          increase in cash during the period
        		             
          cash and cash equivalents at beginning of period
        		             
          cash and cash equivalents at end of period
        		             
          average realized prices
        		             
          items not requiring (providing) cash:
        		             
          depreciation, depletion and reclamation
        		             
          provision for future taxes [note 18]
        		             
          deferred gains
        		             
          stock-based compensation [note 22]
        		             
          loss on sale of assets [note 16]
        		             
          equity in loss from associated companies [note 17]
        		             
          other expense [note 17]
        		             
          discontinued operations [note 24]
        		             
          minority interest
        		             
          other operating items [note 19]
        		             
          purchase of short-term investments [note 5]
        		             
          proceeds on sale of property, plant and equipment
        		             
          cash from investing
        		             
          cash from investing (discontinued operations) [note 24]
        		             
          issue of debentures, net of issue costs [note 11]
        		             
          issue of shares, net of issue costs [note 14]
        		             
          contributions from minority interests
        		             
          issue of shares, stock option plan
        		             
          dividends
        		             
          cash from financing
        		             
          increase in cash during the year
        		             
          cash and cash equivalents at beginning of year
        		             
          cash and cash equivalents at end of year
        		             
          cash and cash equivalents comprised of:
        		             
          supplemental cash flow disclosure
        		             
          unrealized foreign exchange losses
        		             
          gain on sale of assets [note 16]
        		             
          writedown of investments [notes 9, 17]
        		             
          discontinued operations [note 25]
        		             
          acquisitions, net of cash [note 24]
        		             
          cash from investing (discontinued operations) [note 25]
        		             
          benefit from future taxes [note 18]
        		             
          unrealized (gains) losses on derivatives
        		             
          equity in income from associated companies [note 17]
        		             
          other income [note 17]
        		             
          provision for future taxes
        		             
          stock-based compensation
        		             
          gain on sale of assets
        		             
          equity in loss from associated companies
        		             
          writedown of investments
        		             
          restructuring of gold business
        		             
          stock option plan amendment
        		             
          issue of shares
        		             
          shares repurchased
        		             
          provision for future taxes [note 16]
        		             
          stock-based compensation [note 20]
        		             
          gain on sale of assets [note 14]
        		             
          equity in loss from associated companies [note 15]
        		             
          other income [note 15]
        		             
          writedown of investments [notes 7, 15]
        		             
          restructuring of gold business [note 23]
        		             
          stock option plan amendment [note 20]
        		             
          other operating items [note 17]
        		             
          acquisitions, net of cash [note 22]
        		             
          shares repurchased [note 12]
        		             
          benefit from future taxes [note 16]
        		             
          unrealized losses (gains) on derivatives
        		             
          equity in income from associated companies [note 15]
        		             
          cigar lake remediation
        		             
          acquisition of business, net of cash acquired
        		             
          decrease in cash during the year
        		             
          cash and cash equivalents at end of year*
        		             
          earnings per share
        		  390,000 260,000 580,000         
          eps — diluted
        		  370,000           
          cash from operations 1
        		  146,000,000 450,000,000 155,000,000 139,000,000        
          1
        		             
          financial highlights
        		  2,008,000,000           
          provision for future taxes [note 17]
        		             
          stock-based compensation [note 21]
        		             
          gain on sale of assets [note 15]
        		             
          equity in loss from associated companies [note 16]
        		             
          cigar lake remediation [note 13]
        		             
          restructuring of gold business [note 24]
        		             
          stock option plan amendment [note 21]
        		             
          other operating items [note 18]
        		             
          shares repurchased [note 11]
        		             
          adjusted net earnings ( millions)1
        		             
          eps — adjusted and diluted ()1
        		             
          cash from operations 2
        		             
          2
        		             
          eps – diluted
        		   250,000 550,000         
          adjusted net earnings 2
        		   275,000,000 205,000,000         
          eps – adjusted and diluted () 2
        		   740,000 550,000         
          earnings from operations
        		    256,000,000 49,000,000 69,000,000 89,000,000      
          deferred revenue recognized
        		             
          earnings from bruce power
        		             
          equity in (earnings) loss from associated companies
        		             
          acquisition of businesses, net of cash acquired
        		             
          restructuring of bruce power
        		             
          net proceeds on sale of investment in energy resources of australia ltd
        		             
          short-term financing
        		             
          issue of debentures, net of issue costs
        		             
          subsidiary issue of shares
        		             
          increase in cash due to accounting change
        		             
          cash at beginning of year
        		             
          cash at end of year
        		             
          earnings per share — basic
        		     170,000 200,000       
          earnings per share — diluted
        		     160,000 190,000       
          o
        		             
          cigar lake remediation [note 12]
        		             
          equity in (earnings) loss from associated companies [note 15]
        		             
          net proceeds on sale of investment in energy resources australia ltd
        		             
          increase in cash due to accounting change [note 19]
        		             
          eps — adjusted and diluted
        		             
          earnings per share – basic
        		       420,000      
          earnings per share – diluted
        		       400,000      
          operating costs
        		           250,000  
          earnings before interest and taxes
        		           149,000  
          interest
        		           18,000  
          loss on restructuring
        		             
          earnings before taxes
        		           131,000  
          cameco’s share
        		           41,000  
          adjustments
        		           5,000  
          cameco’s share of earnings before taxes
        		           46,000  
          earnings per share () basic
        		             
          earnings per share () diluted
        		             
          net earnings ( millions) attributable to common shares
        		             
          average uranium spot price for the period
        		             
          average realized electricity price
        		             
          average ontario electricity spot price
        		             
          cameco’s average realized gold price for the period
        		             
          average spot market gold price for the period
        		             
          2.