Cameco

Cameco Corporation is the world's largest publicly traded uranium

Uranium

Uranium is a silvery-white metallic chemical element in the actinide series of the periodic table, with atomic number 92. It is assigned the chemical symbol U. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons...

 company, based in Saskatoon, Saskatchewan. In 2009, it was the world's second largest uranium producer, accounting for 16% of world production.

History

"Cameco - A Canadian Mining and Energy Corporation" was formed in 1988 by the merger and privatization of two crown corporations: the federally owned Eldorado Nuclear Limited

Eldorado Mining and Refining Limited

The Eldorado Mining and Refining Limited company was originally organized in 1927 as Eldorado Gold Mines Limited to develop a gold mine in Manitoba. Its president Gilbert LaBine later found radioactive deposits at Great Bear Lake, Northwest Territories in 1930, which led to the development of the...

 (known previously as Eldorado Mining and Refining Limited) and Saskatchewan-based Saskatchewan Mining Development Corporation

Saskatchewan Mining Development Corporation

The Saskatchewan Mining Development Corporation was a provincial crown corporation established in 1974 by the Government of Saskatchewan to manage the government's interests in exploration and mining in the province...

 (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 9 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.

Operations

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

Key Lake

-See also:* Unconformity uranium deposits* Uranium mining* List of uranium mines...

.

In the United States, Cameco operates uranium mines

Uranium mining in the United States

Uranium mining in the United States is the extraction of uranium-bearing ore from the earth. While uranium is used primarily for nuclear power, uranium mining had its roots in the production of uranium-bearing ore in 1898 with the mining of carnotite-bearing sandstones of the Colorado Plateau in...

 in the states of Nebraska

Nebraska

Nebraska is a state on the Great Plains of the Midwestern United States. The state's capital is Lincoln and its largest city is Omaha, on the Missouri River....

 and Wyoming

Wyoming

Wyoming is a state in the mountain region of the Western United States. The western two thirds of the state is covered mostly with the mountain ranges and rangelands in the foothills of the Eastern Rocky Mountains, while the eastern third of the state is high elevation prairie known as the High...

 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

Ontario

Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....

, Cameco operates a uranium refinery in Blind River

Blind River, Ontario

Population trend:* Population in 2006: 3780* Population in 2001: 3969* Population in 1996: 3152 * Population in 1991: 3355-Economy:Its main businesses are tourism, fishing, logging, and uranium refining....

 and a uranium conversion facility in Port Hope

Port Hope

Port Hope mar refer to:*Port Hope, Michigan, U.S.*Port Hope, Ontario, Canada**Port Hope Aerodrome**Port Hope Conference**Port Hope Panthers**Port Hope railway station**Port Hope Transit...

, 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

Gold mining

Gold mining is the removal of gold from the ground. There are several techniques and processes by which gold may be extracted from the earth.-History:...

 operations in Kyrgyzstan

Kyrgyzstan

Kyrgyzstan , officially the Kyrgyz Republic is one of the world's six independent Turkic states . Located in Central Asia, landlocked and mountainous, Kyrgyzstan is bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the southwest and China to the east...

, Mongolia

Mongolia

Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...

 and the USA to a newly formed public company, Centerra Gold

Centerra Gold

Centerra Gold Inc. is a gold mining company headquartered in Toronto, Ontario, Canada.The company was formed and went public in 2004 when Saskatoon, Saskatchewan-based Cameco Corporation spun off its gold mining assets previously held by its 100%-owned subsidiary, Cameco Gold...

. Cameco divested its remaining interest in Centerra on December 30, 2009.

In 2010/2011 Cameco had to clean-up a ship-board spill on the MCP Altona

MCP Altona

The MCP Altona is a 629 TEU container vessel built by Shandong Huangai Shibuilding Co in 2007. On December 23, 2010 while enroute from the Port of Vancouver, Canada, to Zhanjiang, China, the ship ran into rough weather between Hawaii and Midway Islands, causing some containers of uranium...

.

In 2011, Cameco signed an agreement with Talvivaara Mining Company

Talvivaara Mining Company

Talvivaara Mining Company plc is a Finnish-based nickel mining business operating in Finland. Listed on the London and Helsinki Stock Exchanges, the company is a constituent of the FTSE 250 and OMXH25 indices.-History:...

, where Cameco would pay US$ 60 million to construct a uranium extraction circuit at the Talvivaara nickel-zinc mine in Sotkamo

Sotkamo

Sotkamo is a municipality of Finland, located in the Kainuu region. The municipality has a population of and covers an area of of which is water. The population density is .Vuokatti, west of Sotkamo, is a popular skiing resort...

. Talvivaara would then pay back the initial construction costs in the form of uranium concentrate; once the initial costs are paid Cameco would continue to purchase the uranium concentrate at a pricing formula based on market price on the day of delivery.

Mines
Producing
Name	Location
McArthur River	Saskatchewan Saskatchewan Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota.... , Canada
Eagle Point Rabbit Lake mine Rabbit Lake is the second largest uranium milling facility in the western world, and is the longest operating uranium production facility in Saskatchewan. The facility is located approximately 800 km north of Saskatoon, Saskatchewan, on the northeast edge of the uranium rich Athabasca Basin....  (Rabbit Lake)	Saskatchewan Saskatchewan Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota.... , Canada
Smith Ranch-Highland Smith Ranch-Highland Smith Ranch and Highland are uranium mining operations located in Wyoming, U.S.A. They are separate permits, operated as a single operation, and have one central processing facility. The Smith Ranch-Highland operation is the largest uranium production facility in the United States.Smith Ranch and...	Wyoming Wyoming Wyoming is a state in the mountain region of the Western United States. The western two thirds of the state is covered mostly with the mountain ranges and rangelands in the foothills of the Eastern Rocky Mountains, while the eastern third of the state is high elevation prairie known as the High... , United States
Crow Butte Crow Butte Crow Butte is a uranium mining operation located in Nebraska, U.S.A.Crow Butte is a roll-front uranium deposit discovered in 1980. Uranium is recovered using in-situ recovery mining methods.-Reserves:...	Nebraska Nebraska Nebraska is a state on the Great Plains of the Midwestern United States. The state's capital is Lincoln and its largest city is Omaha, on the Missouri River.... , United States
Inkai	Kazakhstan Kazakhstan Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
In Development
Cigar Lake	Saskatchewan Saskatchewan Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota.... , Canada

Mills
Name	Location
Key Lake Key Lake -See also:* Unconformity uranium deposits* Uranium mining* List of uranium mines...	Saskatchewan Saskatchewan Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota.... , Canada
Rabbit Lake Rabbit Lake mine Rabbit Lake is the second largest uranium milling facility in the western world, and is the longest operating uranium production facility in Saskatchewan. The facility is located approximately 800 km north of Saskatoon, Saskatchewan, on the northeast edge of the uranium rich Athabasca Basin....	Saskatchewan Saskatchewan Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota.... , Canada

Fuel Production
Name	Location
Port Hope Port Hope Port Hope mar refer to:*Port Hope, Michigan, U.S.*Port Hope, Ontario, Canada**Port Hope Aerodrome**Port Hope Conference**Port Hope Panthers**Port Hope railway station**Port Hope Transit...  conversion facility	Ontario Ontario Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa.... , Canada
Blind River Blind River, Ontario Population trend:* Population in 2006: 3780* Population in 2001: 3969* Population in 1996: 3152 * Population in 1991: 3355-Economy:Its main businesses are tourism, fishing, logging, and uranium refining....  refinery	Ontario Ontario Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa.... , Canada

Power Generation
Name	Location
Bruce Power Bruce Power Bruce Power Limited Partnership is a Canadian business partnership composed of several corporations. It exists as a partnership between Cameco Corporation , TransCanada Corporation , BPC Generation Infrastructure Trust , the Power Workers Union and The Society of Energy Professionals...	Ontario Ontario Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa.... , Canada

Corporate governance

Current members of the board of directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 of Cameco Corporation are:

• John H. Clappison
• Joe Colvin
• James R. Curtiss
• Gerald Grandey
  Gerald Grandey
  Gerald W. Grandey is the President and Chief Executive Officer of Cameco Corporation. He currently serves on the boards of Nuclear Energy Institute, Canadian Nuclear Association, Bruce Power Inc. and Centerra Gold Inc.. Mr...
  
  
• Nancy E. Hopkins
• Oyvind Hushovd
• George Ivany
  George Ivany
  J. W. George Ivany was President of the University of Saskatchewan from 1989 to 1999.-Biography:Born in Grand Falls-Windsor, Newfoundland and Labrador, he received a Bachelor of Science degree in chemistry and physics from Memorial University of Newfoundland in 1960, a Master of Arts degree in...
  
  
• A. Anne McLellan
• Neil McMillan
• James K. Gowans
• Donald H.F. Deranger
• Victor Zaleschuk
  Victor Zaleschuk
  Victor J. Zaleschuk, a corporate director, is the Chair of the board of Cameco Corporation. He is the former President and Chief Executive Officer of Nexen Inc. . He currently serves on the board of the following publicly traded companies: Nexen Inc. and Agrium Inc...
  
  

See also

• Uranium
  Uranium
  Uranium is a silvery-white metallic chemical element in the actinide series of the periodic table, with atomic number 92. It is assigned the chemical symbol U. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons...
  
  
• Uranium Participation Corporation
  Uranium Participation Corporation
  Uranium Participation Corporation is a Toronto-based holding company investing nearly all of its assets in uranium, both in the form of uranium oxide or uranium hexafluoride , with the primary investment objective of achieving capital appreciation in the value of its uranium holdings. The common...
  
  
• Uranium mining
  Uranium mining
  Uranium mining is the process of extraction of uranium ore from the ground. The worldwide production of uranium in 2009 amounted to 50,572 tonnes, of which 27% was mined in Kazakhstan. Kazakhstan, Canada, and Australia are the top three producers and together account for 63% of world uranium...
  
  
• Nuclear power
  Nuclear power
  Nuclear power is the use of sustained nuclear fission to generate heat and electricity. Nuclear power plants provide about 6% of the world's energy and 13–14% of the world's electricity, with the U.S., France, and Japan together accounting for about 50% of nuclear generated electricity...
  
  
• Anti-nuclear movement in Canada
  Anti-nuclear movement in Canada
  Canada has an active anti-nuclear movement, which includes major campaigning organisations like Greenpeace and the Sierra Club. Over 300 public interest groups across Canada have endorsed the mandate of the Campaign for Nuclear Phaseout...
  
  

External links

• Cameco's official site
• Cameco Uranium Stocks The Nuclear Option and the Uranium Bull: by Dr. Mark Skousen, Investment Advisory Panelist, Investment U.