2009 Annual Report
Cameco’s vision is to be a dominant nuclear
energy company producing uranium fuel
and generating clean electricity. Our goal
is to be the supplier, partner, investment
and employer of choice.
We are making statements and providing information about our expectations for the future which
are considered to be forward-looking information or forward-looking statements under Canadian
and United States securities laws. These include statements about our aim to double our annual
uranium production to 40 million pounds by 2018 and how we expect to achieve that goal, our
expectation that Cigar Lake will begin production mid 2013, and our expectation that demand for
uranium will grow and there will a shortage of uranium supply. We are presenting this information to
help you understand management’s current views of our future prospects, and it may not be
appropriate for other purposes. We will not necessarily update this information unless we are
required to by securities laws. This information is based on a number of material assumptions, and
is subject to a number of material risks, which are discussed in our annual MD&A contained in this
document, including under the heading “About forward-looking information”.
There are three ways to mine uranium, depending on the depth of the orebody and the
deposit’s geological characteristics:
• Open pit mining is used if the ore is near the surface. The ore is usually mined using drilling
• Underground mining is used if the ore is too deep to make surface mining economical.
Tunnels and shafts provide access to the ore.
• In situ recovery (ISR) does not require excavation. Instead, holes are drilled into the ore
and a solution is used to dissolve the uranium. The solution is pumped to the surface where
the uranium is recovered.
Ore from open pit and underground mines is process