Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | CCJ |
Entity Registrant Name | CAMECO CORPORATION |
Entity Central Index Key | 0001009001 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | shares | 434,175,752 |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Auditor Name | KPMG LLP |
Auditor Firm Id | 85 |
Auditor Location | Saskatoon, Saskatchewan, Canada |
Annual Information Form | true |
Auditor Attestation Flag | true |
Audited Annual Financial Statements | true |
Entity File Number | 1-14228 |
Entity Listing Par Value Per Share | $ / shares | $ 0 |
Document Fin Stmt Error Correction Flag | false |
Security exchange name | NYSE |
Entity Tax Identification Number | 98-0113090 |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 1090 |
Security 12 b | Common Shares |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 2121 – 11thStreet West |
Entity Address City or Town | Saskatoon |
Entity Address State Or Province | SK |
Entity Address, Postal Zip Code | S7M 1J3 |
Entity Address Country | CA |
City Area Code | 306 |
Local Phone Number | 956-6200 |
Document Registration Statement | false |
Document Annual Report | true |
Business contact [Member] | |
Entity Addresses [Line Items] | |
Contact Personnel Name | Cristina Giffin, Power Resources, Inc., Smith Ranch-Highland Operation |
Entity Address, Address Line One | 762 Ross Road |
Entity Address City or Town | Douglas |
Entity Address State Or Province | WY |
Entity Address, Postal Zip Code | 82633 |
City Area Code | 307 |
Local Phone Number | 358-6541 |
Consolidated statements of earn
Consolidated statements of earnings - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated statements of earnings [Abstract] | ||
Revenue from products and services | $ 2,587,758 | $ 1,868,003 |
Cost of products and services sold | 1,805,768 | 1,457,336 |
Depreciation and amortization | 220,324 | 177,376 |
Cost of sales | 2,026,092 | 1,634,712 |
Gross profit | 561,666 | 233,291 |
Administration | 245,539 | 172,029 |
Exploration | 17,551 | 10,578 |
Research and development | 21,036 | 12,175 |
Other operating expense (income) | (7,509) | 22,944 |
Loss on disposal of assets | 2,188 | 514 |
Earnings from operations | 282,861 | 15,051 |
Finance costs | (115,869) | (85,728) |
Gain (loss) on derivatives | 37,791 | (72,949) |
Finance income | 111,670 | 37,499 |
Share of earnings from equity-accounted investees | 154,462 | 93,988 |
Other income | 16,238 | 96,934 |
Earnings before income taxes | 487,153 | 84,795 |
Income tax expense (recovery) | 126,337 | (4,469) |
Net earnings | 360,816 | 89,264 |
Net earnings (loss) attributable to: | ||
Equity holders | 360,847 | 89,382 |
Non-controlling interest | (31) | (118) |
Net earnings | $ 360,816 | $ 89,264 |
Earnings per common share attributable to equity holders: | ||
Basic | $ 0.83 | $ 0.22 |
Diluted | $ 0.83 | $ 0.22 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated statements of comprehensive income [Abstract] | ||
Net earnings (loss) | $ 360,816 | $ 89,264 |
Items that will not be reclassified to net earnings: | ||
Remeasurements of defined benefit liability | (5,205) | 19,242 |
Remeasurements of defined benefit liability - equity-accounted investee | (20,199) | 0 |
Items that are or may be reclassified to net earnings: | ||
Exchange differences on translation of foreign operations | (76,960) | (38,141) |
Gains on derivatives designated as cash flow hedges - equity-accounted investee | 3,506 | 0 |
Exchange difference on translation of foreign operations - equity-accounted investee | 23,520 | 0 |
Other comprehensive loss, net of taxes | (75,338) | (18,899) |
Total comprehensive income | 285,478 | 70,365 |
Other comprehensive income (loss) attributable to: | ||
Equity holders | (75,338) | (18,901) |
Non-controlling interest | 0 | 2 |
Other comprehensive loss for the year | (75,338) | (18,899) |
Total comprehensive income (loss) attributable to: | ||
Equity holders | 285,509 | 70,481 |
Non-controlling interest | (31) | (116) |
Total comprehensive income | $ 285,478 | $ 70,365 |
Consolidated statements of co_2
Consolidated statements of comprehensive income (parenthetical) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated statements of comprehensive income [Abstract] | ||
Income tax on remeasurement of defined benefit liability | $ 1,581 | $ (5,440) |
Remeasurements of investee, tax | 5,144 | 0 |
Gains on derivatives designated as cash flow hedges - equity-accounted investee, tax | $ (909) | $ 0 |
Consolidated statements of fina
Consolidated statements of financial position - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 566,809,000 | $ 1,143,674,000 |
Short-term investments | 0 | 1,138,174,000 |
Accounts receivable | 422,333,000 | 183,944,000 |
Current tax assets | 974,000 | 1,056,000 |
Inventories | 692,261,000 | 664,698,000 |
Supplies and prepaid expenses | 149,352,000 | 157,910,000 |
Current portion of long-term receivables, investments and other | 10,161,000 | 32,180,000 |
Total current assets | 1,841,890,000 | 3,321,636,000 |
Property, plant and equipment | 3,368,772,000 | 3,473,490,000 |
Intangible assets | 43,577,000 | 47,117,000 |
Long-term receivables, investments and other | 613,773,000 | 595,507,000 |
Investment in equity-accounted investees | 3,173,185,000 | 210,972,000 |
Deferred tax assets | 892,860,000 | 984,071,000 |
Total non-current assets | 8,092,167,000 | 5,311,157,000 |
Total assets | 9,934,057,000 | 8,632,793,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 577,550,000 | 374,714,000 |
Current tax liabilities | 24,076,000 | 6,498,000 |
Current portion of long-term debt | 499,821,000 | 0 |
Current portion of other liabilities | 48,544,000 | 131,324,000 |
Current portion of provisions | 39,113,000 | 48,305,000 |
Total current liabilities | 1,189,104,000 | 560,841,000 |
Long-term debt | 1,284,353,000 | 997,000,000 |
Other liabilities | 343,420,000 | 216,162,000 |
Provisions | 1,022,871,000 | 1,022,725,000 |
Total non-current liabilities | 2,650,644,000 | 2,235,887,000 |
Shareholders' equity | ||
Share capital | 2,914,165,000 | 2,880,336,000 |
Contributed surplus | 215,679,000 | 224,687,000 |
Retained earnings | 2,979,743,000 | 2,696,379,000 |
Other components of equity | (15,282,000) | 34,652,000 |
Total shareholders' equity attributable to equity holders | 6,094,305,000 | 5,836,054,000 |
Non-controlling interest | 4,000 | 11,000 |
Total shareholders' equity | 6,094,309,000 | 5,836,065,000 |
Total liabilities and shareholders' equity | $ 9,934,057,000 | $ 8,632,793,000 |
Consolidated statements of chan
Consolidated statements of changes in equity - CAD ($) $ in Thousands | Total | Share Capital [Member] | Contributed Surplus [Member] | Retained Earnings [Member] | Foreign Currency Translation [Member] | Cash Flow Hedges [Member] | Equity Investments At FVOCI [Member] | Total | Non-Controlling Interest [Member] |
Balance beginning period at Dec. 31, 2021 | $ 4,845,968 | $ 1,903,357 | $ 230,039 | $ 2,639,650 | $ 73,543 | $ 0 | $ (748) | $ 4,845,841 | $ 127 |
Net earnings (loss) | 89,264 | 0 | 0 | 89,382 | 0 | 0 | 0 | 89,382 | (118) |
Other comprehensive income (loss), net of taxes | (18,899) | 0 | 0 | 19,242 | (38,143) | 0 | 0 | (18,901) | 2 |
Total comprehensive income | 70,365 | 0 | 0 | 108,624 | (38,143) | 0 | 0 | 70,481 | (116) |
Share-based compensation | 3,318 | 0 | 3,318 | 0 | 0 | 0 | 0 | 3,318 | 0 |
Stock options exercised | 9,632 | 12,101 | (2,469) | 0 | 0 | 0 | 0 | 9,632 | 0 |
Restricted share units released | (6,201) | 0 | (6,201) | 0 | 0 | 0 | 0 | (6,201) | 0 |
Dividends | (51,895) | 0 | 0 | (51,895) | 0 | 0 | 0 | (51,895) | 0 |
Equity issuance [note 17] | 964,878 | 964,878 | 0 | 0 | 0 | 0 | 0 | 964,878 | 0 |
Balance ending period at Dec. 31, 2022 | 5,836,065 | 2,880,336 | 224,687 | 2,696,379 | 35,400 | 0 | (748) | 5,836,054 | 11 |
Net earnings (loss) | 360,816 | 0 | 0 | 360,847 | 0 | 0 | 0 | 360,847 | (31) |
Other comprehensive income (loss), net of taxes | (75,338) | 0 | 0 | (25,404) | (53,440) | 3,506 | 0 | (75,338) | 0 |
Total comprehensive income | 285,478 | 0 | 0 | 335,443 | (53,440) | 3,506 | 0 | 285,509 | (31) |
Share-based compensation | 3,692 | 0 | 3,692 | 0 | 0 | 0 | 0 | 3,692 | 0 |
Stock options exercised | 27,537 | 33,829 | (6,292) | 0 | 0 | 0 | 0 | 27,537 | 0 |
Restricted share units released | (6,408) | 0 | (6,408) | 0 | 0 | 0 | 0 | (6,408) | 0 |
Dividends | (52,079) | 0 | 0 | (52,079) | 0 | 0 | 0 | (52,079) | 0 |
Transactions with owners-contributed equity | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 |
Balance ending period at Dec. 31, 2023 | $ 6,094,309 | $ 2,914,165 | $ 215,679 | $ 2,979,743 | $ (18,040) | $ 3,506 | $ (748) | $ 6,094,305 | $ 4 |
Consolidated statements of cash
Consolidated statements of cash flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net earnings (loss) | $ 360,816,000 | $ 89,264,000 |
Adjustments for: | ||
Depreciation and amortization | 220,324,000 | 177,376,000 |
Deferred sales | (21,468,000) | 43,528,000 |
Unrealized loss (gain) on derivatives | (61,658,000) | 82,636,000 |
Share-based compensation | 3,692,000 | 3,318,000 |
Loss on disposal of assets | 2,188,000 | 514,000 |
Finance costs | 115,869,000 | 85,728,000 |
Finance income | (111,670,000) | (37,499,000) |
Share of earnings from equity-accounted investees | (154,462,000) | (93,988,000) |
Other income | (16,238,000) | (96,934,000) |
Other operating expense (income) | (7,509,000) | 22,944,000 |
Income tax expense (recovery) | 126,337,000 | (4,469,000) |
Interest received | 113,797,000 | 35,443,000 |
Income taxes received (paid) | 70,372,000 | (1,521,000) |
Dividends from equity-accounted investee | 113,642,000 | 117,698,000 |
Other operating items | (65,896,000) | (119,431,000) |
Net cash provided by operations | 688,136,000 | 304,607,000 |
Investing activities | ||
Additions to property, plant and equipment | (153,631,000) | (143,448,000) |
Acquisitions | (3,028,977,000) | (101,681,000) |
Decrease (increase) in short-term investments | 1,136,687,000 | (1,044,473,000) |
Decrease (increase) in long-term receivables, investments and other | 1,000,000 | (2,000,000) |
Proceeds from sale of property, plant and equipment | 69,000 | 780,000 |
Net cash used in investing | (2,044,852,000) | (1,290,822,000) |
Financing activities | ||
Increase in long-term debt | 816,582,000 | 0 |
Interest paid | (40,798,000) | (38,856,000) |
Proceeds from issuance of shares, stock option plan | 27,537,000 | 9,632,000 |
Proceeds from issuance of shares, net of issue costs | 0 | 953,285,000 |
Lease principal payments | (2,430,000) | (2,908,000) |
Dividends paid | (52,079,000) | (51,895,000) |
Net cash provided by financing | 748,812,000 | 869,258,000 |
Decrease in cash and cash equivalents, during the year | (607,904,000) | (116,957,000) |
Exchange rate changes on foreign currency cash balances | 31,039,000 | 13,184,000 |
Cash and cash equivalents, beginning of year | 1,143,674,000 | 1,247,447,000 |
Cash and cash equivalents, end of year | 566,809,000 | 1,143,674,000 |
Cash and cash equivalents is comprised of: | ||
Cash | 229,732,000 | 701,818,000 |
Cash equivalents | $ 337,077,000 | $ 441,856,000 |
Cameco Corporation
Cameco Corporation | 12 Months Ended |
Dec. 31, 2023 | |
Cameco Corporation [Abstract] | |
Cameco Corporation | Notes to consolidated financial statements For the years ended December 31, 2023 and 2022 1. Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The consolidated financial statements as at and for the year ended December 31, 2023 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in associates and joint arrangements. Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe. The Company has operations in northern Saskatchewan and the United States, as well as a 40 % interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom (Kazatomprom), located in Kazakhstan. Cameco also has a 49 % interest in Westinghouse Electric Company (Westinghouse), a joint venture with Brookfield Renewable Partners and its institutional partners (collectively, Brookfield). Westinghouse is one of the world’s largest nuclear services businesses with corporate headquarters in Pennsylvania and operations around the world. Both JV Inkai and Westinghouse are accounted for on an equity basis (see note 12). Cameco has two suspended in 2018, resumed in November of 2022. The Rabbit Lake operation was placed in care and maintenance in 2016. Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 29 for the financial statement impact. The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls a significant portion of the world UF 6 Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies [Abstract] | |
Material accounting policies | 2. A. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 7, 2024. B. These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted. The consolidated financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date: Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5. This summary of material accounting policies is a description of the accounting methods and practices that have been used in the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements contained herein. These accounting policies have been applied consistently to all entities within the consolidated group. C. i. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company measures goodwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the Company’s previously held equity interest in the acquiree is also considered in computing goodwill. Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation awards that are replaced mandatorily in a business combination. The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair value, or at their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date. Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instruments. ii. The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is acquired by the Company and are deconsolidated from the date that control ceases. iii. A joint arrangement can take the form of a joint operation or joint venture. All joint arrangements involve a contractual arrangement that establishes joint control. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint operation may or may not be structured through a separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the purpose of the joint operation. The consolidated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accordance with the terms of each arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is always structured through a separate vehicle. It operates in the same way as other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses. Interests in joint ventures are accounted for using the equity method of accounting, whereby the Company’s proportionate interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the consolidated statements of financial position and consolidated statements of earnings. The share of joint ventures results is recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at which it ceases. When acquiring an additional interest in a joint arrangement, previously held interests are not remeasured at fair value. In an acquisition of an asset or group of assets that does not constitute a business, the directly attributable transaction costs are included in the cost of the asset or group of assets. iv. Cameco’s investments in equity-accounted investees include investments in joint ventures and an associate. Associates are those entities over which the Company has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity involved and influential in policy decisions affecting the entity. A joint venture is an arrangement in which the Company has joint control, whereby it has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Investments in the joint ventures and associate are accounted for using the equity method. The equity method involves the recording of the initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s proportionate share of the earnings or loss and OCI and any other changes in the associates’ net assets, such as dividends. The cost of the investment includes transaction costs. Adjustments are made to align the accounting policies of the joint ventures and associate with those of the Company before applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. v. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with its equity- accounted investees JV Inkai and Westinghouse are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of impairment. D. Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured using their functional currency, which is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Canadian dollars, which is Cameco’s functional and presentation currency. i. Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the average monthly exchange rates prevailing at the date of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non- monetary items that are measured in terms of historical cost in a foreign currency are translated using the average monthly exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are reflected in earnings with the exception of foreign exchange gains or losses on provisions for decommissioning and reclamation activities that are in a foreign currency, which are capitalized in property, ii. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are translated to Canadian dollars at the average monthly exchange rate at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in whole, the relevant amount in the foreign currency translation account is transferred to earnings as part of the gain or loss on disposal. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the foreign currency translation account. E. Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments, which have a term to maturity of three months or less at the time of purchase and are measured at amortized cost. F. Short-term investments are comprised of money market instruments with terms to maturity between three and 12 months and are measured at amortized cost. G. Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average method. Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Consumable supplies and spares are valued at the lower of cost or replacement value. H. i. Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site on which they are located. When components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment and depreciated separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in earnings. ii. The decision to develop a mine property within a project area is based on an assessment of the commercial viability of the property, the availability of financing and the existence of markets for the product. Once the decision to proceed to development is made, development and other expenditures relating to the project area are deferred as part of assets under construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated by charges against earnings from future mining operations. No depreciation is charged against the property until the production stage commences. After a mine property has been brought into the production stage, costs of any additional work on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated over the remaining life of the related assets. The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the manner intended by management. The criteria used to assess the start date of the production stage are determined based on the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when determining whether the production stage has been reached, which includes, but is not limited to, the demonstration of sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a target percentage of the design capacity). iii. Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows: Land Not depreciated Buildings 15 25 Plant and equipment 3 15 Furniture and fixtures 3 10 Other 3 5 Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion assets, the amount of depreciation is measured by the portion of the facilities' total estimated lifetime production that is produced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion of the mines' proven and probable mineral reserves recovered during the period. Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate. iv. The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits embodied within the component will flow to the Company. The carrying amount of the replaced component is derecognized. Costs of routine maintenance and repair are charged to products and services sold. I. Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired. Goodwill is subsequently measured at cost, less accumulated impairment losses. Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured subsequently at cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values. Intangible assets that have finite useful lives are amortized using the units of production method over their estimated remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if appropriate. J. Cameco recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received, and subsequently at cost less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option, in which case the right-of-use asset will be depreciated on the same basis as that of property, plant and equipment. The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental borrowing rate as the discount rate. Current borrowing rates available for classes of leased assets are compared with the rates of Cameco’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short- term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term. K. Finance income comprises interest income on funds invested. Interest income and interest expense are recognized in earnings as they accrue, using the effective interest method. Finance costs are comprised of interest and fees on borrowings and unwinding of the discount on provisions. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are expensed in the period incurred. L. Expenditures on research are charged against earnings when incurred. Development costs are recognized as assets when the Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits. M. i. Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost and contract assets. It measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month ECLs. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12- month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Cameco to actions such as realizing security (if any is held). The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating. Financial assets carried at amortized cost. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental effect on the estimated future cash flows of the financial asset have occurred. Evidence can include significant financial difficulty of the borrower or issuer, a breach of contract, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial reorganization, or the disappearance of an active market for a security. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. ii. The carrying amounts of Cameco’s non-financial assets are reviewed throughout the year to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and willing parties. For exploration properties, fair value is based on the implied fair value of the resources in place using comparable market transaction metrics. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed throughout the year, whenever events or changes in circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment loss in respect of goodwill is not reversed. N. Exploration and evaluation expenditures are those expenditures incurred by the Company in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. These expenditures include researching and analyzing existing exploration data, conducting geological studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation expenditures are charged against earnings as incurred, except when there is a high degree of confidence in the viability of the project and it is probable that these costs will be recovered through future development and exploitation. Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under the scope of IFRS 6, Exploration for and Evaluation of Mineral Resources, and are reported as part of property, plant and equipment. O. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost. i. The mining, extraction and processing activities of the Company normally give rise to obligations for site closure and environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and decommissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure and restoration activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal part of a mining or production process, are not included in the provision. The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating licence conditions and the environment in which the mine operates. Closure and restoration provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax risk-free rate. Significant judgments and estimates are involved in deriving the expectations of future activities and the amount and timing of the associated cash flows. At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the reclamation, decommissioning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of discounting unwinds. The unwinding of the discount is an expense recognized in finance costs. Closure and rehabilitation provisions are also adjusted for changes in estimates. The provision is reviewed at each reporting date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates, and the adjusted cost of the asset is depreciated prospectively. ii. The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has established strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and discount rates are estimated both at initial recognition and subsequent measurement. P. i. The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. A defined benefit plan is a pension plan other than a defined contribution plan. The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on service and management's best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected health care costs. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. The Company recognizes all actuarial gains and losses arising from defined benefit plans in other comprehensive income, and reports them in retained earnings. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognized immediately in earnings. For defined contribution plans, the contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. ii. The Company provides certain post-retirement health care benefits to its retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. Actuarial gains and losses are recognized in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries. iii. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be measured reliably. iv. Termination whenever an employee accepts an entity’s offer of benefits in exchange for termination of employment. Cameco recognizes termination benefits as an expense at the earlier of when the Company can no longer withdraw the offer of those benefits and when the Company recognizes costs for a restructuring. If benefits are payable more than 12 months |
Accounting standards
Accounting standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting standards [Abstract] | |
Accounting standards | 3. A. A number of amendments to existing standards became effective January 1, 2023 but they did not have a material effect on the Company’s financial statements. i. In May 2023, the International Accounting Standards Board (IASB) issued International Tax Reform – which amended IAS 12, Income Taxes January 1, 2023. The amendments apply to income taxes arising from changes to tax law enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development. Cameco applied the temporary mandatory exception from deferred tax accounting for the top-up tax related to Pillar Two income taxes. We have not included additional disclosures arising from this amendment in these consolidated annual financial statements for the year ended December 31, 2023 because the impact was not material. ii. In February 2021, the IASB issued an amendment to IAS 1, Disclosure of Accounting Policies effective for annual reporting periods beginning on or after January 1, 2023 and provided requirements and guidance to help entities make more effective accounting policy disclosures. We have reviewed our disclosures in note 2 and amended them to only include accounting policy information that we considered material based on the new guidance. B. A number of amendments to existing standards are not yet effective for the year ended December 31, 2023 and have not been applied in preparing these consolidated financial statements. Cameco does not intend to early adopt any of the amendments and does not expect them to have a material impact on its financial statements. |
Determination of fair values
Determination of fair values | 12 Months Ended |
Dec. 31, 2023 | |
Determination of fair value [Abstract] | |
Determination of fair values | 4. A number of the Company’s accounting policies and disclosures require the measurement of fair value, for both financial and non-financial assets and liabilities. The fair value of an asset or liability is generally estimated as the amount that would be received on sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair values of assets and liabilities traded in an active market are determined by reference to last quoted prices, in the principal market for the asset or liability. In the absence of an active market for an asset or liability, assets or liabilities with similar characteristics and risk profiles, or through other valuation techniques. Fair values determined using valuation techniques require the use of inputs, which are obtained from external, readily observable market data when available. In some circumstances, inputs that are not based on observable data must be used. In these cases, the estimated fair values may be adjusted in order to account for valuation uncertainty, or to reflect the assumptions that market participants would use in pricing the asset or liability. All fair value measurements are categorized into one of three hierarchy levels, described below, for disclosure purposes. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities: Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the reporting date for identical assets or liabilities. Level 2 – Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. When the inputs used to measure fair value fall within more than one level of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period during which the transfer occurred. There were no fair value measurements that are categorized as level 3 as of the reporting date. Further information about the techniques and assumptions used to measure fair values is included in the following notes: Note 6 - Acquisitions Note 25 - Share-based compensation plans Note 27 - Financial instruments and risk management |
Use of estimates and judgments
Use of estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Use of estimates and judgments [Abstract] | |
Use of estimates and judgments | 5. The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected. Information about critical judgments in applying the accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is discussed below. Further details of the nature of these judgments, estimates and assumptions may be found in the relevant notes to the consolidated financial statements. A. Cameco assesses the carrying values of property, plant and equipment, intangible assets and investments in associates and joint ventures when there is an indication of possible impairment. If it is determined that carrying values of assets cannot be recovered, the unrecoverable amounts are charged against current earnings. Recoverability is dependent upon assumptions and judgments regarding market conditions, costs of production, sustaining capital requirements, mineral reserves and the impact of geopolitical events. Other assumptions used in the calculation of recoverable amounts are discount rates, future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets. B. In performing impairment assessments of long-lived assets, assets that cannot be assessed individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Management is required to exercise judgment in identifying these CGUs. C. Significant decommissioning and reclamation activities are often not undertaken until near the end of the useful lives of the productive assets. Regulatory requirements and alternatives with respect to these activities are subject to change over time. A significant change to either the estimated costs, timing of the cash flows or mineral reserves may result in a material change in the amount charged to earnings. D. Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income taxes in each of these tax jurisdictions in preparing its consolidated financial statements. In calculating income taxes, consideration is given to factors such as tax rates in the different jurisdictions, non-deductible expenses, changes in tax law and management’s expectations of future operating results. Cameco estimates deferred income taxes based on temporary differences between the income and losses reported in its consolidated financial statements and its taxable income and losses as determined under the applicable tax laws. The tax effect of these temporary differences is recorded as deferred tax assets or liabilities in the consolidated financial statements. The calculation of income taxes requires the use of judgment and estimates. The determination of the recoverability of deferred tax assets is dependent on assumptions and judgments regarding future market conditions and production rates, which can materially impact estimated future taxable income. If these judgments and estimates prove to be inaccurate, future earnings may be materially impacted. E. Depreciation on property, plant and equipment is primarily calculated using the unit-of-production method. This method allocates the cost of an asset to each period based on current period production as a portion of total lifetime production or a portion of estimated mineral reserves. Estimates of life-of-mine and amounts of mineral reserves are updated annually and are subject to judgment and significant change over time. If actual mineral reserves prove to be significantly different than the estimates, there could be a material impact on the amounts of depreciation charged to earnings. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions [Abstract] | |
Acquisitions | 6. A. On November 7, 2023, Cameco acquired a 49 % interest in Westinghouse, one of the world’s largest nuclear services businesses, in partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and its institutional partners. Brookfield, with its institutional partners, owns the other 51 %. The acquisition represents an investment in additional nuclear fuel cycle assets that the Company expects will augment the core of its business. To 49 % share of the purchase price, $ 2,140,305,000 The Company used $ 1,540,305,000 600,000,000 issued 34,057,250 2023, $ 50,000,000 The purchase price was allocated to the underlying assets and liabilities assumed based on their fair values at the date of acquisition. The values assigned to Cameco’s share of the net assets acquired were as follows: Net assets acquired (USD) Cash and cash equivalents $ 254,800 Other current assets 938,413 Property, plant and equipment 787,278 Intangible assets 2,852,780 Goodwill 568,631 Non-current assets 346,891 Current liabilities (1,164,621) Non-current liabilities (2,443,867) Total $ 2,140,305 Cash 1,540,305 Term 600,000 Total $ 2,140,305 Fair values were determined using a number of different valuation methodologies depending on the characteristics of the assets being valued. Methods included discounted cash flows, relief from royalty and multi-period excess earnings, quoted market prices and the direct cost method. Intangible assets include customer relationships and contracts, developed technology, the Westinghouse product development costs. Goodwill reflects the value assigned to the expected future earnings capabilities of the organization. This is the earnings potential that we anticipate will be realized through new business arrangements. The valuation of the assets and liabilities assumed was not finalized as of the date of these financial statements. The accounting for the acquisition will be revised when the valuation is complete. Following the completion of the valuation, if new information obtained within one year of the acquisition date about facts and circumstances that existed at the date of acquisition, identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition, further revisions will be made. B. On May 19, 2022, Cameco and Orano Canada Inc. (Orano) completed the acquisition of Idemitsu Canada Resources Ltd.’s (Idemitsu) 7.875 % participating interest in the CLJV by acquiring their pro rata shares through an asset purchase. Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan is now 54.547 % (previously 50.025 %). The primary reason for the business combination was to increase our ownership interest. Cash consideration of $ 101,681,000 4.522 % interest. While Cameco received the economic benefit of owning the additional interest as of January 1, 2022, the additional interest has been proportionately consolidated with the results of Cameco commencing on May 19, 2022. CLJV allocates uranium production to each joint operation participant and the joint operation participant derives revenue directly from the sale of such product. Mining and milling expenses incurred by joint operations are included in the cost of inventory. As such, there is no revenue or profit or loss of the acquiree included in the consolidated statements of earnings. If the acquisition had occurred at the beginning of the year, Cameco’s share of production would have included an additional 296,000 Acquisition costs of $ 1,495,000 the year ended December 31, 2022. Included in the identifiable assets and liabilities acquired at the date of acquisition are inputs, production processes and outputs. Therefore, Cameco has determined that together the acquired set is a business. In accordance with the acquisition method of accounting, the purchase price was allocated to the underlying assets and liabilities assumed based on their fair values at the date of acquisition. Fair values were determined based on discounted cash flows and quoted market prices. The values assigned to the net assets acquired were as follows: Property, plant and equipment $ 97,930 Deferred tax asset 28,196 Inventory 9,909 Working capital (24) Reclamation provision (2,528) Sales contracts (9,000) Net assts acquired $ 124,483 Cash paid 101,681 Bargain purchase gain [note 21] (a) $ 22,802 (a) Business Combinations . This standard requires the measurement of tax attributes that were acquired as part of the transaction be in accordance with IAS 12, Income Taxes , rather than at fair value. The measured amount of these attributes exceeded the amount paid for them and the resulting gain is included in other income (expense) in the consolidated statement of earnings. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2023 | |
Accounts receivables [Abstract] | |
Accounts receivable | 7. 2023 2022 Trade receivables $ 413,792 $ 167,688 GST/VAT 6,772 5,856 Other receivables 1,769 10,400 Total $ 422,333 $ 183,944 The Company’s exposure to credit and currency risks as well as credit losses related to trade and other receivables, excluding goods and services tax (GST)/value added tax (VAT) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 8. 2023 2022 Uranium Concentrate $ 511,654 $ 537,426 Broken ore 71,463 46,703 583,117 584,129 Fuel services 108,711 80,144 Other 433 425 Total $ 692,261 $ 664,698 Cameco expensed $ 1,833,000,000 1,359,000,000 ). |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property plant and equipment [Abstract] | |
Property, plant and equipment | 9. At December 31, 2023 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,197,138 $ 2,812,309 $ 84,080 $ 234,590 $ 1,088,234 $ 9,416,351 Additions 9,062 29,498 3,461 111,518 92 153,631 Transfers 40,011 63,819 3,334 (106,835) - 329 Change in reclamation provision [note 16] (5,343) - - - - (5,343) Disposals (13,604) (3,744) (69) (1,989) - (19,406) Effect of movements in exchange rates (13,940) (4,277) (87) (4) (19,884) (38,192) End of year 5,213,324 2,897,605 90,719 237,280 1,068,442 9,507,370 Accumulated depreciation and impairment Beginning of year 3,300,869 2,067,999 79,576 36,798 467,071 5,952,313 Depreciation charge 146,574 98,694 4,267 - - 249,535 Transfers - 11 (11) - - - Change in reclamation provision [note 16] (a) (7,509) - - - - (7,509) Disposals (13,604) (3,456) (69) - - (17,129) Effect of movements in exchange rates (13,340) (4,227) (87) - (10,159) (27,813) End of year 3,412,990 2,159,021 83,676 36,798 456,912 6,149,397 Right-of-use assets Beginning of year 5,959 1,565 1,928 - - 9,452 Additions 3,398 126 844 - - 4,368 Disposals - (214) - - - (214) Depreciation charge (1,003) (399) (1,076) - - (2,478) Transfers (28) (677) 376 - - (329) End of year 8,326 401 2,072 - - 10,799 Net book value at December 31, 2023 $ 1,808,660 $ 738,985 $ 9,115 $ 200,482 $ 611,530 $ 3,368,772 At December 31, 2022 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,152,209 $ 2,732,561 $ 84,366 $ 167,200 $ 1,073,239 $ 9,209,575 Acquisitions [note 6] 67,998 27,646 70 2,216 - 97,930 Additions 4,385 8,927 209 129,734 193 143,448 Transfers 25,023 39,091 (167) (63,518) - 429 Change in reclamation provision (93,451) - - - - (93,451) Disposals (4,885) (8,423) (650) (1,046) - (15,004) Effect of movements in exchange rates 45,859 12,507 252 4 14,802 73,424 End of year 5,197,138 2,812,309 84,080 234,590 1,088,234 9,416,351 Accumulated depreciation and impairment Beginning of year 3,101,740 1,962,228 78,119 36,798 458,247 5,637,132 Depreciation charge 137,543 101,923 1,857 - - 241,323 Change in reclamation provision (a) 22,944 - - - - 22,944 Disposals (4,851) (8,201) (649) - - (13,701) Effect of movements in exchange rates 43,493 12,049 249 - 8,824 64,615 End of year 3,300,869 2,067,999 79,576 36,798 467,071 5,952,313 Right-of-use assets Beginning of year 931 1,584 1,641 - - 4,156 Additions 5,917 1,330 606 - - 7,853 Disposals - (11) - - - (11) Depreciation charge (870) (560) (687) - - (2,117) Transfers (19) (778) 368 - - (429) End of year 5,959 1,565 1,928 - - 9,452 Net book value at December 31, 2022 $ 1,902,228 $ 745,875 $ 6,432 $ 197,792 $ 621,163 $ 3,473,490 Cameco has contractual capital commitments of approximately $ 60,525,000 commitments may contain cancellation clauses, however the Company discloses the commitments based on management’s intent to fulfill the contract. The majority of this amount is expected to be incurred in 2024. (a) Asset retirement obligation assets are adjusted when the Company updates its reclamation provisions due to new cash flow estimates or changes in discount and inflation rates. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake operation and some of our operations in the United States, the adjustment is recorded directly to the statement of earnings as other operating expense or income. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Intangible assets | 10. A. At December 31, 2023 Intellectual Cost Beginning of year $ 118,819 End of year 118,819 Accumulated amortization and impairment Beginning of year 71,758 Amortization charge 3,484 End of year 75,242 Net book value at December 31, 2023 $ 43,577 At December 31, 2022 Intellectual Contracts property Total Cost Beginning of year $ 110,618 $ 118,819 $ 229,437 Effect of movements in exchange rates 8,027 - 8,027 End of year 118,645 118,819 237,464 Accumulated amortization and impairment Beginning of year 109,886 68,304 178,190 Amortization charge 739 3,454 4,193 Effect of movements in exchange rates 7,964 - 7,964 End of year 118,589 71,758 190,347 Net book value at December 31, 2022 $ 56 $ 47,061 $ 47,117 B. The intangible asset values relate to intellectual property acquired with Cameco Fuel Manufacturing Inc. (CFM) and purchase and sales contracts acquired with NUKEM. The CFM intellectual property is being amortized on a unit-of-production basis over its remaining life. Amortization is allocated to the cost of inventory and is recognized in cost of products and services sold as inventory was sold. The purchase and sales contracts were amortized to earnings over the terms of the underlying contracts. Amortization of the purchase contracts was allocated to the cost of inventory and included in cost of products and services sold as inventory was sold. Sales contracts were amortized to revenue. |
Long-term receivables, investme
Long-term receivables, investments and other | 12 Months Ended |
Dec. 31, 2023 | |
Long-term receivables, investments and other [Abstract] | |
Long-term receivables, investments and other | 11. 2023 2022 Deferred charges $ - $ 29,585 Derivatives [note 27] 28,467 2,807 Investment tax credits 95,940 95,812 Amounts receivable related to tax dispute [note 22] (a) 209,125 295,221 Product loan (b) 288,294 200,998 Other 2,108 3,264 623,934 627,687 Less current portion (10,161) (32,180) Net $ 613,773 $ 595,507 (a) interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties paid. $ 86,097,000 (b) 5,400,000 was obligated to repay the Company in kind with uranium concentrate no later than December 31, 2023. During 2022, the repayment terms were extended to December 31, 2028 . As at December 31, 2023, 3,000,000 repayment on this loan. Cameco also agreed to lend to Orano up to 1,148,200 1,200,000 uranium concentrate over the period 2022 to 2024. Repayment to Cameco is to be made in kind with U 3 O 8 being repaid by December 31, 2027 6 December 31, 2035 . As at December 31, 2023, 3,600,000 3 O 8 3,571,001 1,148,200 6 conversion supply (December 31, 2022 - 700,000 average cost of inventory. |
Equity-accounted investees
Equity-accounted investees | 12 Months Ended |
Dec. 31, 2023 | |
Equity-accounted investees [Abstract] | |
Equity-accounted investees | 12. 2023 2022 Interest in Westinghouse $ 2,899,379 $ - Interest in JV Inkai 273,806 210,972 Interest in Global Laser Enrichment LLC (GLE) - - $ 3,173,185 $ 210,972 A. i. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. Effective November 7, 2023, Cameco holds a 49 % interest and Brookfield holds 51 %. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco accounts for Westinghouse on an equity basis. Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures equipment for the build of new nuclear reactor plants. The following table summarizes the total comprehensive loss of Westinghouse ( 100 %) for the period commencing November 7, 2023: 2023 Revenue from products and services $ 1,063,417 Cost of products and services sold (408,745) Depreciation and amortization (124,012) Marketing, administrative and general expenses (498,775) Finance income 3,846 Finance costs (59,414) Other expense (39,641) Income tax recovery 13,555 Net loss (49,769) Other comprehensive income 13,933 Total comprehensive loss $ (35,836) The following table summarizes the financial information of Westinghouse ( 100 %) for the year ending December 31 and reconciles it to the carrying amount of Cameco’s interest: 2023 Cash and cash equivalents $ 265,146 Other current assets 2,364,602 Intangible assets 7,655,386 Goodwill 1,534,947 Non-current assets 3,102,566 Current liabilities (2,464,058) Non-current liabilities (6,684,673) Net assets $ 5,773,916 Net assets attributable to non-controlling interest (24,036) Net assets attributable to shareholders $ 5,749,880 Cameco's share of net assets attributable to shareholders ( 49 %) 2,817,441 Acquisition costs (a) 83,916 Impact of foreign exchange (1,978) Carrying amount of interest in Westinghouse $ 2,899,379 (a) Cameco incurred $ 84 ii. GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment technology, a third-generation uranium enrichment technology. 49 % interest in GLE with an option to attain a majority interest of up to 75 % ownership. Cameco has joint control with SILEX over the strategic operating, investing and financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its full carrying value of $ 183,615,000 . Following the impairment, under the equity method of accounting, Cameco discontinued recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development. B. i. JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40 % interest and Kazatomprom holds a 60 % interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts for JV Inkai on an equity basis. JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third- party customers. The following table summarizes the total comprehensive earnings of JV Inkai ( 100 %): 2023 2022 Revenue from products and services $ 708,679 $ 476,354 Cost of products and services sold (99,160) (66,119) Depreciation and amortization (35,187) (24,749) Finance income 1,343 1,341 Finance costs (1,069) (2,635) Other expense (34,738) (30,770) Income tax expense (106,419) (74,763) Net earnings 433,449 278,659 Total comprehensive income $ 433,449 $ 278,659 The following table summarizes the financial information of JV Inkai ( 100 %) and reconciles it to the carrying amount of Cameco’s interest: 2023 2022 Cash and cash equivalents $ 24,074 $ 14,950 Other current assets 551,917 373,868 Non-current assets 332,655 334,954 Current liabilities (40,985) (34,606) Non-current liabilities (30,211) (37,644) Net assets 837,450 651,522 Cameco's share of net assets ( 40 %) 334,980 260,609 Consolidating adjustments (a) (74,223) (82,275) Fair value increment (b) 81,090 83,675 Dividends declared but not received 5,952 - Dividends in excess of ownership percentage (c) (74,843) (48,641) Impact of foreign exchange 850 (2,396) Carrying amount of interest in JV Inkai $ 273,806 $ 210,972 (a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. This amount is amortized to earnings over units of production. (b) Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production. (c) Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts payable and accrued liabilities [Abstract] | |
Accounts payable and accrued liabilities | 13. 2023 2022 Trade payables $ 388,902 $ 249,962 Non-trade payables 108,856 65,182 Payables due to related parties [note 25] 79,792 59,570 Total $ 577,550 $ 374,714 The Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 27. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-term debt [Abstract] | |
Long-term debt | 14. 2023 2022 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 $ 99,374 $ 99,355 Series G - 4.19 % debentures due June 24, 2024 499,821 499,407 Series H - 2.95 % debentures due October 21, 2027 398,582 398,238 Term 786,397 - 1,784,174 997,000 Less current portion (499,821) - Total $ 1,284,353 $ 997,000 Cameco has a $ 1,000,000,000 October 1, 2027 . Upon mutual agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under the facility, up to $ 100,000,000 provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the revolving credit facility above $ 1,000,000,000 50,000,000 , to a total of $ 1,250,000,000 . The facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2023 and 2022, there were no outstanding under this facility. Cameco has $ 1,771,663,000 1,756,754,000 ) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2023 amounted to $ 1,383,689,000 1,593,379,000 ), the majority of which relate to future decommissioning and reclamation liabilities (note 16). On November 7, 2023, the Company utilized a term loan for $ 600,000,000 the term loan were used to finance the 49 % acquisition of Westinghouse. The term loan consists of two $ 300,000,000 tranches. The first tranche has a floating interest rate of SOFR plus 1.80 % and matures on November 7, 2025. The second tranche has a floating interest rate of SOFR plus 2.05 % and matures on November 7, 2026. Cameco is bound by a covenant in its revolving credit facility and term loan. The covenant requires a funded debt to tangible net worth ratio equal to or less than 1 :1. Non-compliance with this covenant could result in accelerated payment and termination of the revolving credit facility and term loan. At December 31, 2023, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2024 to be constrained by it. The table below represents currently scheduled maturities of long-term debt: 2024 2025 2026 2027 2028 Thereafter Total $ 499,821 393,420 392,977 398,582 - 99,374 $ 1,784,174 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other liabilities [Abstract] | |
Other liabilities | 15. 2023 2022 Deferred sales [note 18] $ 45,372 $ 66,845 Derivatives [note 27] 22,344 58,342 Accrued pension and post-retirement benefit liability [note 26] 77,002 66,180 Lease obligation 10,816 9,287 Product loan (a) 166,052 78,094 Sales contracts [note 6] 6,314 9,000 Other 64,064 59,738 391,964 347,486 Less: current portion (48,544) (131,324) Net $ 343,420 $ 216,162 Expenses related to short-term leases and leases of low-value assets were insignificant during 2023 . (a) The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to 1,978,000 6 3,506,000 3 O 8 December 31, 2026 . Under the facilities, standby fees of up to 1 % are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5 % to 2.0 %. At December 31, 2023, we have 1,777,000 6 1,529,000 the following years: 2024 2025 2026 Total kgU of UF 6 - - 528,000 1,249,000 1,777,000 We also have 2,756,000 3 O 8 1,393,000 years: 2024 2025 2026 Total lbs of U 3 O 8 - 630,000 2,126,000 2,756,000 The loans are recorded at Cameco’s weighted average cost of inventory. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [Abstract] | |
Provisions | 16. Reclamation Waste disposal Total Beginning of year $ 1,061,096 $ 9,934 $ 1,071,030 Changes in estimates and discount rates [note 9] Capitalized in property, plant and equipment 2,166 - 2,166 Recognized in earnings [note 9] (7,509) 2,148 (5,361) Provisions used during the period (37,194) (1,788) (38,982) Unwinding of discount [note 20] 39,096 523 39,619 Effect of movements in exchange rates (6,488) - (6,488) End of period $ 1,051,167 $ 10,817 $ 1,061,984 Current $ 35,356 $ 3,757 $ 39,113 Non-current 1,015,811 7,060 1,022,871 $ 1,051,167 $ 10,817 $ 1,061,984 A. Cameco's estimates of future decommissioning obligations are based on reclamation standards that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements, decommissioning and reclamation alternatives and amounts to be recovered from other parties. Cameco estimates total undiscounted future decommissioning and reclamation costs for its existing operating assets to be $ 1,356,018,000 1,356,092,000 ). The expected timing of these outflows is based on life-of-mine plans with the majority of expenditures expected to occur after 2027 . These estimates are reviewed by Cameco technical personnel as required by regulatory agencies or more frequently as circumstances warrant. In connection with future decommissioning and reclamation costs, Cameco has provided financial assurances of $ 1,060,769,000 1,035,348,000 ) in the form of letters of credit to satisfy current regulatory requirements. The reclamation provision relates to the following segments: 2023 2022 Uranium $ 874,773 $ 870,877 Fuel services 176,394 190,219 Total $ 1,051,167 $ 1,061,096 B. The fuel services segment consists of the Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing Inc.. The refining, conversion and manufacturing processes generate certain uranium contaminated waste. These include contaminated combustible material (paper, rags, gloves, etc.) and contaminated non-combustible material (metal parts, soil from excavations, building and roofing materials, spent uranium concentrate drums, etc.). These materials can in some instances be recycled or reprocessed. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Cameco estimates total undiscounted future costs related to existing waste disposal to be $ 9,681,000 8,919,000 ). The majority of these expenditures are expected to occur within the next three years . |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2023 | |
Share capital [Abstract] | |
Share capital | 17. Authorized share capital: - - - no - A. Number issued 2023 2022 Beginning of year 432,518,470 398,059,265 Issued: Stock option plan [note 25] 1,657,282 401,955 Equity issuance (a) - 34,057,250 End of year 434,175,752 432,518,470 (a) On October 17, 2022, Cameco issued 34,057,250 $ 996,867,000 . The proceeds of the issue after deducting expenses were $ 964,878,000 . Excluding the deferred tax recoveries, the net cash proceeds amounted to $ 953,285,000 . All issued shares are fully paid. Holders of the common shares are entitled to exercise one vote per share at meetings of shareholders, are entitled to receive dividends if, as and when declared by our Board of Directors and are entitled to participate in any distribution of remaining assets following a liquidation. The shares of Cameco are widely held and no shareholder, resident in Canada, is allowed to own more than 25% of the Company’s outstanding common shares, either individually or together with associates. A non-resident of Canada is not allowed to own more than 15%. In addition, no more than 25% of total shareholder votes cast may be cast by non-resident shareholders. B. One Class B share issued during 1988 and assigned $ 1 entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan . C. Dividends on Cameco Corporation common shares are declared in Canadian dollars. For the year ended December 31, 2023, the dividend declared per share was $ 0.12 0.12 ). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [Abstract] | |
Revenue | 18. Cameco’s sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year. The following table summarizes Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to the Company’s reportable segments (note 29): For the year ended December 31, 2023 Uranium Fuel services Other Total Customer geographical region Americas $ 1,043,475 $ 307,885 $ 9,959 $ 1,361,319 Europe 592,068 88,759 - 680,827 Asia 516,699 28,913 - 545,612 $ 2,152,242 $ 425,557 $ 9,959 $ 2,587,758 Contract type Fixed-price $ 821,958 $ 414,289 $ 9,959 $ 1,246,206 Market-related 1,330,284 11,268 - 1,341,552 $ 2,152,242 $ 425,557 $ 9,959 $ 2,587,758 For the year ended December 31, 2022 Uranium Fuel services Other Total Customer geographical region Americas $ 806,915 $ 289,028 $ 20,025 $ 1,115,968 Europe 284,602 52,112 2,769 339,483 Asia 388,629 23,923 - 412,552 $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 Contract type Fixed-price $ 478,552 $ 355,479 $ 22,794 $ 856,825 Market-related 1,001,594 9,584 - 1,011,178 $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 Deferred sales The following table provides information about contract liabilities (note 15) from contracts with customers: 2023 2022 Beginning of year $ 66,845 $ 23,316 Additions 25,935 45,978 Recognized in revenue (47,403) (2,463) Effect of movements in exchange rates (5) 14 End of year $ 45,372 $ 66,845 Deferred sales primarily relates to advance consideration received from customers for future uranium and conversion deliveries as well as revenue related to the storage of uranium and converted uranium held at Cameco facilities. The revenue related to storage is recognized over time while the revenue related to future uranium and conversion deliveries is expected to be recognized between 2024 and 2030. Cameco recognized a decrease of revenue of $ 648,000 194,000 ) during 2023 from performance obligations satisfied (or partially satisfied) in previous periods. This is due to the difference between actual pricing indices and the estimates at the time of invoicing. Future sales commitments Cameco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. by segment, related to only fixed-price contracts with remaining future deliveries as follows: 2024 2025 2026 2027 2028 Thereafter Total Uranium $ 676,996 $ 756,597 $ 406,045 $ 367,194 $ 349,872 $ 565,998 $ 3,122,702 Fuel services 356,742 397,922 383,045 356,792 333,166 1,474,806 3,302,473 Total $ 1,033,738 $ 1,154,519 $ 789,090 $ 723,986 $ 683,038 $ 2,040,804 $ 6,425,175 The sales contracts are denominated largely in US dollars and converted from US to Canadian dollars at a rate of $ 1.30 . The amounts in the table represent the consideration the Company will be entitled to receive when it satisfies the remaining performance obligations in the contracts. The amounts include assumptions about volumes for contracts that have volume flexibility. Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of delivery. Contracts with an original duration of one year or less have been included in the table. |
Employee benefit expense
Employee benefit expense | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefits expense [Abstract] | |
Employee benefit expense | 19. The following employee benefit expenses are included in cost of products and services sold, administration, exploration, research and development and property, plant and equipment: 2023 2022 Wages and salaries $ 340,910 $ 278,980 Statutory and company benefits 63,657 52,247 Expenses related to defined benefit plans [note 26] 5,572 5,656 Expenses related to defined contribution plans [note 26] 18,644 15,189 Equity-settled share-based compensation [note 25] 8,152 6,859 Cash-settled share-based compensation [note 25] 59,225 24,369 Total $ 496,160 $ 383,300 |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2023 | |
Finance costs [Abstract] | |
Finance costs | 20. 2023 2022 Interest on long-term debt $ 52,426 $ 40,059 Unwinding of discount on provisions [note 16] 39,619 28,979 Other charges 23,824 16,690 Total $ 115,869 $ 85,728 No |
Other income (expense)
Other income (expense) | 12 Months Ended |
Dec. 31, 2023 | |
Other income (expense) [Abstract] | |
Other income (expense) | 21. 2023 2022 Foreign exchange gains 15,692 74,132 Bargain purchase gain [note 6] - 22,802 Other 546 - Total $ 16,238 $ 96,934 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes [Abstract] | |
Income taxes | 22. A. Recognized in earnings As at December 31 2023 2022 2023 2022 Assets Property, plant and equipment $ 67,736 $ 84,668 $ 515,872 $ 448,136 Provision for reclamation (4,157) (3,817) 199,659 203,816 Inventories 3,292 1,689 11,540 8,248 Foreign exploration and development (51) (1,816) 2,589 2,641 Income tax losses (gains) (141,907) (66,227) 93,776 235,683 Defined benefit plan actuarial losses - - 4,279 2,698 Long-term investments and other (17,704) (2,355) 65,145 82,849 Deferred tax assets (92,791) 12,142 892,860 984,071 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset (liability) $ (92,791) $ 12,142 $ 892,860 $ 984,071 Deferred tax allocated as 2023 2022 Deferred tax assets $ 892,860 $ 984,071 Deferred tax liabilities - - Net deferred tax asset $ 892,860 $ 984,071 Cameco has recorded a deferred tax asset of $ 892,860,000 984,071,000 ). The realization of this deferred tax asset is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded. B. 2023 2022 Deferred tax asset at beginning of year $ 984,071 $ 937,579 Recovery (expense) for the year in net earnings (92,791) 12,142 Recovery for the year in equity - 11,593 Recovery for the year in purchase price equation - 28,196 Recovery (expense) for the year in other comprehensive income 1,581 (5,440) Effect of movements in exchange rates (1) 1 End of year $ 892,860 $ 984,071 C. 2023 2022 Income tax losses $ 357,148 $ 337,749 Property, plant and equipment 2,299 2,297 Provision for reclamation 68,038 78,336 Long-term investments and other 127,420 18,628 Total $ 554,905 $ 437,010 D. The provision for income taxes differs from the amount computed by applying the combined expected federal and provincial income tax rate to earnings before income taxes. The reasons for these differences are as follows: 2023 2022 Earnings before income taxes and non-controlling interest $ 487,153 $ 84,795 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 131,044 22,810 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 2,990 8,986 Change in unrecognized deferred tax assets 16,759 1,234 Income in equity-accounted investees (41,519) (25,264) Change in uncertain tax positions (9,331) (6,282) Bargain purchase gain - (6,129) Other taxes 11,709 - Foreign exchange permanent differences 12,044 (2,487) Other permanent differences 2,641 2,663 Income tax expense (recovery) $ 126,337 $ (4,469) E. 2023 2022 Earnings (loss) before income taxes Canada $ 562,139 $ 99,944 Foreign (74,986) (15,149) $ 487,153 $ 84,795 Current income taxes Canada $ 26,230 $ 2,260 Foreign 7,316 5,413 $ 33,546 $ 7,673 Deferred income taxes (recovery) Canada $ 104,885 $ (10,178) Foreign (12,094) (1,964) $ 92,791 $ (12,142) Income tax expense (recovery) $ 126,337 $ (4,469) F. Canada On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour. In September 2018, the Tax subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution. Due to a revised CRA reassessment position for certain years, CRA has released approximately $ 86,000,000 As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules. G. At December 31, 2023, income tax losses carried forward of $ 1,760,518,000 2,171,825,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 14,382 $ 14,382 2027 - - 239 239 2028 - - 62 62 2029 47 - 12,273 12,320 2030 - - 42,357 42,357 2031 - 21,268 - 21,268 2032 272 22,905 - 23,177 2033 - 35,206 - 35,206 2034 - 16,340 4,557 20,897 2035 - 7,448 7,283 14,731 2036 - 45,551 5,737 51,288 2037 27 34,120 3,005 37,152 2038 - - 322 322 2039 953 - 141 1,094 2040 3,110 - 372 3,482 2041 77 - - 77 2042 50 - - 50 2043 71 - - 71 No expiry - 446,639 1,035,704 1,482,343 $ 4,607 $ 629,477 $ 1,126,434 $ 1,760,518 Included in the table above is $ 1,447,529,000 1,329,261,000 ) of temporary differences related to loss carry forwards where no future benefit has been recognized. |
Per share amounts
Per share amounts | 12 Months Ended |
Dec. 31, 2023 | |
Per share amounts [Abstract] | |
Per share amounts | 23. Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period. The weighted average number of paid shares outstanding in 2023 was 433,382,879 405,494,353 ). 2023 2022 Basic earnings per share computation Net earnings attributable to equity holders $ 360,847 $ 89,382 Weighted average common shares outstanding 433,383 405,494 Basic earnings per common share $ 0.83 $ 0.22 Diluted earnings per share computation Net earnings attributable to equity holders $ 360,847 $ 89,382 Weighted average common shares outstanding 433,383 405,494 Dilutive effect of stock options 1,972 1,641 Weighted average common shares outstanding, assuming dilution 435,355 407,135 Diluted earnings per common share $ 0.83 $ 0.22 In both 2023 and 2022, there were no because their inclusion would have been anti-dilutive. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental cash flow information [Abstract] | |
Supplemental cash flow information | 24. Other operating items included in the statements of cash flows are as follows: 2023 2022 Changes in non-cash working capital: Accounts receivable $ (242,416) $ 99,601 Inventories 38,394 (162,858) Supplies and prepaid expenses 8,410 (63,500) Accounts payable and accrued liabilities 169,044 16,401 Reclamation payments (38,982) (28,492) Other (346) 19,417 Total $ (65,896) $ (119,431) The changes arising from financing activities were as follows: Long-term Interest Lease Dividends Share debt payable obligation payable capital Total Balance at January 1, 2023 $ 997,000 $ 4,011 $ 9,287 $ - $ 2,880,336 $ 3,890,634 Changes from financing cash flows: Dividends paid - - - (52,079) - (52,079) Interest paid - (40,439) (359) - - (40,798) Lease principal payments - - (2,430) - - (2,430) Shares issued, stock option plan - - - - 27,537 27,537 Term loan issuance 816,582 - - - - 816,582 Total cash changes 816,582 (40,439) (2,789) (52,079) 27,537 748,812 Non-cash changes: Amortization of issue costs 1,377 - - - - 1,377 Dividends declared - - - 52,079 - 52,079 Interest expense - 50,690 359 - - 51,049 Right-of-use asset additions - - 4,368 - - 4,368 Other - 142 (411) - - (269) Shares issued, stock option plan - - - - 6,292 6,292 Foreign exchange (30,785) (317) 2 - - (31,100) Total non-cash changes (29,408) 50,515 4,318 52,079 6,292 83,796 Balance at December 31, 2023 $ 1,784,174 $ 14,087 $ 10,816 $ - $ 2,914,165 $ 4,723,242 |
Share-based compensation plans
Share-based compensation plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation plans [Abstract] | |
Share-based compensation plans | 25. The Company has the following plans: A. The Company has established a stock option plan under which options to purchase common shares may be granted to employees of Cameco. Options granted under the stock option plan have an exercise price of not less than the closing price quoted on the Toronto the option is granted. The options carry vesting periods of one three years , and expire eight years The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 32,196,059 Stock option transactions for the respective years were as follows: (Number of options) 2023 2022 Beginning of year 3,053,571 3,458,001 Options granted - - Options expired - (2,475) Options exercised [note 17] (1,657,282) (401,955) End of year 1,396,289 3,053,571 Exercisable 1,396,289 3,053,571 Weighted average share prices were as follows: 2023 2022 Beginning of year $15.75 $16.72 Options granted - - Options expired - 26.81 Options exercised 16.62 23.96 End of year $14.73 $15.75 Exercisable $14.73 $15.75 The weighted average share price at the dates of exercise during 2023 was $ 45.19 30.88 ). Total Options outstanding Options exercisable Option price per share Number Weighted average remaining life Weighted average exercisable price Number Weighted average exercisable price $ 11.32 14.7 0 658,804 1.3 $14.08 658,804 $14.08 $ 14.71 16.38 737,485 3.0 $15.32 737,485 $15.32 1,396,289 1,396,289 The foregoing options have expiry dates ranging from February 29, 2024 to February 28, 2027. B. The Company has established a PSU plan whereby it provides each plan participant an annual grant of PSUs in an amount determined by the board. Each PSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the participant’s discretion provided they have met their ownership requirements, at the end of each three-year period if certain performance and vesting criteria have been met. The final value of the PSUs will be based on the value of Cameco common shares at the end of the three-year participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. Vesting of PSUs at the end of the three-year period is based on Cameco’s ability to meet its annual operating targets and whether the participating executive remains employed by Cameco at the end of the three-year vesting period . If the participant elects a cash payout, the redemption amount will be based on the volume-weighted average trading price of Cameco’s common shares on March 1 or, if March 1 is not a trading day, 2023, the total number of PSUs held by the participants, after adjusting for forfeitures on retirement, was 830,279 1,255,255 ). C. The Company has established an RSU plan whereby it provides each plan participant an annual grant of RSUs in an amount determined by the board. Each RSU represents one phantom common share that entitles the participant to a payment of one Cameco common share purchased on the open market, or cash with an equivalent market value, at the board’s discretion. The RSUs carry vesting periods of one , and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the third anniversary of the date of the grant. These same participants, if they have met or are not subject to share ownership requirements, may elect to have their award paid as a lump sum cash amount. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. As of December 31, 2023, the total number of RSUs held by the participants was 814,683 1,131,493 ). D. The Company has established a phantom stock option plan for eligible non-North American employees. Employees receive the equivalent value of shares in cash when exercised. Options granted under the phantom stock option plan have an award value equal to the closing price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on which the option is granted. The options vest over three years and expire eight years from the date granted . As of December 31, 2023, the number of options held by participating employees was 45,551 94,135 ) with exercise prices ranging from $ 11.61 15.27 11.32 19.30 ) and a weighted average exercise price of $ 12.29 $ 12.55 ). E. The Company has established a PRSU plan whereby it provides non-North American employees an annual grant of PRSUs in an amount determined by the board. Each PRSU represents one phantom common share that entitles the participant to a payment of cash with an equivalent market value. The PRSUs carry vesting periods of one , and the final value of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the third anniversary of the date of the grant. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. As of December 31, 2023, the total number of PRSUs held by the participants was 28,000 21,148 ). F. Cameco also has an employee share ownership plan, whereby both employee and Company contributions are used to purchase shares on the open market for employees. The Company’s contributions are expensed during the year of contribution. Under the plan, employees have the opportunity to participate in the program to a maximum of 6% of eligible earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares annually to each employee that is enrolled in the plan . Shares purchased with Company contributions and with dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased . At December 31, 2023, there were 2,838 2,603 ). The total number of shares purchased in 2023 with Company contributions was 100,379 116,530 ). In 2023, the Company’s contributions totaled $ 4,460,000 $ 3,541,000 ). G. Cameco offers a DSU plan to non-employee directors. A DSU is a notional unit that reflects the market value of a single common share of Cameco. 60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form of DSUs . If a director meets their ownership requirements, the director may elect to take 25%, 50%, 75% or 100% of their annual retainer and any fees in cash, with the balance, if any, to be paid in DSUs. Each DSU fully vests upon award . Dividend equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares. The DSUs will be redeemed for cash upon a director leaving the board. The redemption amount will be based upon the weighted average of the closing prices of the common shares of Cameco on the TSX for the last 20 trading days prior to the redemption date multiplied by the number of DSUs held by the director. As of December 31, 2023, the total number of DSUs held by participating directors was 564,401 547,304 ). Equity-settled plans Cameco records compensation expense under its equity-settled plans with an offsetting credit to contributed surplus, to reflect the estimated fair value of units granted to employees. During the year, the Company recognized the following expenses under these plans: 2023 2022 Employee share ownership plan $ 4,460 $ 3,541 Restricted share unit plan 3,692 3,273 Stock option plan - 45 Total $ 8,152 $ 6,859 Fair value measurement of equity-settled plans The fair value of RSUs granted was determined based on their intrinsic value on the date of grant. Expected volatility was estimated by considering historic average share price volatility. The inputs used in the measurement of the fair values at grant date of the equity-settled RSU plan were as follows: Grant date Mar 1/23 Number of options granted 129,623 Average strike price $37.30 Expected forfeitures 11% Weighted average grant date fair values $37.30 Cash-settled plans Cameco has recognized the following expenses under its cash-settled plans: 2023 2022 Performance share unit plan $ 22,013 $ 11,221 Restricted share unit plan 19,045 9,342 Deferred share unit plan 15,447 2,811 Phantom stock option plan 1,908 751 Phantom restricted share unit plan 812 244 Total $ 59,225 $ 24,369 At December 31, 2023, a liability of $ 79,771,000 59,577,000 ) was included in the consolidated statement of financial position to recognize accrued but unpaid expenses for cash-settled plans. Fair value measurement of cash-settled plans The fair value of the units granted through the PSU plan was determined based on Monte Carlo simulation and projections of the non-market criteria. The fair value of RSUs and PRSUs granted was determined based on their intrinsic value on the date of grant. The phantom stock option plan was measured based on the Black-Scholes option-pricing model. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the March 1, 2023 grant date were as follows: Phantom PSU RSU RSU Number of units 232,160 162,930 9,997 Expected vesting 83% - - Expected life of option 3 3 3 Expected forfeitures 9% 8% 8% Weighted average measurement date fair values $37.30 $37.30 $37.30 The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the reporting date were as follows: Phantom Phantom stock options PSU RSU RSU Number of units 45,551 830,279 561,210 28,000 Expected vesting - 70% - - Average strike price $12.29 - - - Expected dividend $0.12 - - $0.12 Expected volatility 48% - - - Risk-free interest rate 3.5% - - - Expected life of option 3.4 0.8 1.0 1.0 Expected forfeitures 7% 2% 8% 8% Weighted average measurement date fair values $46.08 $57.13 $57.13 $57.13 In addition to these inputs, other features of the PSU grant were incorporated into the measurement of fair value. The non- market criteria relating to realized selling prices and operating targets have been incorporated into the valuation at both grant and reporting date by reviewing prior history and corporate budgets. |
Pension and other post-retireme
Pension and other post-retirement benefits | 12 Months Ended |
Dec. 31, 2023 | |
Pension and other post-retirement benefits [Abstract] | |
Pension and other post-retirement benefits | 26. Cameco maintains both defined benefit and defined contribution plans providing pension benefits to substantially all of its employees. All regular and temporary employees participate in a registered defined contribution plan. This plan is registered under the Pension Benefits Standard Act, 1985. In addition, all Canadian-based executives participate in a non-registered supplemental executive pension plan which is a defined benefit plan. Under the supplemental executive pension plan (SEPP), Cameco provides a lump sum benefit equal to the present value of a lifetime pension benefit based on the executive’s length of service and final average earnings. The plan provides for unreduced benefits to be paid at the normal retirement age of 65, however unreduced benefits could be paid if the executive was at least 60 years of age and had 20 years of service at retirement. This program provides for a benefit determined by a formula based on earnings and service, reduced by the benefits payable under the registered base plan. Security is provided for the SEPP benefits through a letter of credit held by the plan’s trustee. The face amount of the letter of credit is determined each year based on the wind-up liabilities of the supplemental plan, less any plan assets currently held with the trustee. A valuation is required annually to determine the letter of credit amount. Benefits will continue to be paid from plan assets until the fund is exhausted, at which time Cameco will begin paying benefits from corporate assets. Cameco also maintains non-pension post-retirement plans (“other benefit plans”) which are defined benefit plans that cover such benefits as group life insurance and supplemental health and dental coverage to eligible employees and their dependents. The costs related to these plans are charged to earnings in the period during which the employment services are rendered. These plans are funded by Cameco as benefit claims are made. The board of directors of Cameco has final responsibility and accountability for the Cameco retirement programs. The board is ultimately responsible for managing the programs to comply with applicable legislation, providing oversight over the general functions and setting certain policies. Cameco expects to pay $ 2,174,000 The post-retirement plans expose Cameco to actuarial risks, such as longevity risk, market risk, interest rate risk, liquidity risk and foreign currency risk. The other benefit plans expose Cameco to risks of higher supplemental health and dental utilization than expected. However, the other benefit plans have limits on Cameco’s annual benefits payable. The effective date of the most recent valuation for funding purposes on the registered defined benefit pension plans is January 1, 2021. The next planned effective date for valuations is January 1, 2024. Cameco has more than one defined benefit plan and has generally provided aggregated disclosures in respect of these plans, on the basis that these plans are not exposed to materially different risks. Information relating to Cameco’s defined benefit plans is shown in the following table: Pension benefit plans Other benefit plans 2023 2022 2023 2022 Fair value of plan assets, beginning of year $ 4,402 $ 5,693 $ - $ - Interest income on plan assets 201 157 - - Return on assets excluding interest income 18 (555) - - Benefits paid (901) (890) - - Administrative costs paid (3) (3) - - Fair value of plan assets, end of year $ 3,717 $ 4,402 $ - $ - Defined benefit obligation, beginning of year $ 51,218 $ 69,998 $ 19,364 $ 24,697 Current service cost 1,567 2,302 689 915 Interest cost 2,527 1,867 987 726 Actuarial loss (gain) arising from: 4,784 (20,913) 443 (5,881) 1,559 1,396 18 161 Benefits paid (1,704) (3,666) (820) (1,254) Foreign exchange 87 234 - - Defined benefit obligation, end of year $ 60,038 $ 51,218 $ 20,681 $ 19,364 Defined benefit liability [note 15] $ (56,321) $ (46,816) $ (20,681) $ (19,364) The percentages of the total fair value of assets in the pension plans for each asset category at December 31 were as follows: Pension benefit plans 2023 2022 Asset category (a) Canadian equity securities 7% 6% U.S. equity securities 12% 11% Global equity securities 6% 6% Canadian fixed income 31% 28% Other (b) 44% 49% Total 100% 100% (a) The defined benefit plan assets contain no respectively. (b) Relates mainly to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan . The following represents the components of net pension and other benefit expense included primarily as part of administration. Pension benefit plans Other benefit plans 2023 2022 2023 2022 Current service cost $ 1,567 $ 2,302 $ 689 $ 915 Net interest cost 2,326 1,710 987 726 Administration cost 3 3 - - Defined benefit expense [note 19] 3,896 4,015 1,676 1,641 Defined contribution pension expense [note 19] 18,644 15,189 - - Net pension and other benefit expense $ 22,540 $ 19,204 $ 1,676 $ 1,641 The total amount of actuarial losses (gains) recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2023 2022 2023 2022 Actuarial loss (gains) $ 6,343 $ (19,517) $ 461 $ (5,720) Return on plan assets excluding interest income (18) 555 - - $ 6,325 $ (18,962) $ 461 $ (5,720) The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense were as follows at December 31 (expressed as weighted averages): Pension benefit plans Other benefit plans 2023 2022 2023 2022 Discount rate - obligation 3.8% 4.5% 4.6% 5.1% Discount rate - expense 4.5% 2.3% 5.1% 2.9% Rate of compensation increase 2.9% 3.0% - - Health care cost trend rate - - 5.0% 5.0% Dental care cost trend rate - - 4.5% 4.5% At December 31, 2023, the weighted average duration of the defined benefit obligation for the pension plans was 17.9 (2022 - 17.1 11.4 11.3 A 1 % change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the following: Pension benefit plans Other benefit plans Increase Decrease Increase Decrease Discount rate $ (7,739) $ 9,817 $ (2,143) $ 2,628 A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation. The methods and assumptions used in preparing the sensitivity analyses are the same as the methods and assumptions used in determining the financial position of Cameco’s plans as at December 31, 2023. The sensitivity analyses are determined by varying the sensitivity assumption and leaving all other assumptions unchanged. Therefore, the sensitivity analyses do not recognize any interdependence in the assumptions. The methods and assumptions used in determining the above sensitivity are consistent with the methods and assumptions used in the previous year. In addition, an increase of one year in the expected lifetime of plan participants in the pension benefit plans would increase the defined benefit obligation by $ 1,583,000 . To members increased by one year. The reduced mortality rates were subsequently used to re-measure the defined benefit obligation of the entire plan. |
Financial instruments and relat
Financial instruments and related risk management | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments and related risk management [Abstract] | |
Financial instruments and related risk management | 27. Cameco is exposed in varying degrees to a variety of risks from its use of financial instruments. Management and the board of directors, both separately and together, discuss the principal risks of our businesses. The board sets policies for the implementation of systems to manage, monitor and mitigate identifiable risks. Cameco’s risk management objective in relation to these instruments is to protect and minimize volatility in cash flow. The types of risks Cameco is exposed to, the source of risk exposure and how each is managed is outlined below. Market risk Market risk is the risk that changes in market prices, such as commodity prices, foreign currency exchange rates and interest rates, will affect the Company’s earnings or the fair value of its financial instruments. Cameco engages in various business activities which expose the Company to market risk. As part of its overall risk management strategy, Cameco uses derivatives to manage some of its exposures to market risk that result from these activities. Derivative instruments may include financial and physical forward contracts. Such contracts may be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency. monitored regularly against defined risk limits and tolerances. Cameco’s actual exposure to these market risks is constantly changing as the Company’s portfolios of foreign currency and interest rate contracts change. The types of market risk exposure and the way in which such exposure is managed are as follows: A. As a significant producer and supplier of uranium and nuclear fuel processing services, Cameco bears significant exposure to changes in prices for these products. A substantial change in prices will affect the Company’s net earnings and operating cash flows. Prices for Cameco’s products are volatile and are influenced by numerous factors beyond the Company’s control, such as supply and demand fundamentals and geopolitical events. Cameco’s sales contracting strategy focuses on reducing the volatility in future earnings and cash flow, while providing both protection against decreases in market price and retention of exposure to future market price increases. To mitigate the risks associated with the fluctuations in the market price for uranium products, Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of delivery dates and pricing mechanisms that provide a degree of protection from pricing volatility. B. The relationship between the Canadian and US dollar affects financial results of the uranium business as well as the fuel services business. Sales of uranium product, conversion and fuel manufacturing services are routinely denominated in US dollars while production costs are largely denominated in Canadian dollars. Cameco attempts to provide some protection against exchange rate fluctuations by planned hedging activity designed to smooth volatility. To establish a price for future delivery of the foreign currency. These foreign currency contracts are not designated as hedges and are recorded at fair value with changes in fair value recognized in earnings. Cameco also has a natural hedge against US currency fluctuations because a portion of its annual cash outlays, including purchases of uranium and conversion services, is denominated in US dollars. Cameco holds a number of financial instruments denominated in foreign currencies that expose the Company to foreign exchange risk. Cameco measures its exposure to foreign exchange risk on financial instruments as the change in carrying values that would occur as a result of reasonably possible changes in foreign exchange rates, holding all other variables constant. As of the reporting date, the Company has determined its pre-tax exposure to foreign currency exchange risk on financial instruments to be as follows based on a 5 % weakening of the Canadian dollar: Carrying value Currency (Cdn) Gain (loss) Cash and cash equivalents USD $ 144,149 $ 7,207 Accounts receivable USD 371,618 18,581 Accounts payable and accrued liabilities USD (302,364) (15,118) Long-term debt USD (786,397) (39,320) Net foreign currency derivatives USD 11,942 (102,567) A 5 % strengthening of the Canadian dollar against the currencies above at December 31, 2023 would have had an equal but opposite effect on the amounts shown above, assuming all other variables remained constant. C. The Company has a strategy of minimizing its exposure to interest rate risk by maintaining target levels of fixed and variable rate borrowings. The proportions of outstanding debt carrying fixed and variable interest rates are reviewed by senior management to ensure that these levels are within approved policy limits. At December 31, 2023, the proportion of Cameco’s outstanding debt that carries fixed interest rates is 51 % (2022 - 92 %). Cameco was exposed to interest rate risk during the year through its interest rate swap contracts whereby fixed rate payments on a notional amount of $ 75,000,000 Under the terms of the swap, Cameco makes interest payments based on the three-month Canada Dealer Offered Rate an average margin of 1.3 % and receives fixed interest payments of 2.95 %. At December 31, 2023, the fair value of Cameco’s interest rate swap net liability was $ 5,819,000 7,284,000 ). Cameco is also exposed to interest rate risk through its term loan which consists of two $ 300,000,000 tranche has a floating interest rate of SOFR plus 1.80 % and matures on November 7, 2025. The second tranche has a floating interest rate of SOFR plus 2.05 % and matures on November 7, 2026. Cameco measures its exposure to interest rate risk as the change in cash flows that would occur as a result of reasonably possible changes in interest rates, holding all other variables constant. As of the reporting date, the Company has determined the impact on earnings of a 1 % increase in interest rate on its variable rate financial instruments to be as follows: Gain (loss) Interest rate contracts $ (760) Floating rate term loan (7,946) Counterparty credit risk Counterparty credit risk is associated with the ability of counterparties to satisfy their contractual obligations to Cameco, including both payment and performance. The maximum exposure to credit risk, as represented by the carrying amount of the financial assets, at December 31 was: 2023 2022 Cash and cash equivalents $ 566,809 $ 1,143,674 Short-term investments - 1,138,174 Accounts receivable [note 7] 415,561 178,088 Derivative assets [note 11] 28,467 2,807 Cash and cash equivalents Cameco held cash and cash equivalents of $ 566,809,000 1,143,674,000 ). Cameco mitigates its credit risk by ensuring that balances are held with counterparties with high credit ratings. The Company monitors the credit rating of its counterparties on a monthly basis and has controls in place to ensure prescribed exposure limits with each counterparty are adhered to. Impairment on cash and cash equivalents has been measured on a 12-month ECL basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Cameco has assessed its counterparty credit risk on cash and cash equivalents by applying historic global default rates to outstanding cash balances based on S&P rating. The conclusion of this assessment is that the loss allowance is insignificant. Short-term investments Cameco held no short-term investments at December 31, 2023 (2022 - $ 1,138,174,000 ). The Company mitigates its credit risk by requiring that the issuer/guarantor of the investment have a minimum short-term credit rating and/or a long-term debt rating at the time of purchase, according to the investment credit ratings as issued by DBRS or S&P, or S&P rating at another reputable rating agency. In addition to the credit-rating requirement, Cameco also mitigates risk by prescribing limits by counterparty and types of investment products. Cameco has assessed its counterparty credit risk related to short-term investments by applying historic default rates to outstanding investment balances based on S&P rating. The conclusion of this assessment is that the loss allowance is insignificant. Accounts receivable Cameco’s sales of uranium product, conversion and fuel manufacturing services expose the Company to the risk of non- payment. Cameco manages the risk of non-payment by monitoring the credit-worthiness of its customers and seeking pre- payment or other forms of payment security from customers with an unacceptable level of credit risk. A summary of the Company’s exposure to credit risk for trade receivables is as follows: Carrying value Investment grade credit rating $ 290,204 Non-investment grade credit rating 123,588 Total gross carrying amount $ 413,792 Loss allowance - Net $ 413,792 At December 31, 2023, there were no significant concentrations of credit risk and no Historically, Cameco has experienced minimal customer defaults and, as a result, considers the credit quality of its accounts receivable to be high. Cameco uses customer credit rating data, historic default rates and aged receivable analysis to measure the ECLs of trade receivables from corporate customers, which comprise a small number of large balances. Since the Company has not experienced customer defaults in the past, applying historic default rates in calculating ECLs, as well as considering forward- looking information, resulted in an insignificant allowance for losses. The following table provides information about Cameco’s aged trade receivables as at December 31, 2023: Corporate Other customers customers Total Current (not past due) $ 393,296 $ 2,366 395,662 1-30 days past due 16,531 889 17,420 More than 30 days past due 131 579 710 Total $ 409,958 $ 3,834 413,792 Liquidity risk Financial liquidity represents Cameco’s ability to fund future operating activities and investments. Cameco ensures that there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and the Company’s holdings of cash and cash equivalents. The Company believes that these sources will be sufficient to cover the likely short-term and long-term cash requirements. The table below outlines the Company’s available debt facilities at December 31, 2023: Outstanding and Total amount Unsecured revolving credit facility [note 14] $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 14] 1,771,663 1,383,689 387,974 The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the expected cash flows from the reporting date to the contractual maturity date: Due in Carrying Contractual Due in 1-3 Due in 3-5 Due after 5 Accounts payable and accrued liabilities $ 577,550 $ 577,550 $ 577,550 $ - $ - $ - Long-term debt 1,784,174 1,794,580 500,000 794,580 400,000 100,000 Foreign currency contracts 16,525 16,525 11,762 4,763 - - Interest rate contracts 5,819 5,819 2,576 2,437 806 - Lease obligation [note 15] 10,816 12,937 2,300 3,332 2,617 4,688 Total contractual repayments $ 2,394,884 $ 2,407,411 $ 1,094,188 $ 805,112 $ 403,423 $ 104,688 Due in Due in 1-3 Due in 3-5 Due after 5 Total Total interest payments on long-term debt $ 299,775 $ 85,322 $ 121,213 $ 21,980 $ 71,260 Measurement of fair values A. The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the reporting date: At December 31, 2023 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 566,809 $ 566,809 Accounts receivable [note 7] - 422,333 422,333 Derivative assets [note 11] Foreign currency contracts 28,467 - 28,467 $ 28,467 $ 989,142 $ 1,017,609 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 577,550 $ 577,550 Current portion of long-term debt [note 14] - 499,821 499,821 Lease obligation [note 15] - 10,816 10,816 Derivative liabilities [note 15] Foreign currency contracts 16,525 - 16,525 Interest rate contracts 5,819 - 5,819 Long-term debt [note 14] - 1,284,353 1,284,353 22,344 2,372,540 2,394,884 Net $ 6,123 $ (1,383,398) $ (1,377,275) At December 31, 2022 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 1,143,674 $ 1,143,674 Short-term investments - 1,138,174 1,138,174 Accounts receivable [note 7] - 183,944 183,944 Derivative assets [note 11] Foreign currency contracts 2,807 - 2,807 $ 2,807 $ 2,465,792 $ 2,468,599 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 374,714 $ 374,714 Lease obligation [note 15] - 9,287 9,287 Derivative liabilities [note 15] Foreign currency contracts 51,058 - 51,058 Interest rate contracts 7,284 - 7,284 Long-term debt [note 14] - 997,000 997,000 58,342 1,381,001 1,439,343 Net $ (55,535) $ 1,084,791 $ 1,029,256 Cameco has pledged $ 156,274,000 as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of five years effective November 1, 2023. Cameco retains full access to this cash. Cameco has issued guarantees to certain banks in respect of the credit facilities granted to various subsidiaries. These facilities consist of daily overdraft limits and credit lines. At December 31, 2023 the Company has issued guarantees of up to $ 278,006,000 209,927,000 Cameco has not irrevocably designated a financial asset that would otherwise meet the requirements to be measured at amortized cost at FVOCI or FVTPL to eliminate or significantly reduce an accounting mismatch that would otherwise arise. The following tables summarize the carrying amounts and level 2 fair value measurements of Cameco’s financial instruments: As at December 31, 2023 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 28,467 $ 28,467 Current portion of long-term debt [note 14] (499,821) (500,000) Derivative liabilities [note 15] Foreign currency contracts (16,525) (16,525) Interest rate contracts (5,819) (5,819) Long-term debt [note 14] (1,284,353) (1,303,681) Net $ (1,778,051) $ (1,797,558) As at December 31, 2022 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 2,807 $ 2,807 Derivative liabilities [note 15] Foreign currency contracts (51,058) (51,058) Interest rate contracts (7,284) (7,284) Long-term debt [note 14] (997,000) (1,014,010) Net $ (1,052,535) $ (1,069,545) The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable approximation of fair value. The carrying values of Cameco’s cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their fair values as a result of the short-term nature of the instruments. There were no transfers between level 1 and level 2 during the period. Cameco does not have any financial instruments that are classified as level 3 as of the reporting date. B. Cameco measures its derivative financial instruments and long-term debt at fair value. Derivative financial instruments and long-term debt are classified as a recurring level 2 fair value measurement. The fair value of Cameco’s long-term debt is determined using quoted market yields as of the reporting date, which ranged from 3.1 % to 4.9 % (2022 - 3.3 % to 4.2 %). The fair value of the floating rate term loan is equal to its carrying value. Foreign currency derivatives consist of foreign currency forward contracts, options and swaps. The fair value of foreign currency options is measured based on the Black Scholes option-pricing model. The fair value of foreign currency forward contracts and swaps is measured using a market approach, based on the difference between contracted foreign exchange rates and quoted forward exchange rates as of the reporting date. Interest rate derivatives consist of interest rate swap contracts. The fair value of interest rate swaps is determined by discounting expected future cash flows from the contracts. The future cash flows are determined by measuring the difference between fixed interest payments to be received and floating interest payments to be made to the counterparty based on Canada Dealer Offer Rate forward interest rate curves. Where applicable, the fair value of the derivatives reflects the credit risk of the instrument and includes adjustments to take into account the credit risk of the Company and counterparty. These adjustments are based on credit ratings and yield curves observed in active markets at the reporting date. Derivatives The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial position: 2023 2022 Non-hedge derivatives: Foreign currency contracts $ 11,942 $ (48,251) Interest rate contracts (5,819) (7,284) Net $ 6,123 $ (55,535) Classification: Current portion of long-term receivables, investments and other [note 11] $ 9,137 $ 1,331 Long-term receivables, investments and other [note 11] 19,330 1,476 Current portion of other liabilities [note 15] (14,338) (25,913) Other liabilities [note 15] (8,006) (32,429) Net $ 6,123 $ (55,535) The following table summarizes the different components of the gains (losses) on derivatives included in net earnings: 2023 2022 Non-hedge derivatives: Foreign currency contracts $ 38,975 $ (66,360) Interest rate contracts (1,184) (6,589) Net $ 37,791 $ (72,949) |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2023 | |
Capital management [abstract] | |
Capital management | 28. Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity. Cameco’s capital structure reflects its strategy and the environment in which it operates. Delivering returns to long-term shareholders is a top priority. The Company’s objective is to maximize cash flow while maintaining its investment grade rating through close capital management of our balance sheet metrics. Capital resources are managed to allow it to support achievement of its goals while managing financial risks such as weakness in the market, litigation risk and refinancing risk. The overall objectives for managing capital in 2023 reflect the environment that the Company is operating in, similar to the prior comparative period. The capital structure at December 31 was as follows: 2023 2022 Current portion of long-term debt [note 14] $ 499,821 $ - Long-term debt [note 14] 1,284,353 997,000 Cash and cash equivalents (566,809) (1,143,674) Short-term investments - (1,138,174) Net debt 1,217,365 (1,284,848) Non-controlling interest 4 11 Shareholders' equity 6,094,305 5,836,054 Total 6,094,309 5,836,065 Total capital $ 7,311,674 $ 4,551,217 Cameco is bound by certain covenants in its general credit facilities. These covenants place restrictions on total debt, including guarantees and set minimum levels for net worth. As of December 31, 2023, Cameco met these requirements. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2023 | |
Segmented information [Abstract] | |
Segmented information | 29. Cameco has three reportable segments: uranium, fuel services and Westinghouse. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects our earnings from this equity-accounted investment (see note 12). Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production suspensions as well as operational readiness costs for our operations that have resumed operations. Operational readiness costs include costs to complete critical projects, perform maintenance readiness checks, and recruit and train sufficient mine and mill personnel before beginning operations. Cameco expensed $ 50,615,000 year (2022 - $ 218,439,000 Accounting policies used in each segment are consistent with the policies outlined in the summary of material accounting policies. A. For the year ended December 31, 2023 Uranium Fuel services (i) WEC (i) Adjustments Other Total Revenue $ 2,152,242 $ 425,557 $ 521,074 $ (521,074) $ 9,959 $ 2,587,758 Expenses Cost of products and services sold 1,532,316 266,062 200,285 (200,285) 7,390 1,805,768 Depreciation and amortization 175,457 35,426 60,766 (60,766) 9,441 220,324 Cost of sales 1,707,773 301,488 261,051 (261,051) 16,831 2,026,092 Gross profit (loss) 444,469 124,069 260,023 (260,023) (6,872) 561,666 Administration - - 244,400 (244,400) 245,539 245,539 Exploration 17,551 - - - - 17,551 Research and development - - - - 21,036 21,036 Other operating income (1,875) (5,634) - - - (7,509) Loss on disposal of assets 1,825 363 - - - 2,188 Finance costs - - 26,274 (26,274) 115,869 115,869 Loss (gain) on derivatives - - 2,838 (2,838) (37,791) (37,791) Finance income - - (1,885) 1,885 (111,670) (111,670) Share of earnings from (178,848) - - 24,386 - (154,462) Other expense (income) (545) - 19,424 (19,424) (15,693) (16,238) Earnings (loss) before income taxes 606,361 129,340 (31,028) 6,642 (224,162) 487,153 Income tax expense 126,337 Net earnings 360,816 Capital expenditures for the year $ 105,384 $ 42,546 $ 42,405 $ (42,405) $ 5,701 $ 153,631 (i) Consistent with the presentation of financial information for internal management purposes, Cameco’s share of Westinghouse’s financial results have been presented as a separate segment. In accordance with IFRS, this investment is accounted for by the equity method of accounting in these consolidated financial statements and the associated revenues and expenses are eliminated in the “Adjustments” column. For the year ended December 31, 2022 Uranium Fuel services Other Total Revenue $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 Expenses Cost of products and services sold 1,223,558 215,660 18,118 1,457,336 Depreciation and amortization 135,800 32,618 8,958 177,376 Cost of sales 1,359,358 248,278 27,076 1,634,712 Gross profit (loss) 120,788 116,785 (4,282) 233,291 Administration - - 172,029 172,029 Exploration 10,578 - - 10,578 Research and development - - 12,175 12,175 Other operating expense (income) 25,845 (2,901) - 22,944 (Gain) loss on disposal of assets 726 (212) - 514 Finance costs - - 85,728 85,728 Loss on derivatives - - 72,949 72,949 Finance income - - (37,499) (37,499) Share of earnings from equity-accounted investee (93,988) - - (93,988) Other income (22,802) - (74,132) (96,934) Earnings (loss) before income taxes 200,429 119,898 (235,532) 84,795 Income tax recovery (4,469) Net earnings 89,264 Capital expenditures for the year $ 101,547 $ 39,736 $ 2,198 $ 143,481 B. Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows: 2023 2022 Canada $ 1,877,742 $ 994,534 United States 710,016 873,469 $ 2,587,758 $ 1,868,003 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2023 2022 Canada $ 2,947,395 $ 3,042,533 Australia 389,152 397,678 United States 75,769 80,352 Kazakhstan 28 38 Germany 5 6 $ 3,412,349 $ 3,520,607 C. Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium conversion services. During 2023, revenues from one customer of Cameco’s uranium and fuel services segments represented approximately $ 254,786,000 227,846,000 ), approximately 10 % (2022 - 12 %) of Cameco’s total revenues from these segments. As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule. |
Group entities
Group entities | 12 Months Ended |
Dec. 31, 2023 | |
Group entities [Abstract] | |
Group entities | 30. The following are the principal subsidiaries, associate and joint venture of the Company: Principal place of business 2023 2022 Subsidiaries: Cameco Fuel Manufacturing Inc. Canada 100% 100% Cameco Marketing Inc. Canada 100% 100% Cameco Inc. US 100% 100% Power Resources, Inc. US 100% 100% Crow Butte Resources, Inc. US 100% 100% Cameco U.S. Holdings, Inc. US 100% 100% Cameco Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associate: JV Inkai Kazakhstan 40% 40% Joint Venture: Watt New Aggregator L.P. US 49% 0% |
Joint operations
Joint operations | 12 Months Ended |
Dec. 31, 2023 | |
Joint operations [Abstract] | |
Joint operations | 31. Cameco conducts a portion of its exploration, development, mining and milling activities through joint operations. Operations are governed by agreements that provide for joint control of the strategic operating, investing and financing activities among the partners. These agreements were considered in the determination of joint control. Cameco’s significant Canadian uranium joint operation interests are McArthur River, Key Lake and Cigar Lake. The Canadian uranium joint operations allocate uranium production to each joint operation participant and the joint operation participant derives revenue directly from the sale of such product. Mining and milling expenses incurred by joint operations are included in the cost of inventory. Cameco reflects its proportionate interest in these assets and liabilities as follows: Principal place of business Ownership 2023 2022 Total assets McArthur River Canada 69.81% $ 1,048,746 $ 998,368 Key Lake Canada 83.33% 504,508 527,841 Cigar Lake (a) Canada 54.55% 1,158,583 1,219,036 $ 2,711,837 $ 2,745,245 Total liabilities McArthur River 69.81% $ 50,199 $ 37,881 Key Lake 83.33% 244,480 240,487 Cigar Lake (a) 54.55% 48,967 50,362 $ 343,646 $ 328,730 (a) Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan was previously 50.025 %. On May 19, 2022, Cameco and Orano completed the acquisition of Idemitsu’s 7.875 % participating interest in the CLJV by acquiring their pro rata shares through an asset purchase (note 6). |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2023 | |
Related parties [Abstract] | |
Related parties | 32. A. Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. vice-presidents, other senior managers and members of the board of directors. In addition to their salaries, Cameco also provides non-cash benefits to executive officers and vice-presidents and contributes to pension plans on their behalf (note 26). Senior management and directors also participate in the Company’s share-based compensation plans (note 25). Executive officers are subject to terms of notice ranging from three to six months. Upon resignation at the Company’s request, they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The termination benefits include gross salary plus the target short-term incentive bonus for the year in which termination occurs. Compensation for key management personnel was comprised of: 2023 2022 Short-term employee benefits $ 30,733 $ 23,557 Share-based compensation (a) 41,694 21,149 Post-employment benefits 6,730 6,532 Termination 541 - Total $ 79,698 $ 51,238 (a) Excludes deferred share units held by directors (see note 25). B. Cameco purchases uranium concentrates from JV Inkai. For the year ended December 31, 2023, Cameco had purchases of $ 392,656,000 286,664,000 206,818,000 155,937,000 Inkai of $ 113,642,000 83,059,000 117,698,000 92,425,000 |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent event [Abstract] | |
Subsequent event | 33. On February 5, 2024, Cameco initiated a partial repayment of $ 200,000,000 600,000,000 finance the 49 % acquisition of Westinghouse. The partial repayment will be applied to the $ 300,000,000 matures in November 2026. |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies [Abstract] | |
Statement of compliance | A. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 7, 2024. |
Basis of presentation | B. These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted. The consolidated financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date: Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5. This summary of material accounting policies is a description of the accounting methods and practices that have been used in the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements contained herein. These accounting policies have been applied consistently to all entities within the consolidated group. |
Consolidation principles | C. |
Business combinations | i. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company measures goodwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the Company’s previously held equity interest in the acquiree is also considered in computing goodwill. Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation awards that are replaced mandatorily in a business combination. The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair value, or at their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date. Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instruments. |
Subsidiaries | ii. The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is acquired by the Company and are deconsolidated from the date that control ceases. |
Joint arrangements | iii. A joint arrangement can take the form of a joint operation or joint venture. All joint arrangements involve a contractual arrangement that establishes joint control. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint operation may or may not be structured through a separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the purpose of the joint operation. The consolidated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accordance with the terms of each arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint venture is always structured through a separate vehicle. It operates in the same way as other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses. Interests in joint ventures are accounted for using the equity method of accounting, whereby the Company’s proportionate interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the consolidated statements of financial position and consolidated statements of earnings. The share of joint ventures results is recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at which it ceases. When acquiring an additional interest in a joint arrangement, previously held interests are not remeasured at fair value. In an acquisition of an asset or group of assets that does not constitute a business, the directly attributable transaction costs are included in the cost of the asset or group of assets. |
Investments in equity-accounted investees | iv. Cameco’s investments in equity-accounted investees include investments in joint ventures and an associate. Associates are those entities over which the Company has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power of another entity involved and influential in policy decisions affecting the entity. A joint venture is an arrangement in which the Company has joint control, whereby it has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Investments in the joint ventures and associate are accounted for using the equity method. The equity method involves the recording of the initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s proportionate share of the earnings or loss and OCI and any other changes in the associates’ net assets, such as dividends. The cost of the investment includes transaction costs. Adjustments are made to align the accounting policies of the joint ventures and associate with those of the Company before applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. |
Transactions eliminated on consolidation | v. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with its equity- accounted investees JV Inkai and Westinghouse are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency translation | D. Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured using their functional currency, which is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Canadian dollars, which is Cameco’s functional and presentation currency. i. Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the average monthly exchange rates prevailing at the date of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non- monetary items that are measured in terms of historical cost in a foreign currency are translated using the average monthly exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are reflected in earnings with the exception of foreign exchange gains or losses on provisions for decommissioning and reclamation activities that are in a foreign currency, which are capitalized in property, ii. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are translated to Canadian dollars at the average monthly exchange rate at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in whole, the relevant amount in the foreign currency translation account is transferred to earnings as part of the gain or loss on disposal. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the foreign currency translation account. |
Cash and cash equivalents | E. Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments, which have a term to maturity of three months or less at the time of purchase and are measured at amortized cost. |
Short-term investments | F. Short-term investments are comprised of money market instruments with terms to maturity between three and 12 months and are measured at amortized cost. |
Inventories | G. Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average method. Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Consumable supplies and spares are valued at the lower of cost or replacement value. |
Property, plant and equipment | H. |
Buildings, plants, equipment | i. Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site on which they are located. When components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment and depreciated separately. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in earnings. |
Mineral properties and mine development costs | ii. The decision to develop a mine property within a project area is based on an assessment of the commercial viability of the property, the availability of financing and the existence of markets for the product. Once the decision to proceed to development is made, development and other expenditures relating to the project area are deferred as part of assets under construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated by charges against earnings from future mining operations. No depreciation is charged against the property until the production stage commences. After a mine property has been brought into the production stage, costs of any additional work on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated over the remaining life of the related assets. The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the manner intended by management. The criteria used to assess the start date of the production stage are determined based on the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when determining whether the production stage has been reached, which includes, but is not limited to, the demonstration of sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a target percentage of the design capacity). |
Depreciation | iii. Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows: Land Not depreciated Buildings 15 25 Plant and equipment 3 15 Furniture and fixtures 3 10 Other 3 5 Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion assets, the amount of depreciation is measured by the portion of the facilities' total estimated lifetime production that is produced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion of the mines' proven and probable mineral reserves recovered during the period. Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate. |
Repairs and maintenance | iv. The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits embodied within the component will flow to the Company. The carrying amount of the replaced component is derecognized. Costs of routine maintenance and repair are charged to products and services sold. |
Goodwill and intangible assets | I. Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired. Goodwill is subsequently measured at cost, less accumulated impairment losses. Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured subsequently at cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values. Intangible assets that have finite useful lives are amortized using the units of production method over their estimated remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if appropriate. |
Leased assets | J. Cameco recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received, and subsequently at cost less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option, in which case the right-of-use asset will be depreciated on the same basis as that of property, plant and equipment. The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental borrowing rate as the discount rate. Current borrowing rates available for classes of leased assets are compared with the rates of Cameco’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short- term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term. |
Finance income and finance costs | K. Finance income comprises interest income on funds invested. Interest income and interest expense are recognized in earnings as they accrue, using the effective interest method. Finance costs are comprised of interest and fees on borrowings and unwinding of the discount on provisions. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are expensed in the period incurred. |
Research and development costs | L. Expenditures on research are charged against earnings when incurred. Development costs are recognized as assets when the Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits. |
Impairment | M. |
Non-derivative financial assets | i. Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost and contract assets. It measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month ECLs. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12- month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Cameco to actions such as realizing security (if any is held). The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating. Financial assets carried at amortized cost. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental effect on the estimated future cash flows of the financial asset have occurred. Evidence can include significant financial difficulty of the borrower or issuer, a breach of contract, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial reorganization, or the disappearance of an active market for a security. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. |
Non-financial assets | ii. The carrying amounts of Cameco’s non-financial assets are reviewed throughout the year to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and willing parties. For exploration properties, fair value is based on the implied fair value of the resources in place using comparable market transaction metrics. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Impairment losses recognized in prior periods are assessed throughout the year, whenever events or changes in circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment loss in respect of goodwill is not reversed. |
Exploration and evaluation expenditures | N. Exploration and evaluation expenditures are those expenditures incurred by the Company in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. These expenditures include researching and analyzing existing exploration data, conducting geological studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation expenditures are charged against earnings as incurred, except when there is a high degree of confidence in the viability of the project and it is probable that these costs will be recovered through future development and exploitation. Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under the scope of IFRS 6, Exploration for and Evaluation of Mineral Resources, and are reported as part of property, plant and equipment. |
Provisions | O. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost. |
Environmental restoration | i. The mining, extraction and processing activities of the Company normally give rise to obligations for site closure and environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and decommissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure and restoration activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal part of a mining or production process, are not included in the provision. The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating licence conditions and the environment in which the mine operates. Closure and restoration provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax risk-free rate. Significant judgments and estimates are involved in deriving the expectations of future activities and the amount and timing of the associated cash flows. At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the reclamation, decommissioning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of discounting unwinds. The unwinding of the discount is an expense recognized in finance costs. Closure and rehabilitation provisions are also adjusted for changes in estimates. The provision is reviewed at each reporting date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates, and the adjusted cost of the asset is depreciated prospectively. |
Waste disposal | ii. The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has established strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and discount rates are estimated both at initial recognition and subsequent measurement. |
Employee future benefits | P. |
Pension obligations | i. The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. A defined benefit plan is a pension plan other than a defined contribution plan. The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on service and management's best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected health care costs. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. The Company recognizes all actuarial gains and losses arising from defined benefit plans in other comprehensive income, and reports them in retained earnings. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognized immediately in earnings. For defined contribution plans, the contributions are recognized as employee benefit expense in earnings in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. |
Other post-retirement benefits plans | ii. The Company provides certain post-retirement health care benefits to its retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. Actuarial gains and losses are recognized in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries. |
Short-term employee benefits | iii. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be measured reliably. |
Termination benefits | iv. Termination whenever an employee accepts an entity’s offer of benefits in exchange for termination of employment. Cameco recognizes termination benefits as an expense at the earlier of when the Company can no longer withdraw the offer of those benefits and when the Company recognizes costs for a restructuring. If benefits are payable more than 12 months after the reporting period, they are discounted to their present value. |
Share-based compensation | v. For equity-settled plans, the grant date fair value of share-based compensation awards granted to employees is recognized as an employee benefit expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For cash-settled plans, the fair value of the amount payable to employees is recognized as an expense, with a corresponding increase in liabilities, over the period that the employees unconditionally become entitled to payment. The liability is re- measured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized as employee benefit expense in earnings. When the terms and conditions of equity-settled plans at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. Cameco’s contributions under the employee share ownership plan are expensed during the year of contribution. Shares purchased with Company contributions and with dividends paid on such shares become unrestricted on January 1 of the second plan year following the date on which such shares were purchased. |
Revenue recognition | Q. Cameco supplies uranium concentrates, uranium conversion services, fabrication services and other services. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control, as described below, over a good or service to a customer. Customers do not have the right to return products, Cameco’s sales arrangements with its customers are pursuant to enforceable contracts that indicate the nature and timing of satisfaction of performance obligations, including significant payment terms, where payment is usually due in 30 days. Each delivery is considered a separate performance obligation under the contract. Uranium supply In a uranium supply arrangement, Cameco is contractually obligated to provide uranium concentrates to its customers. Cameco-owned uranium may be physically delivered to either the customer or to conversion facilities (Converters). For deliveries to customers, terms in the sales contract specify the location of delivery. Revenue is recognized when the uranium has been delivered and accepted by the customer at that location. When uranium is delivered to Converters, the Converter will credit Cameco’s account for the volume of accepted uranium. Based on delivery terms in the sales contract with its customer, Cameco instructs the Converter to transfer title of a contractually specified quantity of uranium to the customer’s account at the Converter’s facility. At this point, control has been transferred and Cameco recognizes revenue for the uranium supply. Toll conversion services In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned uranium to a chemical state suitable for enrichment. Based on delivery terms in a sales contract with its customer, Cameco either (i) physically delivers converted uranium to enrichment facilities (Enrichers) where it instructs the Enricher to transfer title of a contractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or the customer’s account at Cameco’s Port Hope conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for the toll conversion services. Conversion supply A conversion supply arrangement is a combination of uranium supply and toll conversion services. Cameco is contractually obligated to provide converted uranium to its customers. Based on delivery terms in the sales contract, Cameco either (i) physically delivers converted uranium to the Enricher where it instructs the Enricher to transfer title of a contractually specified quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually specified quantity of converted uranium to either an Enricher’s account or a customer’s account at Cameco’s Port Hope conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for both the uranium supplied and the conversion service provided. Fabrication services In a fabrication services arrangement, Cameco is contractually obligated to provide fuel bundles or reactor components to its customers. In a contract for fuel bundles, the bundles are inspected and accepted by the customer at Cameco’s Port Hope fabrication facility or another location based on delivery terms in the sales contract. At this point, the customer obtains control and Cameco recognizes revenue for the fabrication services. In some contracts for reactor components, the components are made to a customer’s specification and if a contract is terminated by the customer, Cameco is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Since the customer controls all of the work in progress as the products are being manufactured, revenue and associated costs are recognized over time, before the goods are delivered to the customer’s premises. Revenue is recognized on the basis of units produced as the contracts reflect a per unit basis. Revenue from these contracts represents an insignificant portion of Cameco’s total revenue. In other contracts where the reactor components are not made to a specific customer’s specification, when the components are delivered to the location specified in the contract, the customer obtains control and Cameco recognizes revenue for the services. Other services Uranium concentrates and converted uranium are regulated products and can only be stored at regulated facilities. In a storage arrangement, Cameco is contractually obligated to store uranium products at its facilities on behalf of the customer. Cameco invoices the customer in accordance with the contract terms and recognizes revenue on a monthly basis. Cameco also provides customers with transportation of its uranium products. In the contractual arrangements where Cameco is acting as the principal, revenue is recognized as the product is delivered. |
Financial instruments | R. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another. Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and liabilities are initially recognized when the company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. |
Non-derivative financial assets and financial liabilities | i. On initial recognition, financial assets are classified as measured at: amortized cost, fair value through other comprehensive income, or fair value through profit or loss based on the Company’s business model for managing its financial assets and their cash flow characteristics. Classifications are not changed subsequent to initial recognition unless the Company changes its business model for managing its financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in business model. Amortized cost A financial asset is measured at amortized cost if it is not designated as at fair value through profit or loss, is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Assets in this category are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as is any gain or loss on derecognition. The Company’s financial assets measured at amortized cost include cash and cash equivalents, short-term investments and accounts receivable. Fair value through other comprehensive income (FVOCI) A debt investment is measured at FVOCI if it is not designated as at fair value through profit or loss, is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (OCI). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, Cameco may irrevocably elect to present subsequent changes in the investments fair value in OCI. This election is made on an investment-by-investment basis. These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Fair value through profit or loss (FVTPL) All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. The Company’s financial assets measured at FVTPL include foreign currency contracts. Derecognition of financial assets Cameco derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which it neither transfers or retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. If the Company enters into a transaction whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets would not be derecognized. ii. On initial recognition, financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, is a derivative or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss as is any gain or loss on derecognition. The Company’s financial liabilities measured at amortized cost include accounts payable and accrued liabilities, lease obligations and long- term debt. The Company’s financial liabilities measured at FVTPL include foreign currency contracts and interest rate contracts. A financial liability is derecognized when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. |
Derivative financial instruments | iii. The Company holds derivative financial instruments to reduce exposure to fluctuations in foreign currency exchange rates and interest rates. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivative financial instruments are initially measured at fair value in the consolidated statements of financial position, with any directly attributable transaction costs recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes in fair value are recognized in profit or loss. The purpose of hedging transactions is to modify the Company’s exposure to one or more risks by creating an offset between changes in the fair value of, or the cash flows attributable to, the hedged item and the hedging item. When hedge accounting is appropriate, the hedging relationship is designated as a fair value hedge, a cash flow hedge, or a foreign currency risk hedge related to a net investment in a foreign operation. While Cameco does not have any instruments that have been designated as hedge transactions at December 31, 2023 and 2022, its equity-investee Westinghouse does. These cash flow hedges are recognized in other comprehensive income. |
Income tax | S. Income tax expense is comprised of current and deferred taxes. Current tax and deferred tax are recognized in earnings except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Current tax assets and liabilities are measured at the amount expected to be paid or recovered from the taxation authorities. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Company’s exposure to uncertain tax positions is evaluated and a provision is made where it is probable that this exposure will materialize. |
Share capital | T. Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a reduction of equity, net of any tax effects. |
Earnings per share | U. The Company presents basic and diluted earnings per share data for its common shares. Earnings per share is calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of common shares outstanding. Diluted earnings per share is determined by adjusting the net earnings attributable to equity holders of the Company and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares. The calculation of diluted earnings per share assumes that outstanding options which are dilutive to earnings per share are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the shares for the period. The effect is to increase the number of shares used to calculate diluted earnings per share. |
Segment reporting | V. An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other segments. To reviewed by the Company’s executive team. Cameco has three reportable segments, uranium, fuel services and Westinghouse. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
Material accounting policies (T
Material accounting policies (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Material accounting policies [Abstract] | |
Basis of presentation | Derivative financial instruments Fair value through profit or loss (FVTPL) Equity investments Fair value through other comprehensive income (FVOCI) Liabilities for cash-settled share-based payment arrangements FVTPL Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation |
Disclosure of estimated useful lives | Land Not depreciated Buildings 15 25 Plant and equipment 3 15 Furniture and fixtures 3 10 Other 3 5 |
Acquisitions (Table)
Acquisitions (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Westinghouse Electric Company [Member] | |
Disclosure Of Business Combinations [Line Items] | |
Disclosure Of Detailed Information About Business Combinations Explanatory | Net assets acquired (USD) Cash and cash equivalents $ 254,800 Other current assets 938,413 Property, plant and equipment 787,278 Intangible assets 2,852,780 Goodwill 568,631 Non-current assets 346,891 Current liabilities (1,164,621) Non-current liabilities (2,443,867) Total $ 2,140,305 Cash 1,540,305 Term 600,000 Total $ 2,140,305 |
Cigar Lake [Member] | |
Disclosure Of Business Combinations [Line Items] | |
Disclosure Of Detailed Information About Business Combinations Explanatory | Property, plant and equipment $ 97,930 Deferred tax asset 28,196 Inventory 9,909 Working capital (24) Reclamation provision (2,528) Sales contracts (9,000) Net assts acquired $ 124,483 Cash paid 101,681 Bargain purchase gain [note 21] (a) $ 22,802 (a) Business Combinations . This standard requires the measurement of tax attributes that were acquired as part of the transaction be in accordance with IAS 12, Income Taxes , rather than at fair value. The measured amount of these attributes exceeded the amount paid for them and the resulting gain is included in other income (expense) in the consolidated statement of earnings. |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts receivables [Abstract] | |
Schedule of accounts receivable | 2023 2022 Trade receivables $ 413,792 $ 167,688 GST/VAT 6,772 5,856 Other receivables 1,769 10,400 Total $ 422,333 $ 183,944 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | 2023 2022 Uranium Concentrate $ 511,654 $ 537,426 Broken ore 71,463 46,703 583,117 584,129 Fuel services 108,711 80,144 Other 433 425 Total $ 692,261 $ 664,698 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property plant and equipment [Abstract] | |
Schedule of Property plant and equipment | At December 31, 2023 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,197,138 $ 2,812,309 $ 84,080 $ 234,590 $ 1,088,234 $ 9,416,351 Additions 9,062 29,498 3,461 111,518 92 153,631 Transfers 40,011 63,819 3,334 (106,835) - 329 Change in reclamation provision [note 16] (5,343) - - - - (5,343) Disposals (13,604) (3,744) (69) (1,989) - (19,406) Effect of movements in exchange rates (13,940) (4,277) (87) (4) (19,884) (38,192) End of year 5,213,324 2,897,605 90,719 237,280 1,068,442 9,507,370 Accumulated depreciation and impairment Beginning of year 3,300,869 2,067,999 79,576 36,798 467,071 5,952,313 Depreciation charge 146,574 98,694 4,267 - - 249,535 Transfers - 11 (11) - - - Change in reclamation provision [note 16] (a) (7,509) - - - - (7,509) Disposals (13,604) (3,456) (69) - - (17,129) Effect of movements in exchange rates (13,340) (4,227) (87) - (10,159) (27,813) End of year 3,412,990 2,159,021 83,676 36,798 456,912 6,149,397 Right-of-use assets Beginning of year 5,959 1,565 1,928 - - 9,452 Additions 3,398 126 844 - - 4,368 Disposals - (214) - - - (214) Depreciation charge (1,003) (399) (1,076) - - (2,478) Transfers (28) (677) 376 - - (329) End of year 8,326 401 2,072 - - 10,799 Net book value at December 31, 2023 $ 1,808,660 $ 738,985 $ 9,115 $ 200,482 $ 611,530 $ 3,368,772 At December 31, 2022 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,152,209 $ 2,732,561 $ 84,366 $ 167,200 $ 1,073,239 $ 9,209,575 Acquisitions [note 6] 67,998 27,646 70 2,216 - 97,930 Additions 4,385 8,927 209 129,734 193 143,448 Transfers 25,023 39,091 (167) (63,518) - 429 Change in reclamation provision (93,451) - - - - (93,451) Disposals (4,885) (8,423) (650) (1,046) - (15,004) Effect of movements in exchange rates 45,859 12,507 252 4 14,802 73,424 End of year 5,197,138 2,812,309 84,080 234,590 1,088,234 9,416,351 Accumulated depreciation and impairment Beginning of year 3,101,740 1,962,228 78,119 36,798 458,247 5,637,132 Depreciation charge 137,543 101,923 1,857 - - 241,323 Change in reclamation provision (a) 22,944 - - - - 22,944 Disposals (4,851) (8,201) (649) - - (13,701) Effect of movements in exchange rates 43,493 12,049 249 - 8,824 64,615 End of year 3,300,869 2,067,999 79,576 36,798 467,071 5,952,313 Right-of-use assets Beginning of year 931 1,584 1,641 - - 4,156 Additions 5,917 1,330 606 - - 7,853 Disposals - (11) - - - (11) Depreciation charge (870) (560) (687) - - (2,117) Transfers (19) (778) 368 - - (429) End of year 5,959 1,565 1,928 - - 9,452 Net book value at December 31, 2022 $ 1,902,228 $ 745,875 $ 6,432 $ 197,792 $ 621,163 $ 3,473,490 (a) Asset retirement obligation assets are adjusted when the Company updates its reclamation provisions due to new cash flow estimates or changes in discount and inflation rates. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake operation and some of our operations in the United States, the adjustment is recorded directly to the statement of earnings as other operating expense or income. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets [Abstract] | |
Reconciliation of carrying amount of intangible assets | At December 31, 2023 Intellectual Cost Beginning of year $ 118,819 End of year 118,819 Accumulated amortization and impairment Beginning of year 71,758 Amortization charge 3,484 End of year 75,242 Net book value at December 31, 2023 $ 43,577 At December 31, 2022 Intellectual Contracts property Total Cost Beginning of year $ 110,618 $ 118,819 $ 229,437 Effect of movements in exchange rates 8,027 - 8,027 End of year 118,645 118,819 237,464 Accumulated amortization and impairment Beginning of year 109,886 68,304 178,190 Amortization charge 739 3,454 4,193 Effect of movements in exchange rates 7,964 - 7,964 End of year 118,589 71,758 190,347 Net book value at December 31, 2022 $ 56 $ 47,061 $ 47,117 |
Long-term receivables, invest_2
Long-term receivables, investments and other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term receivables, investments and other [Abstract] | |
Long-term receivables, investments and other | 2023 2022 Deferred charges $ - $ 29,585 Derivatives [note 27] 28,467 2,807 Investment tax credits 95,940 95,812 Amounts receivable related to tax dispute [note 22] (a) 209,125 295,221 Product loan (b) 288,294 200,998 Other 2,108 3,264 623,934 627,687 Less current portion (10,161) (32,180) Net $ 613,773 $ 595,507 (a) interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties paid. $ 86,097,000 (b) 5,400,000 was obligated to repay the Company in kind with uranium concentrate no later than December 31, 2023. During 2022, the repayment terms were extended to December 31, 2028 . As at December 31, 2023, 3,000,000 repayment on this loan. |
Equity-accounted investees (Tab
Equity-accounted investees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity-accounted investees [Abstract] | |
Summary of Equity-accounted Investees | 2023 2022 Interest in Westinghouse $ 2,899,379 $ - Interest in JV Inkai 273,806 210,972 Interest in Global Laser Enrichment LLC (GLE) - - $ 3,173,185 $ 210,972 |
Westinghouse Electric Company [Member] | |
Disclosure Of Joint Ventures [Line Items] | |
Equity method investment summarized financial information balance sheet explanatory | 2023 Cash and cash equivalents $ 265,146 Other current assets 2,364,602 Intangible assets 7,655,386 Goodwill 1,534,947 Non-current assets 3,102,566 Current liabilities (2,464,058) Non-current liabilities (6,684,673) Net assets $ 5,773,916 Net assets attributable to non-controlling interest (24,036) Net assets attributable to shareholders $ 5,749,880 Cameco's share of net assets attributable to shareholders ( 49 %) 2,817,441 Acquisition costs (a) 83,916 Impact of foreign exchange (1,978) Carrying amount of interest in Westinghouse $ 2,899,379 (a) Cameco incurred $ 84 |
Equity method investment summarized financial information income statement explanatory | 2023 Revenue from products and services $ 1,063,417 Cost of products and services sold (408,745) Depreciation and amortization (124,012) Marketing, administrative and general expenses (498,775) Finance income 3,846 Finance costs (59,414) Other expense (39,641) Income tax recovery 13,555 Net loss (49,769) Other comprehensive income 13,933 Total comprehensive loss $ (35,836) |
Joint Venture Inkai LLP [Member] | |
Disclosure Of Joint Ventures [Line Items] | |
Equity method investment summarized financial information balance sheet explanatory | 2023 2022 Cash and cash equivalents $ 24,074 $ 14,950 Other current assets 551,917 373,868 Non-current assets 332,655 334,954 Current liabilities (40,985) (34,606) Non-current liabilities (30,211) (37,644) Net assets 837,450 651,522 Cameco's share of net assets ( 40 %) 334,980 260,609 Consolidating adjustments (a) (74,223) (82,275) Fair value increment (b) 81,090 83,675 Dividends declared but not received 5,952 - Dividends in excess of ownership percentage (c) (74,843) (48,641) Impact of foreign exchange 850 (2,396) Carrying amount of interest in JV Inkai $ 273,806 $ 210,972 (a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. This amount is amortized to earnings over units of production. (b) Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production. (c) Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest. |
Equity method investment summarized financial information income statement explanatory | 2023 2022 Revenue from products and services $ 708,679 $ 476,354 Cost of products and services sold (99,160) (66,119) Depreciation and amortization (35,187) (24,749) Finance income 1,343 1,341 Finance costs (1,069) (2,635) Other expense (34,738) (30,770) Income tax expense (106,419) (74,763) Net earnings 433,449 278,659 Total comprehensive income $ 433,449 $ 278,659 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts payable and accrued liabilities [Abstract] | |
Schedule of payable and accrued liabilities | 2023 2022 Trade payables $ 388,902 $ 249,962 Non-trade payables 108,856 65,182 Payables due to related parties [note 25] 79,792 59,570 Total $ 577,550 $ 374,714 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term debt [Abstract] | |
Long-term debt | 2023 2022 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 $ 99,374 $ 99,355 Series G - 4.19 % debentures due June 24, 2024 499,821 499,407 Series H - 2.95 % debentures due October 21, 2027 398,582 398,238 Term 786,397 - 1,784,174 997,000 Less current portion (499,821) - Total $ 1,284,353 $ 997,000 The table below represents currently scheduled maturities of long-term debt: 2024 2025 2026 2027 2028 Thereafter Total $ 499,821 393,420 392,977 398,582 - 99,374 $ 1,784,174 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other liabilities [Abstract] | |
Other liabilities | 2023 2022 Deferred sales [note 18] $ 45,372 $ 66,845 Derivatives [note 27] 22,344 58,342 Accrued pension and post-retirement benefit liability [note 26] 77,002 66,180 Lease obligation 10,816 9,287 Product loan (a) 166,052 78,094 Sales contracts [note 6] 6,314 9,000 Other 64,064 59,738 391,964 347,486 Less: current portion (48,544) (131,324) Net $ 343,420 $ 216,162 (a) The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to 1,978,000 6 3,506,000 3 O 8 December 31, 2026 . Under the facilities, standby fees of up to 1 % are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5 % to 2.0 %. At December 31, 2023, we have 1,777,000 6 1,529,000 the following years: |
Standby product loan facilities with various counterparties | 2024 2025 2026 Total kgU of UF 6 - - 528,000 1,249,000 1,777,000 2024 2025 2026 Total lbs of U 3 O 8 - 630,000 2,126,000 2,756,000 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [Abstract] | |
Reconciliation of change of reclamation and waste provisions | Reclamation Waste disposal Total Beginning of year $ 1,061,096 $ 9,934 $ 1,071,030 Changes in estimates and discount rates [note 9] Capitalized in property, plant and equipment 2,166 - 2,166 Recognized in earnings [note 9] (7,509) 2,148 (5,361) Provisions used during the period (37,194) (1,788) (38,982) Unwinding of discount [note 20] 39,096 523 39,619 Effect of movements in exchange rates (6,488) - (6,488) End of period $ 1,051,167 $ 10,817 $ 1,061,984 Current $ 35,356 $ 3,757 $ 39,113 Non-current 1,015,811 7,060 1,022,871 $ 1,051,167 $ 10,817 $ 1,061,984 |
Reclamation provisions | 2023 2022 Uranium $ 874,773 $ 870,877 Fuel services 176,394 190,219 Total $ 1,051,167 $ 1,061,096 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share capital [Abstract] | |
Common shares issued | Number issued 2023 2022 Beginning of year 432,518,470 398,059,265 Issued: Stock option plan [note 25] 1,657,282 401,955 Equity issuance (a) - 34,057,250 End of year 434,175,752 432,518,470 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [Abstract] | |
Revenue - Disaggregation | Uranium Fuel services Other Total Customer geographical region Americas $ 1,043,475 $ 307,885 $ 9,959 $ 1,361,319 Europe 592,068 88,759 - 680,827 Asia 516,699 28,913 - 545,612 $ 2,152,242 $ 425,557 $ 9,959 $ 2,587,758 Contract type Fixed-price $ 821,958 $ 414,289 $ 9,959 $ 1,246,206 Market-related 1,330,284 11,268 - 1,341,552 $ 2,152,242 $ 425,557 $ 9,959 $ 2,587,758 Uranium Fuel services Other Total Customer geographical region Americas $ 806,915 $ 289,028 $ 20,025 $ 1,115,968 Europe 284,602 52,112 2,769 339,483 Asia 388,629 23,923 - 412,552 $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 Contract type Fixed-price $ 478,552 $ 355,479 $ 22,794 $ 856,825 Market-related 1,001,594 9,584 - 1,011,178 $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 |
Revenue - Contract liabilities | 2023 2022 Beginning of year $ 66,845 $ 23,316 Additions 25,935 45,978 Recognized in revenue (47,403) (2,463) Effect of movements in exchange rates (5) 14 End of year $ 45,372 $ 66,845 |
Revenue - Remaining performance obligations | 2024 2025 2026 2027 2028 Thereafter Total Uranium $ 676,996 $ 756,597 $ 406,045 $ 367,194 $ 349,872 $ 565,998 $ 3,122,702 Fuel services 356,742 397,922 383,045 356,792 333,166 1,474,806 3,302,473 Total $ 1,033,738 $ 1,154,519 $ 789,090 $ 723,986 $ 683,038 $ 2,040,804 $ 6,425,175 |
Employee benefit expense (Table
Employee benefit expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee benefits expense [Abstract] | |
Employee benefit expenses | 2023 2022 Wages and salaries $ 340,910 $ 278,980 Statutory and company benefits 63,657 52,247 Expenses related to defined benefit plans [note 26] 5,572 5,656 Expenses related to defined contribution plans [note 26] 18,644 15,189 Equity-settled share-based compensation [note 25] 8,152 6,859 Cash-settled share-based compensation [note 25] 59,225 24,369 Total $ 496,160 $ 383,300 |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance costs [Abstract] | |
Schedule of finance costs | 2023 2022 Interest on long-term debt $ 52,426 $ 40,059 Unwinding of discount on provisions [note 16] 39,619 28,979 Other charges 23,824 16,690 Total $ 115,869 $ 85,728 |
Other income (expense) (Tables)
Other income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other income (expense) [Abstract] | |
Other income (expense) | 2023 2022 Foreign exchange gains 15,692 74,132 Bargain purchase gain [note 6] - 22,802 Other 546 - Total $ 16,238 $ 96,934 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes [Abstract] | |
Schedule of Deferred tax assets and liabilities | Recognized in earnings As at December 31 2023 2022 2023 2022 Assets Property, plant and equipment $ 67,736 $ 84,668 $ 515,872 $ 448,136 Provision for reclamation (4,157) (3,817) 199,659 203,816 Inventories 3,292 1,689 11,540 8,248 Foreign exploration and development (51) (1,816) 2,589 2,641 Income tax losses (gains) (141,907) (66,227) 93,776 235,683 Defined benefit plan actuarial losses - - 4,279 2,698 Long-term investments and other (17,704) (2,355) 65,145 82,849 Deferred tax assets (92,791) 12,142 892,860 984,071 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset (liability) $ (92,791) $ 12,142 $ 892,860 $ 984,071 Deferred tax allocated as 2023 2022 Deferred tax assets $ 892,860 $ 984,071 Deferred tax liabilities - - Net deferred tax asset $ 892,860 $ 984,071 2023 2022 Deferred tax asset at beginning of year $ 984,071 $ 937,579 Recovery (expense) for the year in net earnings (92,791) 12,142 Recovery for the year in equity - 11,593 Recovery for the year in purchase price equation - 28,196 Recovery (expense) for the year in other comprehensive income 1,581 (5,440) Effect of movements in exchange rates (1) 1 End of year $ 892,860 $ 984,071 2023 2022 Income tax losses $ 357,148 $ 337,749 Property, plant and equipment 2,299 2,297 Provision for reclamation 68,038 78,336 Long-term investments and other 127,420 18,628 Total $ 554,905 $ 437,010 |
Schedule of Tax rate reconciliation | 2023 2022 Earnings before income taxes and non-controlling interest $ 487,153 $ 84,795 Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense 131,044 22,810 Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 2,990 8,986 Change in unrecognized deferred tax assets 16,759 1,234 Income in equity-accounted investees (41,519) (25,264) Change in uncertain tax positions (9,331) (6,282) Bargain purchase gain - (6,129) Other taxes 11,709 - Foreign exchange permanent differences 12,044 (2,487) Other permanent differences 2,641 2,663 Income tax expense (recovery) $ 126,337 $ (4,469) |
Schedule of Earnings and income taxes by jurisdiction | 2023 2022 Earnings (loss) before income taxes Canada $ 562,139 $ 99,944 Foreign (74,986) (15,149) $ 487,153 $ 84,795 Current income taxes Canada $ 26,230 $ 2,260 Foreign 7,316 5,413 $ 33,546 $ 7,673 Deferred income taxes (recovery) Canada $ 104,885 $ (10,178) Foreign (12,094) (1,964) $ 92,791 $ (12,142) Income tax expense (recovery) $ 126,337 $ (4,469) |
Schedule of Income tax losses | Date of expiry Canada US Other Total 2026 $ - $ - $ 14,382 $ 14,382 2027 - - 239 239 2028 - - 62 62 2029 47 - 12,273 12,320 2030 - - 42,357 42,357 2031 - 21,268 - 21,268 2032 272 22,905 - 23,177 2033 - 35,206 - 35,206 2034 - 16,340 4,557 20,897 2035 - 7,448 7,283 14,731 2036 - 45,551 5,737 51,288 2037 27 34,120 3,005 37,152 2038 - - 322 322 2039 953 - 141 1,094 2040 3,110 - 372 3,482 2041 77 - - 77 2042 50 - - 50 2043 71 - - 71 No expiry - 446,639 1,035,704 1,482,343 $ 4,607 $ 629,477 $ 1,126,434 $ 1,760,518 |
Per share amounts (Tables)
Per share amounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Per share amounts [Abstract] | |
Schedule of Earnings Per Share computation per common share | 2023 2022 Basic earnings per share computation Net earnings attributable to equity holders $ 360,847 $ 89,382 Weighted average common shares outstanding 433,383 405,494 Basic earnings per common share $ 0.83 $ 0.22 Diluted earnings per share computation Net earnings attributable to equity holders $ 360,847 $ 89,382 Weighted average common shares outstanding 433,383 405,494 Dilutive effect of stock options 1,972 1,641 Weighted average common shares outstanding, assuming dilution 435,355 407,135 Diluted earnings per common share $ 0.83 $ 0.22 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental cash flow information [Abstract] | |
Statements of detailed information of cash flow | 2023 2022 Changes in non-cash working capital: Accounts receivable $ (242,416) $ 99,601 Inventories 38,394 (162,858) Supplies and prepaid expenses 8,410 (63,500) Accounts payable and accrued liabilities 169,044 16,401 Reclamation payments (38,982) (28,492) Other (346) 19,417 Total $ (65,896) $ (119,431) |
Reconciliation of liabilities arising from financing activities | Long-term Interest Lease Dividends Share debt payable obligation payable capital Total Balance at January 1, 2023 $ 997,000 $ 4,011 $ 9,287 $ - $ 2,880,336 $ 3,890,634 Changes from financing cash flows: Dividends paid - - - (52,079) - (52,079) Interest paid - (40,439) (359) - - (40,798) Lease principal payments - - (2,430) - - (2,430) Shares issued, stock option plan - - - - 27,537 27,537 Term loan issuance 816,582 - - - - 816,582 Total cash changes 816,582 (40,439) (2,789) (52,079) 27,537 748,812 Non-cash changes: Amortization of issue costs 1,377 - - - - 1,377 Dividends declared - - - 52,079 - 52,079 Interest expense - 50,690 359 - - 51,049 Right-of-use asset additions - - 4,368 - - 4,368 Other - 142 (411) - - (269) Shares issued, stock option plan - - - - 6,292 6,292 Foreign exchange (30,785) (317) 2 - - (31,100) Total non-cash changes (29,408) 50,515 4,318 52,079 6,292 83,796 Balance at December 31, 2023 $ 1,784,174 $ 14,087 $ 10,816 $ - $ 2,914,165 $ 4,723,242 |
Share-based compensation plans
Share-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation plans [Abstract] | |
Schedule of number of stock options and weighted average exercisable price | (Number of options) 2023 2022 Beginning of year 3,053,571 3,458,001 Options granted - - Options expired - (2,475) Options exercised [note 17] (1,657,282) (401,955) End of year 1,396,289 3,053,571 Exercisable 1,396,289 3,053,571 2023 2022 Beginning of year $15.75 $16.72 Options granted - - Options expired - 26.81 Options exercised 16.62 23.96 End of year $14.73 $15.75 Exercisable $14.73 $15.75 |
Total options outstanding and exercisable | Options outstanding Options exercisable Option price per share Number Weighted average remaining life Weighted average exercisable price Number Weighted average exercisable price $ 11.32 14.7 0 658,804 1.3 $14.08 658,804 $14.08 $ 14.71 16.38 737,485 3.0 $15.32 737,485 $15.32 1,396,289 1,396,289 |
Compensation expense under equity settled plans | 2023 2022 Employee share ownership plan $ 4,460 $ 3,541 Restricted share unit plan 3,692 3,273 Stock option plan - 45 Total $ 8,152 $ 6,859 |
Expenses (recoveries) cash-settled plans | 2023 2022 Performance share unit plan $ 22,013 $ 11,221 Restricted share unit plan 19,045 9,342 Deferred share unit plan 15,447 2,811 Phantom stock option plan 1,908 751 Phantom restricted share unit plan 812 244 Total $ 59,225 $ 24,369 |
Equity-settled plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of share-based plans | Grant date Mar 1/23 Number of options granted 129,623 Average strike price $37.30 Expected forfeitures 11% Weighted average grant date fair values $37.30 |
Cash Settled Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of share-based plans | Phantom PSU RSU RSU Number of units 232,160 162,930 9,997 Expected vesting 83% - - Expected life of option 3 3 3 Expected forfeitures 9% 8% 8% Weighted average measurement date fair values $37.30 $37.30 $37.30 Phantom Phantom stock options PSU RSU RSU Number of units 45,551 830,279 561,210 28,000 Expected vesting - 70% - - Average strike price $12.29 - - - Expected dividend $0.12 - - $0.12 Expected volatility 48% - - - Risk-free interest rate 3.5% - - - Expected life of option 3.4 0.8 1.0 1.0 Expected forfeitures 7% 2% 8% 8% Weighted average measurement date fair values $46.08 $57.13 $57.13 $57.13 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension and other post-retirement benefits [Abstract] | |
Information related to defined benefit plan | Pension benefit plans Other benefit plans 2023 2022 2023 2022 Fair value of plan assets, beginning of year $ 4,402 $ 5,693 $ - $ - Interest income on plan assets 201 157 - - Return on assets excluding interest income 18 (555) - - Benefits paid (901) (890) - - Administrative costs paid (3) (3) - - Fair value of plan assets, end of year $ 3,717 $ 4,402 $ - $ - Defined benefit obligation, beginning of year $ 51,218 $ 69,998 $ 19,364 $ 24,697 Current service cost 1,567 2,302 689 915 Interest cost 2,527 1,867 987 726 Actuarial loss (gain) arising from: 4,784 (20,913) 443 (5,881) 1,559 1,396 18 161 Benefits paid (1,704) (3,666) (820) (1,254) Foreign exchange 87 234 - - Defined benefit obligation, end of year $ 60,038 $ 51,218 $ 20,681 $ 19,364 Defined benefit liability [note 15] $ (56,321) $ (46,816) $ (20,681) $ (19,364) |
Percentages of the total fair value of assets pension plan | Pension benefit plans 2023 2022 Asset category (a) Canadian equity securities 7% 6% U.S. equity securities 12% 11% Global equity securities 6% 6% Canadian fixed income 31% 28% Other (b) 44% 49% Total 100% 100% (a) The defined benefit plan assets contain no respectively. (b) Relates mainly to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is approximately equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan . |
Components of net pension and other benefit expense | Pension benefit plans Other benefit plans 2023 2022 2023 2022 Current service cost $ 1,567 $ 2,302 $ 689 $ 915 Net interest cost 2,326 1,710 987 726 Administration cost 3 3 - - Defined benefit expense [note 19] 3,896 4,015 1,676 1,641 Defined contribution pension expense [note 19] 18,644 15,189 - - Net pension and other benefit expense $ 22,540 $ 19,204 $ 1,676 $ 1,641 |
Amount of actuarial losses (gains) recognized in other comprehensive income | The total amount of actuarial losses (gains) recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2023 2022 2023 2022 Actuarial loss (gains) $ 6,343 $ (19,517) $ 461 $ (5,720) Return on plan assets excluding interest income (18) 555 - - $ 6,325 $ (18,962) $ 461 $ (5,720) |
Defined benefit obligation and net pension and other benefit expense [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Assumptions to determine defined benefit obligations and expense | The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense were as follows at December 31 (expressed as weighted averages): Pension benefit plans Other benefit plans 2023 2022 2023 2022 Discount rate - obligation 3.8% 4.5% 4.6% 5.1% Discount rate - expense 4.5% 2.3% 5.1% 2.9% Rate of compensation increase 2.9% 3.0% - - Health care cost trend rate - - 5.0% 5.0% Dental care cost trend rate - - 4.5% 4.5% |
1% Change in assumptions [member] | Defined benefit obligation and net pension and other benefit expense [Member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Assumptions to determine defined benefit obligations and expense | A 1 % change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the following: Pension benefit plans Other benefit plans Increase Decrease Increase Decrease Discount rate $ (7,739) $ 9,817 $ (2,143) $ 2,628 A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation. |
Financial instruments and rel_2
Financial instruments and related risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair value measurement, carrying amounts: | |
Pre-tax exposure to foreign currency exchange risk | Carrying value Currency (Cdn) Gain (loss) Cash and cash equivalents USD $ 144,149 $ 7,207 Accounts receivable USD 371,618 18,581 Accounts payable and accrued liabilities USD (302,364) (15,118) Long-term debt USD (786,397) (39,320) Net foreign currency derivatives USD 11,942 (102,567) |
Interest rate risk on variable rate financial instruments | Gain (loss) Interest rate contracts $ (760) Floating rate term loan (7,946) |
Counterparty credit risk, as represented by the carrying amount of the financial assets | 2023 2022 Cash and cash equivalents $ 566,809 $ 1,143,674 Short-term investments - 1,138,174 Accounts receivable [note 7] 415,561 178,088 Derivative assets [note 11] 28,467 2,807 |
Exposure to credit risk for trade receivables | Carrying value Investment grade credit rating $ 290,204 Non-investment grade credit rating 123,588 Total gross carrying amount $ 413,792 Loss allowance - Net $ 413,792 |
Aged trade receivables | Corporate Other customers customers Total Current (not past due) $ 393,296 $ 2,366 395,662 1-30 days past due 16,531 889 17,420 More than 30 days past due 131 579 710 Total $ 409,958 $ 3,834 413,792 |
Liquidity risk, company's available debt facilities | The table below outlines the Company’s available debt facilities at December 31, 2023: Outstanding and Total amount Unsecured revolving credit facility [note 14] $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 14] 1,771,663 1,383,689 387,974 |
Maturity analysis of financial liabilities | The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the expected cash flows from the reporting date to the contractual maturity date: Due in Carrying Contractual Due in 1-3 Due in 3-5 Due after 5 Accounts payable and accrued liabilities $ 577,550 $ 577,550 $ 577,550 $ - $ - $ - Long-term debt 1,784,174 1,794,580 500,000 794,580 400,000 100,000 Foreign currency contracts 16,525 16,525 11,762 4,763 - - Interest rate contracts 5,819 5,819 2,576 2,437 806 - Lease obligation [note 15] 10,816 12,937 2,300 3,332 2,617 4,688 Total contractual repayments $ 2,394,884 $ 2,407,411 $ 1,094,188 $ 805,112 $ 403,423 $ 104,688 Due in Due in 1-3 Due in 3-5 Due after 5 Total Total interest payments on long-term debt $ 299,775 $ 85,322 $ 121,213 $ 21,980 $ 71,260 |
Carrying amounts and accounting classifications | At December 31, 2023 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 566,809 $ 566,809 Accounts receivable [note 7] - 422,333 422,333 Derivative assets [note 11] Foreign currency contracts 28,467 - 28,467 $ 28,467 $ 989,142 $ 1,017,609 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 577,550 $ 577,550 Current portion of long-term debt [note 14] - 499,821 499,821 Lease obligation [note 15] - 10,816 10,816 Derivative liabilities [note 15] Foreign currency contracts 16,525 - 16,525 Interest rate contracts 5,819 - 5,819 Long-term debt [note 14] - 1,284,353 1,284,353 22,344 2,372,540 2,394,884 Net $ 6,123 $ (1,383,398) $ (1,377,275) At December 31, 2022 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 1,143,674 $ 1,143,674 Short-term investments - 1,138,174 1,138,174 Accounts receivable [note 7] - 183,944 183,944 Derivative assets [note 11] Foreign currency contracts 2,807 - 2,807 $ 2,807 $ 2,465,792 $ 2,468,599 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 374,714 $ 374,714 Lease obligation [note 15] - 9,287 9,287 Derivative liabilities [note 15] Foreign currency contracts 51,058 - 51,058 Interest rate contracts 7,284 - 7,284 Long-term debt [note 14] - 997,000 997,000 58,342 1,381,001 1,439,343 Net $ (55,535) $ 1,084,791 $ 1,029,256 |
Carrying amounts and level 2 fair value measurement | As at December 31, 2023 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 28,467 $ 28,467 Current portion of long-term debt [note 14] (499,821) (500,000) Derivative liabilities [note 15] Foreign currency contracts (16,525) (16,525) Interest rate contracts (5,819) (5,819) Long-term debt [note 14] (1,284,353) (1,303,681) Net $ (1,778,051) $ (1,797,558) As at December 31, 2022 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 2,807 $ 2,807 Derivative liabilities [note 15] Foreign currency contracts (51,058) (51,058) Interest rate contracts (7,284) (7,284) Long-term debt [note 14] (997,000) (1,014,010) Net $ (1,052,535) $ (1,069,545) |
Fair value of derivative instruments and classification | 2023 2022 Non-hedge derivatives: Foreign currency contracts $ 11,942 $ (48,251) Interest rate contracts (5,819) (7,284) Net $ 6,123 $ (55,535) Classification: Current portion of long-term receivables, investments and other [note 11] $ 9,137 $ 1,331 Long-term receivables, investments and other [note 11] 19,330 1,476 Current portion of other liabilities [note 15] (14,338) (25,913) Other liabilities [note 15] (8,006) (32,429) Net $ 6,123 $ (55,535) |
Summary of components of non-hedge derivative gains losses | The following table summarizes the different components of the gains (losses) on derivatives included in net earnings: 2023 2022 Non-hedge derivatives: Foreign currency contracts $ 38,975 $ (66,360) Interest rate contracts (1,184) (6,589) Net $ 37,791 $ (72,949) |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital management [abstract] | |
Capital management | 2023 2022 Current portion of long-term debt [note 14] $ 499,821 $ - Long-term debt [note 14] 1,284,353 997,000 Cash and cash equivalents (566,809) (1,143,674) Short-term investments - (1,138,174) Net debt 1,217,365 (1,284,848) Non-controlling interest 4 11 Shareholders' equity 6,094,305 5,836,054 Total 6,094,309 5,836,065 Total capital $ 7,311,674 $ 4,551,217 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segmented information [Abstract] | |
Business segments | A. For the year ended December 31, 2023 Uranium Fuel services (i) WEC (i) Adjustments Other Total Revenue $ 2,152,242 $ 425,557 $ 521,074 $ (521,074) $ 9,959 $ 2,587,758 Expenses Cost of products and services sold 1,532,316 266,062 200,285 (200,285) 7,390 1,805,768 Depreciation and amortization 175,457 35,426 60,766 (60,766) 9,441 220,324 Cost of sales 1,707,773 301,488 261,051 (261,051) 16,831 2,026,092 Gross profit (loss) 444,469 124,069 260,023 (260,023) (6,872) 561,666 Administration - - 244,400 (244,400) 245,539 245,539 Exploration 17,551 - - - - 17,551 Research and development - - - - 21,036 21,036 Other operating income (1,875) (5,634) - - - (7,509) Loss on disposal of assets 1,825 363 - - - 2,188 Finance costs - - 26,274 (26,274) 115,869 115,869 Loss (gain) on derivatives - - 2,838 (2,838) (37,791) (37,791) Finance income - - (1,885) 1,885 (111,670) (111,670) Share of earnings from (178,848) - - 24,386 - (154,462) Other expense (income) (545) - 19,424 (19,424) (15,693) (16,238) Earnings (loss) before income taxes 606,361 129,340 (31,028) 6,642 (224,162) 487,153 Income tax expense 126,337 Net earnings 360,816 Capital expenditures for the year $ 105,384 $ 42,546 $ 42,405 $ (42,405) $ 5,701 $ 153,631 (i) Consistent with the presentation of financial information for internal management purposes, Cameco’s share of Westinghouse’s financial results have been presented as a separate segment. In accordance with IFRS, this investment is accounted for by the equity method of accounting in these consolidated financial statements and the associated revenues and expenses are eliminated in the “Adjustments” column. For the year ended December 31, 2022 Uranium Fuel services Other Total Revenue $ 1,480,146 $ 365,063 $ 22,794 $ 1,868,003 Expenses Cost of products and services sold 1,223,558 215,660 18,118 1,457,336 Depreciation and amortization 135,800 32,618 8,958 177,376 Cost of sales 1,359,358 248,278 27,076 1,634,712 Gross profit (loss) 120,788 116,785 (4,282) 233,291 Administration - - 172,029 172,029 Exploration 10,578 - - 10,578 Research and development - - 12,175 12,175 Other operating expense (income) 25,845 (2,901) - 22,944 (Gain) loss on disposal of assets 726 (212) - 514 Finance costs - - 85,728 85,728 Loss on derivatives - - 72,949 72,949 Finance income - - (37,499) (37,499) Share of earnings from equity-accounted investee (93,988) - - (93,988) Other income (22,802) - (74,132) (96,934) Earnings (loss) before income taxes 200,429 119,898 (235,532) 84,795 Income tax recovery (4,469) Net earnings 89,264 Capital expenditures for the year $ 101,547 $ 39,736 $ 2,198 $ 143,481 |
Geographic segments | Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows: 2023 2022 Canada $ 1,877,742 $ 994,534 United States 710,016 873,469 $ 2,587,758 $ 1,868,003 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2023 2022 Canada $ 2,947,395 $ 3,042,533 Australia 389,152 397,678 United States 75,769 80,352 Kazakhstan 28 38 Germany 5 6 $ 3,412,349 $ 3,520,607 |
Group entities (Tables)
Group entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Group entities [Abstract] | |
Ownership interest in subsidiaries | Principal place of business 2023 2022 Subsidiaries: Cameco Fuel Manufacturing Inc. Canada 100% 100% Cameco Marketing Inc. Canada 100% 100% Cameco Inc. US 100% 100% Power Resources, Inc. US 100% 100% Crow Butte Resources, Inc. US 100% 100% Cameco U.S. Holdings, Inc. US 100% 100% Cameco Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associate: JV Inkai Kazakhstan 40% 40% Joint Venture: Watt New Aggregator L.P. US 49% 0% |
Joint operations (Tables)
Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Joint operations [Abstract] | |
Joint operations proportionate interest in net assets table | Cameco reflects its proportionate interest in these assets and liabilities as follows: Principal place of business Ownership 2023 2022 Total assets McArthur River Canada 69.81% $ 1,048,746 $ 998,368 Key Lake Canada 83.33% 504,508 527,841 Cigar Lake (a) Canada 54.55% 1,158,583 1,219,036 $ 2,711,837 $ 2,745,245 Total liabilities McArthur River 69.81% $ 50,199 $ 37,881 Key Lake 83.33% 244,480 240,487 Cigar Lake (a) 54.55% 48,967 50,362 $ 343,646 $ 328,730 (a) Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan was previously 50.025 %. On May 19, 2022, Cameco and Orano completed the acquisition of Idemitsu’s 7.875 % participating interest in the CLJV by acquiring their pro rata shares through an asset purchase (note 6). |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related parties [Abstract] | |
Compensation for key management personnel | Compensation for key management personnel was comprised of: 2023 2022 Short-term employee benefits $ 30,733 $ 23,557 Share-based compensation (a) 41,694 21,149 Post-employment benefits 6,730 6,532 Termination 541 - Total $ 79,698 $ 51,238 (a) Excludes deferred share units held by directors (see note 25). |
Cameco Corporation (Details)
Cameco Corporation (Details) | 12 Months Ended |
Dec. 31, 2023 Item | |
Disclosure Of Joint Ventures [Line Items] | |
Number of operating mines | 2 |
Joint Venture Inkai LLP [Member] | |
Disclosure Of Joint Ventures [Line Items] | |
Proportion of ownership interest in joint venture | 40% |
Westinghouse Electric Company [Member] | |
Disclosure Of Joint Ventures [Line Items] | |
Proportion of ownership interest in joint venture | 49% |
Material accounting policies (D
Material accounting policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [Member] | Bottom of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Buildings [Member] | Top of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 25 years |
Plant and equipment [Member] | Bottom of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Plant and equipment [Member] | Top of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture and fixtures [Member] | Bottom of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture and fixtures [Member] | Top of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Other [Member] | Bottom of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Other [Member] | Top of range [Member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Determination of fair values (D
Determination of fair values (Details) | Dec. 31, 2023 CAD ($) |
Determination of fair value [Abstract] | |
Transfers between level 1, level 2, or level 3 during the period | $ 0 |
Acquisitions (Disclosure Of Det
Acquisitions (Disclosure Of Detailed Information About Business Combinations - Westinghouse) (Details) - Westinghouse Electric Company [Member] | Nov. 07, 2023 USD ($) shares |
Disclosure Of Business Combinations [Line Items] | |
Ownership stake | 49% |
Purchase price | $ 2,140,305,000 |
Cash paid | 1,540,305,000 |
Term loan | $ 600,000,000 |
Number of common stock issued | shares | 34,057,250 |
Amount in escrow | $ 50,000,000 |
Cash and cash equivalents | 254,800,000 |
Other current assets | 938,413,000 |
Property, plant and equipment | 787,278,000 |
Intangible assets | 2,852,780,000 |
Goodwill | 568,631,000 |
Non-current assets | 346,891,000 |
Current liabilities | (1,164,621,000) |
Non-current liabilities | (2,443,867,000) |
Net assts acquired | $ 2,140,305,000 |
Brookfield Renewable Partners [Member] | |
Disclosure Of Business Combinations [Line Items] | |
Ownership stake | 51% |
Acquisitions (Disclosure Of D_2
Acquisitions (Disclosure Of Detailed Information About Business Combinations - Cigar Lake) (Details) | 12 Months Ended | ||
May 19, 2022 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) lb | |
Disclosure Of Business Combinations [Line Items] | |||
Sales contracts | $ (6,314,000) | $ (9,000,000) | |
Bargain purchase gain | $ 0 | $ 22,802,000 | |
Cigar Lake Joint Venture [Member] | |||
Disclosure Of Business Combinations [Line Items] | |||
Property, plant and equipment | $ 97,930,000 | ||
Deferred tax asset | 28,196,000 | ||
Inventory | 9,909,000 | ||
Working capital | (24,000) | ||
Reclamation provision | (2,528,000) | ||
Sales contracts | (9,000,000) | ||
Net assts acquired | 124,483,000 | ||
Cash paid | 101,681,000 | ||
Bargain purchase gain | $ 22,802,000 | ||
Additional interest | 4.522% | ||
Uranium production | lb | 296,000 | ||
Acquisition costs | $ 1,495,000 | ||
Cigar Lake Joint Venture [Member] | Before acquiring additional interest in Joint Venture [Member] | |||
Disclosure Of Business Combinations [Line Items] | |||
Ownership stake | 50.025% | ||
Cigar Lake Joint Venture [Member] | After acquiring additional interest in Joint Venture [Member] | |||
Disclosure Of Business Combinations [Line Items] | |||
Ownership stake | 54.547% | ||
Cigar Lake Joint Venture [Member] | Idemitsu [Member] | |||
Disclosure Of Business Combinations [Line Items] | |||
Ownership stake | 7.875% |
Accounts Receivable (Schedule o
Accounts Receivable (Schedule of accounts receivable) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivables [Abstract] | ||
Trade receivables | $ 413,792 | $ 167,688 |
GST/VAT receivables | 6,772 | 5,856 |
Other receivables | 1,769 | 10,400 |
Total | $ 422,333 | $ 183,944 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 692,261,000 | $ 664,698,000 |
Cost of sales | 1,833,000,000 | 1,359,000,000 |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Concentrate | 511,654,000 | 537,426,000 |
Broken ore | 71,463,000 | 46,703,000 |
Total inventory | 583,117,000 | 584,129,000 |
Fuel Services [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | 108,711,000 | 80,144,000 |
Other [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 433,000 | $ 425,000 |
Property, plant and equipment_2
Property, plant and equipment (Schedule of Property plant and equipment table) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | $ 3,473,490 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 9,452 | $ 4,156 |
Additions | 4,368 | 7,853 |
Disposals | (214) | (11) |
Depreciation charge | (2,478) | (2,117) |
Transfers | (329) | (429) |
Right-of-use assets - end of year | 10,799 | 9,452 |
Property, plant and equipment - End of year | 3,368,772 | 3,473,490 |
Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 9,416,351 | 9,209,575 |
Acquisitions | 97,930 | |
Additions | 153,631 | 143,448 |
Transfers | 329 | 429 |
Change in reclamation provision | (5,343) | (93,451) |
Disposals | (19,406) | (15,004) |
Effect of movements in exchange rates | (38,192) | 73,424 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 9,507,370 | 9,416,351 |
Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (5,952,313) | (5,637,132) |
Depreciation charge | 249,535 | 241,323 |
Transfers | 0 | |
Change in reclamation provision | 7,509 | (22,944) |
Disposals | 17,129 | 13,701 |
Effect of movements in exchange rates | 27,813 | (64,615) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (6,149,397) | (5,952,313) |
Land and buildings [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 1,902,228 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 5,959 | 931 |
Additions | 3,398 | 5,917 |
Disposals | 0 | 0 |
Depreciation charge | (1,003) | (870) |
Transfers | (28) | (19) |
Right-of-use assets - end of year | 8,326 | 5,959 |
Property, plant and equipment - End of year | 1,808,660 | 1,902,228 |
Land and buildings [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 5,197,138 | 5,152,209 |
Acquisitions | 67,998 | |
Additions | 9,062 | 4,385 |
Transfers | 40,011 | 25,023 |
Change in reclamation provision | (5,343) | (93,451) |
Disposals | (13,604) | (4,885) |
Effect of movements in exchange rates | (13,940) | 45,859 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 5,213,324 | 5,197,138 |
Land and buildings [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (3,300,869) | (3,101,740) |
Depreciation charge | 146,574 | 137,543 |
Transfers | 0 | |
Change in reclamation provision | 7,509 | (22,944) |
Disposals | 13,604 | 4,851 |
Effect of movements in exchange rates | 13,340 | (43,493) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (3,412,990) | (3,300,869) |
Plant and equipment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 745,875 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 1,565 | 1,584 |
Additions | 126 | 1,330 |
Disposals | (214) | (11) |
Depreciation charge | (399) | (560) |
Transfers | (677) | (778) |
Right-of-use assets - end of year | 401 | 1,565 |
Property, plant and equipment - End of year | 738,985 | 745,875 |
Plant and equipment [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 2,812,309 | 2,732,561 |
Acquisitions | 27,646 | |
Additions | 29,498 | 8,927 |
Transfers | 63,819 | 39,091 |
Change in reclamation provision | 0 | 0 |
Disposals | (3,744) | (8,423) |
Effect of movements in exchange rates | (4,277) | 12,507 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 2,897,605 | 2,812,309 |
Plant and equipment [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (2,067,999) | (1,962,228) |
Depreciation charge | 98,694 | 101,923 |
Transfers | (11) | |
Change in reclamation provision | 0 | 0 |
Disposals | 3,456 | 8,201 |
Effect of movements in exchange rates | 4,227 | (12,049) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (2,159,021) | (2,067,999) |
Furniture and fixtures [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 6,432 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 1,928 | 1,641 |
Additions | 844 | 606 |
Disposals | 0 | 0 |
Depreciation charge | (1,076) | (687) |
Transfers | 376 | 368 |
Right-of-use assets - end of year | 2,072 | 1,928 |
Property, plant and equipment - End of year | 9,115 | 6,432 |
Furniture and fixtures [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 84,080 | 84,366 |
Acquisitions | 70 | |
Additions | 3,461 | 209 |
Transfers | 3,334 | (167) |
Change in reclamation provision | 0 | 0 |
Disposals | (69) | (650) |
Effect of movements in exchange rates | (87) | 252 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 90,719 | 84,080 |
Furniture and fixtures [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (79,576) | (78,119) |
Depreciation charge | 4,267 | 1,857 |
Transfers | 11 | |
Change in reclamation provision | 0 | 0 |
Disposals | 69 | 649 |
Effect of movements in exchange rates | 87 | (249) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (83,676) | (79,576) |
Under constructions [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 197,792 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Depreciation charge | 0 | 0 |
Transfers | 0 | 0 |
Right-of-use assets - end of year | 0 | 0 |
Property, plant and equipment - End of year | 200,482 | 197,792 |
Under constructions [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 234,590 | 167,200 |
Acquisitions | 2,216 | |
Additions | 111,518 | 129,734 |
Transfers | (106,835) | (63,518) |
Change in reclamation provision | 0 | 0 |
Disposals | (1,989) | (1,046) |
Effect of movements in exchange rates | (4) | 4 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 237,280 | 234,590 |
Under constructions [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (36,798) | (36,798) |
Depreciation charge | 0 | 0 |
Transfers | 0 | |
Change in reclamation provision | 0 | 0 |
Disposals | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (36,798) | (36,798) |
Exploration and evaluation [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 621,163 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Depreciation charge | 0 | 0 |
Transfers | 0 | 0 |
Right-of-use assets - end of year | 0 | 0 |
Property, plant and equipment - End of year | 611,530 | 621,163 |
Exploration and evaluation [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 1,088,234 | 1,073,239 |
Acquisitions | 0 | |
Additions | 92 | 193 |
Transfers | 0 | 0 |
Change in reclamation provision | 0 | 0 |
Disposals | 0 | 0 |
Effect of movements in exchange rates | (19,884) | 14,802 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 1,068,442 | 1,088,234 |
Exploration and evaluation [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (467,071) | (458,247) |
Depreciation charge | 0 | 0 |
Transfers | 0 | |
Change in reclamation provision | 0 | 0 |
Disposals | 0 | 0 |
Effect of movements in exchange rates | 10,159 | (8,824) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | $ (456,912) | $ (467,071) |
Property, plant and equipment_3
Property, plant and equipment (Narrative) (Details) | Dec. 31, 2023 CAD ($) |
Disclosure Of Property Plant And Equipment [Line Items] | |
Contractual capital commitments | $ 60,525,000 |
Intangible assets (Reconciliati
Intangible assets (Reconciliation of carrying amount of intangible assets) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | $ 47,117 | |
Intangible assets, end of year | 43,577 | $ 47,117 |
Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 237,464 | 229,437 |
Effect of movements in exchange rates | 8,027 | |
Intangible assets, end of year | 237,464 | |
Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | (190,347) | (178,190) |
Amortization charge | (4,193) | |
Effect of movements in exchange rates | (7,964) | |
Intangible assets, end of year | (190,347) | |
Contracts [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 56 | |
Intangible assets, end of year | 56 | |
Contracts [member] | Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 118,645 | 110,618 |
Effect of movements in exchange rates | 8,027 | |
Intangible assets, end of year | 118,645 | |
Contracts [member] | Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | (118,589) | (109,886) |
Amortization charge | (739) | |
Effect of movements in exchange rates | (7,964) | |
Intangible assets, end of year | (118,589) | |
Intellectual Property [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 47,061 | |
Intangible assets, end of year | 43,577 | 47,061 |
Intellectual Property [member] | Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 118,819 | 118,819 |
Effect of movements in exchange rates | 0 | |
Intangible assets, end of year | 118,819 | 118,819 |
Intellectual Property [member] | Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | (71,758) | (68,304) |
Amortization charge | (3,484) | (3,454) |
Effect of movements in exchange rates | 0 | |
Intangible assets, end of year | $ (75,242) | $ (71,758) |
Long-term receivables, invest_3
Long-term receivables, investments and other (Long-term receivables, investments and other) (Details) | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) kg lb | Dec. 31, 2022 CAD ($) lb kg | Dec. 31, 2021 lb | |
Long-term receivables, investments and other [Abstract] | |||
Deferred charges | $ 0 | $ 29,585,000 | |
Derivatives | 28,467,000 | 2,807,000 | |
Investment tax credits | 95,940,000 | 95,812,000 | |
Amounts receivable related to tax dispute | 209,125,000 | 295,221,000 | |
Product loan | 288,294,000 | 200,998,000 | |
Other | 2,108,000 | 3,264,000 | |
Total (current and non current portion) | 623,934,000 | 627,687,000 | |
Less current portion | (10,161,000) | (32,180,000) | |
Net | 613,773,000 | $ 595,507,000 | |
Amounts received during period from tax authority related to tax disputes | $ 86,097,000 | ||
Uranium [member] | Orano Canada Inc [member] | |||
Disclosure of products and services [line items] | |||
Product loan maturity | December 31, 2028 | ||
Product loan quantity | lb | 3,600,000 | 3,571,001 | 5,400,000 |
Repayment on loan receivable | lb | 3,000,000 | ||
Undrawn Loan Receivables Quantity | lb | 1,200,000 | ||
Undrawn Loan Maturity Date | December 31, 2027 | ||
Uranium conversion supply [member] | Orano Canada Inc [member] | |||
Disclosure of products and services [line items] | |||
Product loan maturity | December 31, 2035 | ||
Product loan quantity | kg | 1,148,200 | 700,000 | |
Maximum quantity of raw materials | kg | 1,148,200 |
Equity-accounted investees (Nar
Equity-accounted investees (Narrative) (Details) - CAD ($) | 12 Months Ended | |||
Nov. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2014 | |
JV Inkai [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Ownership interest in associates | 40% | 40% | ||
Non-ownership interest in associate | 60% | |||
Percent of joint venture results | 100% | |||
Westinghouse Electric Company [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Ownership stake | 49% | 49% | ||
Percent of optional ownership interest | 100% | 100% | ||
Westinghouse Electric Company [Member] | Brookfield Renewable Partners [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Ownership stake | 51% | |||
Global Laser Enrichment LLC [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Ownership interest in associates | 49% | |||
Percent of optional ownership interest | 75% | |||
Impairment loss | $ 183,615,000 |
Equity-accounted investees (Sum
Equity-accounted investees (Summary of Equity-accounted Investees) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of significant investments in associates [Line Items] | ||
Investment in equity-accounted investees | $ 3,173,185 | $ 210,972 |
Westinghouse Electric Company [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Investment in equity-accounted investees | 2,899,379 | 0 |
JV Inkai Associate [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Investment in equity-accounted investees | 273,806 | 210,972 |
Global Laser Enrichment LLC [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Investment in equity-accounted investees | $ 0 | $ 0 |
Equity-accounted investees (Ass
Equity-accounted investees (Associate financial position) (Details) - CAD ($) | 12 Months Ended | |||
Nov. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant investments in associates [Line Items] | ||||
Cash and cash equivalents | $ 566,809,000 | $ 1,143,674,000 | $ 1,247,447,000 | |
Non-current assets | 8,092,167,000 | 5,311,157,000 | ||
Current liabilities | (1,189,104,000) | (560,841,000) | ||
Non-current liabilities | (2,650,644,000) | (2,235,887,000) | ||
Investment in equity-accounted investee | 3,173,185,000 | 210,972,000 | ||
JV Inkai [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Cash and cash equivalents | 24,074,000 | 14,950,000 | ||
Other current assets | 551,917,000 | 373,868,000 | ||
Non-current assets | 332,655,000 | 334,954,000 | ||
Current liabilities | (40,985,000) | (34,606,000) | ||
Non-current liabilities | (30,211,000) | (37,644,000) | ||
Net assets | 837,450,000 | 651,522,000 | ||
Cameco's share of net assets | 334,980,000 | 260,609,000 | ||
Consolidating adjustments | (74,223,000) | (82,275,000) | ||
Fair value increment | 81,090,000 | 83,675,000 | ||
Dividends declared but not received | 5,952,000 | 0 | ||
Dividends in excess of ownership percentage | (74,843,000) | (48,641,000) | ||
Impact of foreign exchange | 850,000 | (2,396,000) | ||
Investment in equity-accounted investee | $ 273,806,000 | $ 210,972,000 | ||
Ownership interest in associates | 40% | 40% | ||
Westinghouse Electric Company [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Cash and cash equivalents | $ 265,146,000 | |||
Other current assets | 2,364,602,000 | |||
Intangible assets | 7,655,386,000 | |||
Goodwill | 1,534,947,000 | |||
Non-current assets | 3,102,566,000 | |||
Current liabilities | (2,464,058,000) | |||
Non-current liabilities | (6,684,673,000) | |||
Net assets | 5,773,916,000 | |||
Cameco's share of net assets | 2,817,441,000 | |||
Acquisition costs | 83,916,000 | |||
Impact of foreign exchange | (1,978,000) | |||
Investment in equity-accounted investee | $ 2,899,379,000 | $ 0 | ||
Ownership stake | 49% | 49% | ||
Westinghouse Electric Company [Member] | Non-Controlling Interest [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Investment in equity-accounted investee | $ 24,036,000 | |||
Westinghouse Electric Company [Member] | Attributable to Shareholders [Member] | ||||
Disclosure of significant investments in associates [Line Items] | ||||
Investment in equity-accounted investee | $ 5,749,880,000 |
Equity-accounted investees (A_2
Equity-accounted investees (Associate statement of earnings) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of significant investments in associates [Line Items] | ||
Revenue from products and services | $ 2,587,758 | $ 1,868,003 |
Cost of products and services sold | (1,805,768) | (1,457,336) |
Depreciation and amortization | (220,324) | (177,376) |
Finance income | 111,670 | 37,499 |
Finance costs | (115,869) | (85,728) |
Income tax expense | (126,337) | 4,469 |
Net earnings | 360,816 | 89,264 |
Other comprehensive income (loss), net of taxes | (75,338) | (18,899) |
Total comprehensive income (loss) | 285,478 | 70,365 |
JV Inkai [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Revenue from products and services | 708,679 | 476,354 |
Cost of products and services sold | (99,160) | (66,119) |
Depreciation and amortization | (35,187) | (24,749) |
Finance income | 1,343 | 1,341 |
Finance costs | (1,069) | (2,635) |
Other expense | (34,738) | (30,770) |
Income tax expense | (106,419) | (74,763) |
Net earnings | 433,449 | 278,659 |
Total comprehensive income (loss) | 433,449 | $ 278,659 |
Westinghouse Electric Company [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Revenue from products and services | 1,063,417 | |
Cost of products and services sold | (408,745) | |
Depreciation and amortization | (124,012) | |
Marketing, administrative and general expenses | (498,775) | |
Finance income | 3,846 | |
Finance costs | (59,414) | |
Other expense | (39,641) | |
Income tax expense | 13,555 | |
Net earnings | (49,769) | |
Other comprehensive income (loss), net of taxes | 13,933 | |
Total comprehensive income (loss) | $ (35,836) |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Accounts payable and accrued liabilities) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable and accrued liabilities [Abstract] | ||
Trade payables | $ 388,902 | $ 249,962 |
Non-trade payables | 108,856 | 65,182 |
Payables due to related parties [note 25] | 79,792 | 59,570 |
Total | $ 577,550 | $ 374,714 |
Long term debt (Narrative) (Det
Long term debt (Narrative) (Details) | 12 Months Ended | ||
Nov. 07, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Proceeds of long-term debt | $ 816,582,000 | $ 0 | |
Revolving Credit Facilities [Abstract] | |||
Gross Unsecured Revolving Credit Facility Available | 1,000,000,000 | ||
Maximum Letters of credit under the facility | 100,000,000 | ||
Increase in revolving credit facility with minimum Increments | 50,000,000 | ||
Maximum unsecured revolving credit facility | 1,250,000,000 | ||
Unsecured loans received | 0 | 0 | |
Outstanding letters of credit facility | 1,383,689,000 | 1,593,379,000 | |
Gross Letters Of Credit Commitments | $ 1,771,663,000 | $ 1,756,754,000 | |
Debt to tangible net worth ratio | 1 | ||
Credit Facility Maturity | October 1, 2027 | ||
Westinghouse Electric Company [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Percent acquired in acquisition | 49% | ||
US Term Loan [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Proceeds of long-term debt | $ 600,000,000 | ||
US Term Loan, Tranche One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Proceeds of long-term debt | 300,000,000 | ||
US Term Loan, Tranche One [Member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowing, interest rate basis | 1.80% | ||
US Term Loan Tranche Two [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Proceeds of long-term debt | $ 300,000,000 | ||
US Term Loan Tranche Two [Member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowing, interest rate basis | 2.05% |
Long term debt (Long-term debt)
Long term debt (Long-term debt) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Debt | $ 1,784,174 | $ 997,000 |
Less current portion | (499,821) | 0 |
Long-term debt | 1,284,353 | 997,000 |
2024 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 499,821 | |
2025 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Term loan | 393,420 | |
2026 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Term loan | 392,977 | |
2027 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 398,582 | |
2028 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
Thereafter [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 99,374 | |
Series F [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 99,374 | 99,355 |
Stated interest rates on debentures | 5.09% | |
Maturity date of borrowings | November 14, 2042 | |
Series G [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 499,821 | 499,407 |
Stated interest rates on debentures | 4.19% | |
Maturity date of borrowings | June 24, 2024 | |
Series H [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 398,582 | 398,238 |
Stated interest rates on debentures | 2.95% | |
Maturity date of borrowings | October 21, 2027 | |
Term Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Term loan | $ 786,397 | $ 0 |
Other liabilities (Narrative) (
Other liabilities (Narrative) (Details) - Product Loan [Member] | 12 Months Ended | |
Dec. 31, 2023 kg lb | Dec. 31, 2022 lb kg | |
Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 0.50% | |
Top of range [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Repayment date | December 31, 2026 | |
Standby interest rate | 1% | |
Interest rate | 2% | |
UF6 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Product loans drawn | kg | 1,777,000 | 1,529,000 |
UF6 [Member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Available quantity | kg | 1,978,000 | |
Uranium [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Product loans drawn | lb | 2,756,000 | 1,393,000 |
Uranium [member] | Top of range [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Available quantity | lb | 3,506,000 |
Other liabilities (Disclosure O
Other liabilities (Disclosure Of Other Liabilities Explanatory) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other liabilities [Abstract] | ||
Deferred sales | $ 45,372 | $ 66,845 |
Derivatives | 22,344 | 58,342 |
Accrued pension and post-retirement benefit liability | 77,002 | 66,180 |
Lease obligation | 10,816 | 9,287 |
Product loan | 166,052 | 78,094 |
Sales contracts | 6,314 | 9,000 |
Other | 64,064 | 59,738 |
Total other liabilities | 391,964 | 347,486 |
Less current portion | (48,544) | (131,324) |
Net | $ 343,420 | $ 216,162 |
Other liabilities (Standby prod
Other liabilities (Standby product loan facilities with various counterparties) (Details) - Product Loan [Member] | Dec. 31, 2023 lb kg | Dec. 31, 2022 lb kg |
UF6 conversion services [member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | kg | 1,777,000 | 1,529,000 |
UF6 conversion services [member] | 2024 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 0 | |
UF6 conversion services [member] | 2025 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 528,000 | |
UF6 conversion services [member] | 2026 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 1,249,000 | |
U3O8 [member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 2,756,000 | 1,393,000 |
U3O8 [member] | 2024 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 0 | |
U3O8 [member] | 2025 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 630,000 | |
U3O8 [member] | 2026 [Member] | ||
Quantity of uranium drawn [Line Items] | ||
Product loans drawn | 2,126,000 |
Provisions (Details)
Provisions (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions [Line Items] | ||
Beginning of year | $ 1,071,030,000 | |
Changes in estimates and discount rates [Abstract] | ||
Capitalized in property, plant and equipment | 2,166,000 | |
Recognized in earnings | (5,361,000) | |
Provisions used during the period | (38,982,000) | |
Unwinding of discount | 39,619,000 | |
Effect of movements in exchange rates | (6,488,000) | |
End of period | 1,061,984,000 | |
Current | 39,113,000 | $ 48,305,000 |
Non-current | 1,022,871,000 | 1,022,725,000 |
Outstanding letters of credit facility | 1,383,689,000 | 1,593,379,000 |
Reclamation [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 1,061,096,000 | |
Changes in estimates and discount rates [Abstract] | ||
Capitalized in property, plant and equipment | 2,166,000 | |
Recognized in earnings | (7,509,000) | |
Provisions used during the period | (37,194,000) | |
Unwinding of discount | 39,096,000 | |
Effect of movements in exchange rates | (6,488,000) | |
End of period | 1,051,167,000 | |
Current | 35,356,000 | |
Non-current | 1,015,811,000 | |
Estimated total future decommissioning and reclamation costs | $ 1,356,018,000 | 1,356,092,000 |
Description of period, majority of expenditures will occur after | 2027 | |
Outstanding letters of credit facility | $ 1,060,769,000 | 1,035,348,000 |
Reclamation [Member] | Uranium [member] | ||
Provisions [Line Items] | ||
Beginning of year | 870,877,000 | |
Changes in estimates and discount rates [Abstract] | ||
End of period | 874,773,000 | |
Reclamation [Member] | Fuel Services [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 190,219,000 | |
Changes in estimates and discount rates [Abstract] | ||
End of period | 176,394,000 | |
Waste Disposal [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 9,934,000 | |
Changes in estimates and discount rates [Abstract] | ||
Capitalized in property, plant and equipment | 0 | |
Recognized in earnings | 2,148,000 | |
Provisions used during the period | (1,788,000) | |
Unwinding of discount | 523,000 | |
Effect of movements in exchange rates | 0 | |
End of period | 10,817,000 | |
Current | 3,757,000 | |
Non-current | $ 7,060,000 | |
Period in which majority of expenditures are expected to occur | 3 years | |
Waste Disposal [Member] | Fuel Services [Member] | ||
Changes in estimates and discount rates [Abstract] | ||
Estimated total future decommissioning and reclamation costs | $ 9,681,000 | $ 8,919,000 |
Share capital (Details)
Share capital (Details) - CAD ($) | 12 Months Ended | ||
Oct. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Number of issued shares [Line Items] | |||
Common shares par value | no | ||
Beginning of year | 432,518,470 | 398,059,265 | |
Stock option plan | 1,657,282 | 401,955 | |
Equity issuance(a) | 34,057,250 | 0 | 34,057,250 |
End of year | 434,175,752 | 432,518,470 | |
Total consideration | $ 996,867,000 | ||
Net cash proceeds | 953,285,000 | $ 0 | $ 953,285,000 |
Proceeds from the issue after deducting expenses | $ 964,878,000 | $ 964,878,000 | |
Common shares [member] | |||
Number of issued shares [Line Items] | |||
Class B share preferences | no shareholder, resident in Canada, is allowed to own more than 25% of the Company’s outstanding common shares, either individually or together with associates. A non-resident of Canada is not allowed to own more than 15%. In addition, no more than 25% of total shareholder votes cast may be cast by non-resident shareholders. | ||
Dividends Paid Ordinary Shares Per Share | $ 0.12 | $ 0.12 | |
Common shares [member] | Share Holder Resident [Member] | Maximum [Member] | |||
Number of issued shares [Line Items] | |||
Ownership in Cameco | 25% | 25% | |
Common shares [member] | Share Holder Non-Resident [Member] | Maximum [Member] | |||
Number of issued shares [Line Items] | |||
Ownership in Cameco | 15% | 15% | |
Percentage Votes Of Ordinary Shares Of Company | 25% | 25% | |
Class B Shares [Member] | |||
Number of issued shares [Line Items] | |||
Class B share par value | $ 1 | ||
Class B share preferences | entitles the shareholder to vote separately as a class in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue [Abstract] | ||
Revenue From Performance Obligations Satisfied Or Partially Satisfied In Previous Periods | $ 194,000 | |
Explanation Of Effect That Timing Of Satisfaction Of Performance Obligations And Typical Timing Of Payment Have On Contract Assets And Contract Liabilities Explanatory | The revenue related to storage is recognized over time while the revenue related to future uranium and conversion deliveries is expected to be recognized between 2024 and 2030. | |
Disclosure Of Information About Methods Inputs And Assumptions Used For Determining Transaction Price Explanatory | Cameco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. | |
Reduction Of Revenue From Performance Obligation | $ 648,000 |
Revenue (Disaggregation) (Detai
Revenue (Disaggregation) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 2,587,758 | $ 1,868,003 |
Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 2,152,242 | 1,480,146 |
Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 425,557 | 365,063 |
Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 9,959 | 22,794 |
Fixed price Contracts Member | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,246,206 | 856,825 |
Fixed price Contracts Member | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 821,958 | 478,552 |
Fixed price Contracts Member | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 414,289 | 355,479 |
Fixed price Contracts Member | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 9,959 | 22,794 |
Market Price Contracts Member [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,341,552 | 1,011,178 |
Market Price Contracts Member [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,330,284 | 1,001,594 |
Market Price Contracts Member [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 11,268 | 9,584 |
Market Price Contracts Member [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 0 | 0 |
Americas [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,361,319 | 1,115,968 |
Americas [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,043,475 | 806,915 |
Americas [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 307,885 | 289,028 |
Americas [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 9,959 | 20,025 |
Europe [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 680,827 | 339,483 |
Europe [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 592,068 | 284,602 |
Europe [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 88,759 | 52,112 |
Europe [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 0 | 2,769 |
Asia [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 545,612 | 412,552 |
Asia [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 516,699 | 388,629 |
Asia [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 28,913 | 23,923 |
Asia [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 0 | $ 0 |
Revenue (Contract liabilities)
Revenue (Contract liabilities) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract Liabilities Abstract | ||
Beginning of year | $ 66,845 | $ 23,316 |
Additions | 25,935 | 45,978 |
Recognized in revenue | (47,403) | (2,463) |
Effect of movements in exchange rates | (5) | 14 |
End of year | $ 45,372 | $ 66,845 |
Revenue (Future sales commitmen
Revenue (Future sales commitments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Reportable Segments Member | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 6,425,175 |
USD/CAD average foreign exchange rate | 1.30 |
Reportable Segments Member | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 1,033,738 |
Reportable Segments Member | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 1,154,519 |
Reportable Segments Member | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 789,090 |
Reportable Segments Member | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 723,986 |
Reportable Segments Member | 2028 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 683,038 |
Reportable Segments Member | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 2,040,804 |
Uranium [member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 3,122,702 |
Uranium [member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 676,996 |
Uranium [member] | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 756,597 |
Uranium [member] | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 406,045 |
Uranium [member] | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 367,194 |
Uranium [member] | 2028 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 349,872 |
Uranium [member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 565,998 |
Fuel Services [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 3,302,473 |
Fuel Services [Member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 356,742 |
Fuel Services [Member] | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 397,922 |
Fuel Services [Member] | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 383,045 |
Fuel Services [Member] | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 356,792 |
Fuel Services [Member] | 2028 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 333,166 |
Fuel Services [Member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 1,474,806 |
Employee benefit expense (Emplo
Employee benefit expense (Employee benefit expenses) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee benefits expense [Abstract] | ||
Wages and salaries | $ 340,910 | $ 278,980 |
Statutory and company benefits | 63,657 | 52,247 |
Expenses related to defined benefit plans | 5,572 | 5,656 |
Expenses related to defined contribution plans | 18,644 | 15,189 |
Equity-settled share-based compensation | 8,152 | 6,859 |
Cash-settled share-based compensation | 59,225 | 24,369 |
Employee benefit expense | $ 496,160 | $ 383,300 |
Finance cost (Narrative) (Detai
Finance cost (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Borrowing costs [abstract] | |
Borrowing costs capitalised | $ 0 |
Finance cost (Schedule of finan
Finance cost (Schedule of finance costs) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowing costs [abstract] | ||
Interest on long-term debt | $ 52,426 | $ 40,059 |
Unwinding of discount on provisions | 39,619 | 28,979 |
Other charges | 23,824 | 16,690 |
Finance costs | $ 115,869 | $ 85,728 |
Other income (expense) (Other i
Other income (expense) (Other income (expense)) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other income (expense) [Abstract] | ||
Foreign exchange gains (losses) | $ 15,692 | $ 74,132 |
Bargain purchase gain [note 6] | 0 | 22,802 |
Other | 546 | 0 |
Total other income (expense) | $ 16,238 | $ 96,934 |
Income taxes (Narratives) (Deta
Income taxes (Narratives) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions [Line Items] | ||
Corresponding increase in tax expense | $ 33,546,000 | $ 7,673,000 |
Letters of credit outstanding | 1,383,689,000 | 1,593,379,000 |
Income taxes refunded | (70,372,000) | $ 1,521,000 |
Revised CRA reassessment position, amount released of cash held on account | $ 86,000,000 |
Income taxes (Significant compo
Income taxes (Significant components of deferred tax assets and liabilities) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | $ (92,791,000) | $ 12,142,000 | |
Deferred tax assets | 892,860,000 | 984,071,000 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax asset (liability) | 892,860,000 | 984,071,000 | $ 937,579,000 |
Property, plant and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 67,736,000 | 84,668,000 | |
Net deferred tax assets | 515,872,000 | 448,136,000 | |
Provision for reclamation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (4,157,000) | (3,817,000) | |
Net deferred tax assets | 199,659,000 | 203,816,000 | |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 3,292,000 | 1,689,000 | |
Net deferred tax assets | 11,540,000 | 8,248,000 | |
Net deferred tax liabilities | 0 | 0 | |
Foreign exploration and development [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (51,000) | (1,816,000) | |
Net deferred tax assets | 2,589,000 | 2,641,000 | |
Income tax losses (gains) [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (141,907,000) | (66,227,000) | |
Net deferred tax assets | 93,776,000 | 235,683,000 | |
Defined benefit plan actuarial losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 0 | 0 | |
Net deferred tax assets | 4,279,000 | 2,698,000 | |
Long-term investments and other, deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (17,704,000) | (2,355,000) | |
Net deferred tax assets | 65,145,000 | 82,849,000 | |
Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (92,791,000) | 12,142,000 | |
Net deferred tax assets | 892,860,000 | 984,071,000 | |
Property, plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 0 | 0 | |
Net deferred tax liabilities | 0 | 0 | |
Inventories [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 0 | 0 | |
Net deferred tax liabilities | 0 | 0 | |
Deferred tax liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 0 | 0 | |
Net deferred tax liabilities | $ 0 | $ 0 |
Income taxes (Movement in net d
Income taxes (Movement in net deferred tax assets and liabilities) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax asset, beginning of year | $ 984,071,000 | $ 937,579,000 |
Recovery (expense) for the year in net earnings | (92,791,000) | 12,142,000 |
Recovery for the year in equity | 0 | 11,593,000 |
Recovery for the year in purchase price equation | 0 | 28,196,000 |
Recovery (expense) for the year in other comprehensive income | 1,581,000 | (5,440,000) |
Effect of movements in exchange rates | (1,000) | 1,000 |
Net deferred tax asset, end of year | $ 892,860,000 | $ 984,071,000 |
Income taxes (Significant com_2
Income taxes (Significant components of unrecognized deferred tax assets) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 554,905 | $ 437,010 |
Income tax losses (gains) [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 357,148 | 337,749 |
Property, plant and equipment, deferred tax assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 2,299 | 2,297 |
Provision for reclamation [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 68,038 | 78,336 |
Long-term investments and other, deferred tax assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 127,420 | $ 18,628 |
Income taxes (Tax rate reconcil
Income taxes (Tax rate reconciliation) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||
Earnings before income taxes and non-controlling interest | $ 487,153 | $ 84,795 |
Combined federal and provincial tax rate | 26.90% | 26.90% |
Computed income tax expense | $ 131,044 | $ 22,810 |
Increase (decrease) in taxes resulting from: | ||
Difference between Canadian rates and rates applicable to subsidiaries in other countries | 2,990 | 8,986 |
Change in unrecognized deferred tax assets | 16,759 | 1,234 |
Income in equity-accounted investees | (41,519) | (25,264) |
Change in uncertain tax positions | (9,331) | (6,282) |
Bargain purchase gain | 0 | (6,129) |
Other taxes | 11,709 | 0 |
Foreign exchange permanent differences | 12,044 | (2,487) |
Other permanent differences | 2,641 | 2,663 |
Income tax (recovery) expense | $ 126,337 | $ (4,469) |
Income taxes (Earnings and inco
Income taxes (Earnings and income taxes by jurisdiction) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | $ 487,153 | $ 84,795 |
Current income taxes | 33,546 | 7,673 |
Deferred income taxes (recovery) | 92,791 | (12,142) |
Income tax (recovery) expense | 126,337 | (4,469) |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | 562,139 | 99,944 |
Current income taxes | 26,230 | 2,260 |
Deferred income taxes (recovery) | 104,885 | (10,178) |
Foreign [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | (74,986) | (15,149) |
Current income taxes | 7,316 | 5,413 |
Deferred income taxes (recovery) | $ (12,094) | $ (1,964) |
Income taxes (Income tax losses
Income taxes (Income tax losses carried forward) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,447,529,000 | $ 1,329,261,000 |
Unused tax loss carry forward | 1,760,518,000 | $ 2,171,825,000 |
Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 4,607,000 | |
US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 629,477,000 | |
Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,126,434,000 | |
Unused tax expiry 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 14,382,000 | |
Unused tax expiry 2026 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2026 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2026 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 14,382,000 | |
Unused tax expiry 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 239,000 | |
Unused tax expiry 2027 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2027 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2027 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 239,000 | |
Unused tax expiry 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 62,000 | |
Unused tax expiry 2028 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2028 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2028 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 62,000 | |
Unused tax expiry 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 12,320,000 | |
Unused tax expiry 2029 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 47,000 | |
Unused tax expiry 2029 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2029 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 12,273,000 | |
Unused tax expiry 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 42,357,000 | |
Unused tax expiry 2030 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2030 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2030 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 42,357,000 | |
Unused tax expiry 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 21,268,000 | |
Unused tax expiry 2031 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2031 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 21,268,000 | |
Unused tax expiry 2031 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2032 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 23,177,000 | |
Unused tax expiry 2032 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 272,000 | |
Unused tax expiry 2032 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 22,905,000 | |
Unused tax expiry 2032 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2033 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 35,206,000 | |
Unused tax expiry 2033 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2033 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 35,206,000 | |
Unused tax expiry 2033 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2034 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 20,897,000 | |
Unused tax expiry 2034 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2034 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 16,340,000 | |
Unused tax expiry 2034 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 4,557,000 | |
Unused tax expiry 2035 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 14,731,000 | |
Unused tax expiry 2035 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2035 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 7,448,000 | |
Unused tax expiry 2035 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 7,283,000 | |
Unused tax expiry 2036 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 51,288,000 | |
Unused tax expiry 2036 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2036 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 45,551,000 | |
Unused tax expiry 2036 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 5,737,000 | |
Unused tax expiry 2037 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 37,152,000 | |
Unused tax expiry 2037 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 27,000 | |
Unused tax expiry 2037 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 34,120,000 | |
Unused tax expiry 2037 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 3,005,000 | |
Unused tax expiry 2038 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 322,000 | |
Unused tax expiry 2038 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2038 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2038 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 322,000 | |
Unused tax expiry 2039 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,094,000 | |
Unused tax expiry 2039 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 953,000 | |
Unused tax expiry 2039 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2039 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 141,000 | |
Unused tax expiry 2040 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 3,482,000 | |
Unused tax expiry 2040 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 3,110,000 | |
Unused tax expiry 2040 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2040 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 372,000 | |
Unused tax expiry 2041 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 77,000 | |
Unused tax expiry 2041 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 77,000 | |
Unused tax expiry 2041 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2041 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2042 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 50,000 | |
Unused tax expiry 2042 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 50,000 | |
Unused tax expiry 2042 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2042 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2043 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 71,000 | |
Unused tax expiry 2043 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 71,000 | |
Unused tax expiry 2043 [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry 2043 [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry no expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,482,343,000 | |
Unused tax expiry no expiry [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 0 | |
Unused tax expiry no expiry [Member] | US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 446,639,000 | |
Unused tax expiry no expiry [Member] | Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | $ 1,035,704,000 |
Per share amounts (Narrative) (
Per share amounts (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per common share attributable to equity holders: | ||
Weighted Average Number Of Instruments Used In Calculating Diluted Earnings Loss Per Instrument Participating Equity Instruments Other Than Ordinary Shares | 0 | 0 |
Per share amounts (Schedule of
Per share amounts (Schedule of Earnings Per Share computation per common share) (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Basic earnings (loss) per share computation | ||
Net earnings attributable to equity holders | $ 360,847 | $ 89,382 |
Weighted average common shares outstanding | 433,382,879 | 405,494,353 |
Basic earnings per common share | $ 0.83 | $ 0.22 |
Diluted earnings per share computation | ||
Net earnings attributable to equity holders | $ 360,847 | $ 89,382 |
Weighted average common shares outstanding | 433,382,879 | 405,494,353 |
Dilutive effect of stock options | 1,972,000 | 1,641,000 |
Weighted average common shares outstanding, assuming dilution | 435,355,000 | 407,135,000 |
Diluted earnings per common share | $ 0.83 | $ 0.22 |
Supplemental cash flow inform_3
Supplemental cash flow information (Statements of detailed information of cash flow) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in non-cash working capital | ||
Accounts receivable | $ (242,416) | $ 99,601 |
Inventories | 38,394 | (162,858) |
Supplies and prepaid expenses | 8,410 | (63,500) |
Accounts payable and accrued liabilities | 169,044 | 16,401 |
Reclamation payments | (38,982) | (28,492) |
Other | (346) | 19,417 |
Total | $ (65,896) | $ (119,431) |
Supplemental cash flow inform_4
Supplemental cash flow information (Reconciliation of liabilities arising from financing activities) (Details) - CAD ($) | 12 Months Ended | ||
Oct. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | $ 3,890,634,000 | ||
Changes from financing cash flows: | |||
Dividends paid | (52,079,000) | $ (51,895,000) | |
Interest paid | (40,798,000) | (38,856,000) | |
Lease principal payments | (2,430,000) | (2,908,000) | |
Shares issued, stock option plan | 27,537,000 | 9,632,000 | |
Issuance of shares [note 17] | $ 953,285,000 | 0 | 953,285,000 |
Proceeds of long-term debt | 816,582,000 | 0 | |
Total cash changes | 748,812,000 | 869,258,000 | |
Non-cash changes: | |||
Amortization of issue costs | 1,377,000 | ||
Dividends declared | 52,079,000 | ||
Interest expense | 51,049,000 | ||
Right-of-use asset additions | 4,368,000 | ||
Other | (269,000) | ||
Shares issued, stock option plan | 6,292,000 | ||
Foreign exchange | (31,100,000) | ||
Total non-cash changes | 83,796,000 | ||
Ending balance | 4,723,242,000 | 3,890,634,000 | |
Long-Term Borrowings [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 997,000,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Proceeds of long-term debt | 816,582,000 | ||
Total cash changes | 816,582,000 | ||
Non-cash changes: | |||
Amortization of issue costs | 1,377,000 | ||
Dividends declared | 0 | ||
Interest expense | 0 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 0 | ||
Foreign exchange | (30,785,000) | ||
Total non-cash changes | (29,408,000) | ||
Ending balance | 1,784,174,000 | 997,000,000 | |
Interest Payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 4,011,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | (40,439,000) | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Proceeds of long-term debt | 0 | ||
Total cash changes | (40,439,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 0 | ||
Interest expense | 50,690,000 | ||
Right-of-use asset additions | 0 | ||
Other | 142,000 | ||
Shares issued, stock option plan | 0 | ||
Foreign exchange | (317,000) | ||
Total non-cash changes | 50,515,000 | ||
Ending balance | 14,087,000 | 4,011,000 | |
Lease Obligation [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 9,287,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | (359,000) | ||
Lease principal payments | (2,430,000) | ||
Shares issued, stock option plan | 0 | ||
Proceeds of long-term debt | 0 | ||
Total cash changes | (2,789,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 0 | ||
Interest expense | 359,000 | ||
Right-of-use asset additions | 4,368,000 | ||
Other | (411,000) | ||
Shares issued, stock option plan | 0 | ||
Foreign exchange | 2,000 | ||
Total non-cash changes | 4,318,000 | ||
Ending balance | 10,816,000 | 9,287,000 | |
Dividends Payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 0 | ||
Changes from financing cash flows: | |||
Dividends paid | (52,079,000) | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Proceeds of long-term debt | 0 | ||
Total cash changes | (52,079,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 52,079,000 | ||
Interest expense | 0 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 0 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 52,079,000 | ||
Ending balance | 0 | 0 | |
Share Capital [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,880,336,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 27,537,000 | ||
Proceeds of long-term debt | 0 | ||
Total cash changes | 27,537,000 | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 0 | ||
Interest expense | 0 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 6,292,000 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 6,292,000 | ||
Ending balance | $ 2,914,165,000 | $ 2,880,336,000 |
Share-based compensation plan_2
Share-based compensation plans (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) shares Number_employees $ / shares | Dec. 31, 2022 CAD ($) Number_employees shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options held | shares | 1,396,289 | 3,053,571 |
Options exercisable - Weighted average exercisable price | $ 14.73 | $ 15.75 |
Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Authorized shares | shares | 43,017,198 | |
Outstanding shares | shares | 32,196,059 | |
Weighted average share price, exercise date | $ 45.19 | $ 30.88 |
Expiration period for share-based payment arrangement | 8 years | |
Stock Option Plan [member] | Minimum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 1 year | |
Stock Option Plan [member] | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 3 years | |
Performance Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | three-year vesting period | |
Stock options held | shares | 830,279 | 1,255,255 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 57.13 | |
Vesting term for share-based payment arrangement | 3 years | |
Restricted Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | The RSUs carry vesting periods of one to three years | |
Stock options held | shares | 814,683 | 1,131,493 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 57.13 | |
Restricted Share Unit Plan [member] | Minimum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 1 year | |
Restricted Share Unit Plan [member] | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 3 years | |
Employee Share Ownership Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | Shares purchased with Company contributions and with dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased | |
Employers contribution per employee | Under the plan, employees have the opportunity to participate in the program to a maximum of 6% of eligible earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares annually to each employee that is enrolled in the plan | |
Number of participants | Number_employees | 2,838 | 2,603 |
Total number of shares purchased | shares | 100,379 | 116,530 |
Total amount of employer's contribution | $ | $ 4,460,000 | $ 3,541,000 |
Deferred Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | Each DSU fully vests upon award | |
Stock options held | shares | 564,401 | 547,304 |
Description of method of settlement for share-based payment arrangement | 60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form of DSUs | |
Phantom Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | vest over three years and expire eight years from the date granted | |
Stock options held | shares | 45,551 | 94,135 |
Options exercisable - Weighted average exercisable price | $ 12.29 | $ 12.55 |
Weighted average share price, exercise date | $ 46.08 | |
Vesting term for share-based payment arrangement | 3 years | |
Expiration period for share-based payment arrangement | 8 years | |
Phantom Stock Option Plan [member] | Minimum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices range | $ 11.61 | 11.32 |
Phantom Stock Option Plan [member] | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices range | $ 15.27 | $ 19.30 |
Phantom Restricted Share Unit Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period description | The PRSUs carry vesting periods of one to three years | |
Stock options held | 28,000 | 21,148 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 57.13 | |
Phantom Restricted Share Unit Plan [Member] | Minimum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 1 year | |
Phantom Restricted Share Unit Plan [Member] | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting term for share-based payment arrangement | 3 years | |
Cash Settled Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Liabilities from share-based payment transactions | $ | $ 79,771,000 | $ 59,577,000 |
Share-based compensation plan_3
Share-based compensation plans (Share options number and weighted average price) (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 CAD ($) shares $ / shares | Dec. 31, 2023 shares $ / shares | Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares CAD ($) $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
Beginning of year | shares | 3,053,571 | 3,458,001 | ||||||
Options granted | shares | 0 | 0 | ||||||
Options expired | shares | 0 | (2,475) | ||||||
Options exercised | (1,657,282) | (1,657,282) | (401,955) | (401,955) | ||||
End of year | shares | 1,396,289 | 3,053,571 | ||||||
Weighted average exercisable price - beginning of year | $ 15.75 | $ 16.72 | ||||||
Weighted average exercisable price for options granted | 0 | 0 | ||||||
Weighted average exercisable price for options expired | 0 | 26.81 | ||||||
Weighted average exercise price for options exercised | 16.62 | 23.96 | ||||||
Weighted average exercisable price - end of year | $ 14.73 | $ 15.75 | ||||||
Exercisable | shares | 1,396,289 | 1,396,289 | 1,396,289 | 1,396,289 | 3,053,571 | 3,053,571 | 3,053,571 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 1,396,289 | 1,396,289 | 1,396,289 | 1,396,289 | 3,053,571 | 3,053,571 | 3,053,571 | 3,458,001 |
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 14.73 | $ 14.73 | $ 14.73 | $ 14.73 | $ 15.75 | $ 15.75 | $ 15.75 | $ 16.72 |
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 1,396,289 | 1,396,289 | 1,396,289 | 1,396,289 | 3,053,571 | 3,053,571 | 3,053,571 | |
Options exercisable - Weighted average exercisable price | $ 14.73 | $ 14.73 | $ 14.73 | $ 14.73 | $ 15.75 | $ 15.75 | $ 15.75 | |
$11.32 - 14.70 [member] | ||||||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
End of year | shares | 658,804 | |||||||
Weighted average exercisable price - end of year | $ 14.08 | |||||||
Exercisable | shares | 658,804 | 658,804 | 658,804 | 658,804 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 658,804 | 658,804 | 658,804 | 658,804 | ||||
Options outstanding - Weighted average remaining life | 1 year 3 months 18 days | |||||||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 14.08 | $ 14.08 | $ 14.08 | $ 14.08 | ||||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 658,804 | 658,804 | 658,804 | 658,804 | ||||
Options exercisable - Weighted average exercisable price | $ 14.08 | $ 14.08 | $ 14.08 | $ 14.08 | ||||
$11.32 - 14.70 [member] | Bottom of range [Member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | 11.32 | 11.32 | 11.32 | 11.32 | ||||
$11.32 - 14.70 [member] | Top of range [Member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | $ 14.7 | $ 14.7 | $ 14.7 | 14.7 | ||||
$14.71 - 16.38 [member] | ||||||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
End of year | shares | 737,485 | |||||||
Weighted average exercisable price - end of year | $ 15.32 | |||||||
Exercisable | shares | 737,485 | 737,485 | 737,485 | 737,485 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 737,485 | 737,485 | 737,485 | 737,485 | ||||
Options outstanding - Weighted average remaining life | 3 years | |||||||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 15.32 | $ 15.32 | $ 15.32 | $ 15.32 | ||||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 737,485 | 737,485 | 737,485 | 737,485 | ||||
Options exercisable - Weighted average exercisable price | $ 15.32 | $ 15.32 | $ 15.32 | $ 15.32 | ||||
$14.71 - 16.38 [member] | Bottom of range [Member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | 14.71 | 14.71 | 14.71 | 14.71 | ||||
$14.71 - 16.38 [member] | Top of range [Member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | $ 16.38 | $ 16.38 | $ 16.38 | $ 16.38 |
Share-based compensation plan_4
Share-based compensation plans (Equity-settled and cash-settled) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | $ 8,152 | $ 6,859 |
Expenses (recoveries) under cash-settled plans | 59,225 | 24,369 |
Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 0 | 45 |
Performance Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | 22,013 | 11,221 |
Restricted Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 3,692 | 3,273 |
Expenses (recoveries) under cash-settled plans | 19,045 | 9,342 |
Employee Share Ownership Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 4,460 | 3,541 |
Deferred Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | 15,447 | 2,811 |
Phantom Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | 1,908 | 751 |
Phantom Restricted Share Unit Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | $ 812 | $ 244 |
Share-based compensation plan_5
Share-based compensation plans (Inputs used in the measurement - Equity) (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options granted | shares | 0 | 0 |
Average strike price | $ 0 | $ 0 |
Restricted Share Unit Plan Equity Settled [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options granted | shares | 129,623 | |
Average strike price | $ 37.30 | |
Expected forfeitures | 11% | |
Weighted average grant date fair values | $ 37.30 |
Share-based compensation plan_6
Share-based compensation plans (Inputs used in the measurement - Cash) (Details) | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) shares yr $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 0 | 0 | |
Average strike price | $ 0 | $ 0 | |
Number of options, reporting date | shares | 1,396,289 | 3,053,571 | 3,458,001 |
Average strike price, reporting date | $ 14.73 | $ 15.75 | |
Performance Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 232,160 | ||
Expected vesting | 83% | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 9% | ||
Weighted average measurement date fair values | $ 37.30 | ||
Number of options, reporting date | shares | 830,279 | ||
Expected vesting, reporting date | 70% | ||
Average strike price, reporting date | $ 0 | ||
Expected dividend, reporting date | $ | $ 0 | ||
Expected volatility, reporting date | 0% | ||
Risk free interest rate, reporting date | 0% | ||
Expected life of option, reporting date | yr | 0.8 | ||
Expected forfeitures, reporting date | 2% | ||
Weighted average measurement date fair values | $ 57.13 | ||
Restricted Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 162,930 | ||
Expected vesting | 0% | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 8% | ||
Weighted average measurement date fair values | $ 37.30 | ||
Number of options, reporting date | shares | 561,210 | ||
Expected vesting, reporting date | 0% | ||
Average strike price, reporting date | $ 0 | ||
Expected dividend, reporting date | $ | $ 0 | ||
Expected volatility, reporting date | 0% | ||
Risk free interest rate, reporting date | 0% | ||
Expected life of option, reporting date | yr | 1 | ||
Expected forfeitures, reporting date | 8% | ||
Weighted average measurement date fair values | $ 57.13 | ||
Phantom Stock Option Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options, reporting date | shares | 45,551 | ||
Expected vesting, reporting date | 0% | ||
Average strike price, reporting date | $ 12.29 | $ 12.55 | |
Expected dividend, reporting date | $ | $ 0.12 | ||
Expected volatility, reporting date | 48% | ||
Risk free interest rate, reporting date | 3.50% | ||
Expected life of option, reporting date | yr | 3.4 | ||
Expected forfeitures, reporting date | 7% | ||
Weighted average measurement date fair values | $ 46.08 | ||
Phantom Restricted Share Unit Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 9,997 | ||
Expected vesting | 0% | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 8% | ||
Weighted average measurement date fair values | $ 37.30 | ||
Number of options, reporting date | shares | 28,000 | ||
Expected vesting, reporting date | 0% | ||
Average strike price, reporting date | $ 0 | ||
Expected dividend, reporting date | $ | $ 0.12 | ||
Expected volatility, reporting date | 0% | ||
Risk free interest rate, reporting date | 0% | ||
Expected life of option, reporting date | yr | 1 | ||
Expected forfeitures, reporting date | 8% | ||
Weighted average measurement date fair values | $ 57.13 |
Pension and other post-retire_3
Pension and other post-retirement benefits (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
2024 [Member] | ||
Disclosure of fair value of plan [line items] | ||
Contributions and fees payable | $ 2,174,000 | |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Weighted Average Length Of Time Of Defined Benefit Obligation | 17 years 10 months 24 days | 17 years 1 month 6 days |
Pension Plans [member] | Increase of one year in the expected lifetime [member] | ||
Disclosure of fair value of plan [line items] | ||
Change in defined benefit obligations due to increase in actuarial assumption | $ 1,583,000 | |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Weighted Average Length Of Time Of Defined Benefit Obligation | 11 years 4 months 24 days | 11 years 3 months 18 days |
Pension and other post-retire_4
Pension and other post-retirement benefits (Defined benefit plans) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Actuarial loss (gain) arising from: | ||
Administrative costs paid | $ 245,539 | $ 172,029 |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 1,567 | 2,302 |
Interest income or (cost) | (2,326) | (1,710) |
Return on assets excluding interest income | (18) | 555 |
Pension Plans [member] | Plan Assets [Member] | ||
Disclosure of fair value of plan [line items] | ||
Fair value of plan assets, beginning of year | 4,402 | 5,693 |
Interest income or (cost) | 201 | 157 |
Return on assets excluding interest income | 18 | (555) |
Actuarial loss (gain) arising from: | ||
Benefits paid | (901) | (890) |
Administrative costs paid | (3) | (3) |
Fair value of plan assets, end of year | 3,717 | 4,402 |
Pension Plans [member] | Defined Benefit Obligations [Member] | ||
Disclosure of fair value of plan [line items] | ||
Defined benefit obligation, beginning of year | 51,218 | 69,998 |
Current service cost | 1,567 | 2,302 |
Interest income or (cost) | 2,527 | 1,867 |
Actuarial loss (gain) arising from: | ||
- financial assumptions | 4,784 | (20,913) |
- experience adjustment | 1,559 | 1,396 |
Benefits paid | (1,704) | (3,666) |
Foreign exchange | 87 | 234 |
Defined benefit obligation, end of year | 60,038 | 51,218 |
Defined benefit liability [note 15] | (56,321) | (46,816) |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 689 | 915 |
Interest income or (cost) | (987) | (726) |
Return on assets excluding interest income | 0 | 0 |
Other Benefit Plans [Member] | Plan Assets [Member] | ||
Disclosure of fair value of plan [line items] | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Interest income or (cost) | 0 | 0 |
Return on assets excluding interest income | 0 | 0 |
Actuarial loss (gain) arising from: | ||
Benefits paid | 0 | 0 |
Administrative costs paid | 0 | 0 |
Fair value of plan assets, end of year | 0 | 0 |
Other Benefit Plans [Member] | Defined Benefit Obligations [Member] | ||
Disclosure of fair value of plan [line items] | ||
Defined benefit obligation, beginning of year | 19,364 | 24,697 |
Current service cost | 689 | 915 |
Interest income or (cost) | 987 | 726 |
Actuarial loss (gain) arising from: | ||
- financial assumptions | 443 | (5,881) |
- experience adjustment | 18 | 161 |
Benefits paid | (820) | (1,254) |
Foreign exchange | 0 | 0 |
Defined benefit obligation, end of year | 20,681 | 19,364 |
Defined benefit liability [note 15] | $ (20,681) | $ (19,364) |
Pension and other post-retire_5
Pension and other post-retirement benefits (Percentages of the total fair value of assets) (Details) - Pension Plans [member] - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 100% | 100% |
Description of the refundable tax account held by CRA | equal to half of the sum of the realized investment income plus employer contributions less half of the benefits paid by the plan | |
Related Parties [member] | ||
Disclosure of fair value of plan [line items] | ||
Defined benefit plan assets | $ 0 | $ 0 |
Canadian Equity Securities [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 7% | 6% |
US Equity Securities [Member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 12% | 11% |
Global Equity Securities [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 6% | 6% |
Canadian Fixed Income [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 31% | 28% |
Other [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 44% | 49% |
Pension and other post-retire_6
Pension and other post-retirement benefits (Components of net pension and other benefit expense) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value of plan [line items] | ||
Defined benefit expense [note 19] | $ 5,572 | $ 5,656 |
Defined contribution pension expense [note 19] | 18,644 | 15,189 |
Employee benefit expense | 496,160 | 383,300 |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 1,567 | 2,302 |
Net interest cost | 2,326 | 1,710 |
Administration cost | 3 | 3 |
Defined benefit expense [note 19] | 3,896 | 4,015 |
Defined contribution pension expense [note 19] | 18,644 | 15,189 |
Employee benefit expense | 22,540 | 19,204 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial loss (gain) | 6,343 | (19,517) |
Return on plan assets excluding interest income | (18) | 555 |
Total actuarial losses (gains) recognized in other comprehensive income | 6,325 | (18,962) |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 689 | 915 |
Net interest cost | 987 | 726 |
Administration cost | 0 | 0 |
Defined benefit expense [note 19] | 1,676 | 1,641 |
Defined contribution pension expense [note 19] | 0 | 0 |
Employee benefit expense | 1,676 | 1,641 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial loss (gain) | 461 | (5,720) |
Return on plan assets excluding interest income | 0 | 0 |
Total actuarial losses (gains) recognized in other comprehensive income | $ 461 | $ (5,720) |
Pension and other post-retire_7
Pension and other post-retirement benefits (Assumptions and 1% change) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1% | |
Pension Plans [member] | ||
Assumptions defined benefit obligation and net pension and other benefit expense | ||
Discount rate - obligation | 3.80% | 4.50% |
Discount rate - expense | 4.50% | 2.30% |
Rate of compensation increase | 2.90% | 3% |
Pension Plans [member] | Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1% | |
Increase in defined benefit obligation | $ (7,739,000) | |
Decrease in actuarial assumption by | 1% | |
Decrease in defined benefit obligation | $ 9,817,000 | |
Pension Plans [member] | Increase of one year in the expected lifetime [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in defined benefit obligation | $ 1,583,000 | |
Other Benefit Plans [Member] | ||
Assumptions defined benefit obligation and net pension and other benefit expense | ||
Discount rate - obligation | 4.60% | 5.10% |
Discount rate - expense | 5.10% | 2.90% |
Health care cost trend rate | 5% | 5% |
Dental care cost trend rate | 4.50% | 4.50% |
Other Benefit Plans [Member] | Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 0.01% | |
Increase in defined benefit obligation | $ (2,143,000) | |
Decrease in actuarial assumption by | 0.01% | |
Decrease in defined benefit obligation | $ 2,628,000 |
Financial instruments (Narrativ
Financial instruments (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and cash equivalents | $ 566,809,000 | $ 1,143,674,000 | $ 1,247,447,000 | ||
Short-term investments | 0 | $ 1,138,174,000 | |||
Pledged cash as security | $ 156,274,000 | ||||
Collateral account term | 5 years | 5 years | |||
Trade receivable held as collateral | $ 0 | ||||
US Term Loan, Tranche One [Member] | Floating interest rate [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Notional amount | $ 300,000,000 | ||||
Borrowing, interest rate basis | 1.80% | 1.80% | |||
US Term Loan Tranche Two [Member] | Floating interest rate [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Notional amount | $ 300,000,000 | ||||
Borrowing, interest rate basis | 2.05% | 2.05% | |||
Bottom of range [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Quoted market yields | 3.10% | 3.10% | 3.30% | ||
Top of range [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Quoted market yields | 4.90% | 4.90% | 4.20% | ||
Provision of guarantees or collateral by entity related party transactions | $ 278,006,000 | $ 209,927,000 | |||
Credit risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and cash equivalents | 566,809,000 | $ 1,143,674,000 | |||
Short-term investments | $ 0 | $ 1,138,174,000 | |||
Interest rate risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Proportion of outstanding debt that carries fixed rate | 51% | 51% | 92% | ||
Interest rate risk [member] | Interest rate contracts [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage increase in interest rate | 1% | 1% | |||
Fair value of Cameco's interest rate swap net liability | $ 5,819,000 | $ 7,284,000 | |||
Interest rate risk [member] | Interest rate contracts [Member] | Series H senior unsecured debenture [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Notional amount | $ 75,000,000 | ||||
Interest rate risk [member] | Interest rate contracts [Member] | Series H senior unsecured debenture [Member] | Floating interest rate [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Interest rate basis | the three-month Canada Dealer Offered Rate | the three-month Canada Dealer Offered Rate | |||
Margin rate | 1.30% | 1.30% | |||
Interest rate risk [member] | Interest rate contracts [Member] | Series H senior unsecured debenture [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Margin rate | 2.95% | 2.95% |
Financial instruments (Related
Financial instruments (Related risk management) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 1,017,609,000 | $ 2,468,599,000 | |
Financial liabilities | (2,394,884,000) | (1,439,343,000) | |
Gain (loss) on derivatives | 37,791,000 | (72,949,000) | |
Finance income | 111,670,000 | 37,499,000 | |
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 566,809,000 | 1,143,674,000 | $ 1,247,447,000 |
Short-term investments | 0 | 1,138,174,000 | |
Derivative assets | $ 28,467,000 | 2,807,000 | |
USD Currency Risk [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage increase or decrease in CAD$ | 5% | ||
USD Currency Risk [Member] | Cash And Cash Equivalents [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 144,149,000 | ||
Gain (loss), foreign exchange | 7,207,000 | ||
USD Currency Risk [Member] | Accounts Receivable [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 371,618,000 | ||
Gain (loss), foreign exchange | 18,581,000 | ||
USD Currency Risk [Member] | Accounts Payable And Accrued Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | (302,364,000) | ||
Gain (loss), foreign exchange | (15,118,000) | ||
USD Currency Risk [Member] | Long-Term Debt [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | (786,397,000) | ||
Gain (Loss) on Long Term Debt | (39,320,000) | ||
USD Currency Risk [Member] | Net Foreign Currency Derivatives [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 11,942,000 | ||
Gain (loss), foreign exchange | (102,567,000) | ||
Interest Rate Risk [Member] | Interest rate contracts [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on derivatives | (760,000) | ||
Interest Rate Risk [Member] | Floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on derivatives | (7,946,000) | ||
Credit Risk [Member] | |||
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 566,809,000 | 1,143,674,000 | |
Short-term investments | 0 | 1,138,174,000 | |
Accounts receivable | 415,561,000 | 178,088,000 | |
Derivative assets | $ 28,467,000 | $ 2,807,000 |
Financial Instruments (Exposure
Financial Instruments (Exposure to credit risk receivables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 413,792 | $ 167,688 |
Loss allowance | 0 | |
Net | 413,792 | |
Investment Grade Rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 290,204 | |
Non-Investment Grade Rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 123,588 |
Financial Instruments (Aging of
Financial Instruments (Aging of trade receivables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 413,792 | $ 167,688 |
Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 409,958 | |
Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 3,834 | |
Current (Not Past Due) [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 395,662 | |
Current (Not Past Due) [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 393,296 | |
Current (Not Past Due) [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 2,366 | |
1-30 Days Past Due [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 17,420 | |
1-30 Days Past Due [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 16,531 | |
1-30 Days Past Due [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 889 | |
More Than 30 Days Past Due [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 710 | |
More Than 30 Days Past Due [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 131 | |
More Than 30 Days Past Due [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 579 |
Financial instruments (Liquidit
Financial instruments (Liquidity Risk Tables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Committed and outstanding | $ 1,784,174 | $ 997,000 |
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 2,394,884 | $ 1,439,343 |
Contractual cash flows | 2,407,411 | |
Total interest payments on long-term debt | 299,775 | |
Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 1,094,188 | |
Total interest payments on long-term debt | 85,322 | |
Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 805,112 | |
Total interest payments on long-term debt | 121,213 | |
Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 403,423 | |
Total interest payments on long-term debt | 21,980 | |
Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 104,688 | |
Total interest payments on long-term debt | 71,260 | |
Accounts Payable And Accrued Liabilities [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 577,550 | |
Contractual cash flows | 577,550 | |
Accounts Payable And Accrued Liabilities [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 577,550 | |
Accounts Payable And Accrued Liabilities [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Accounts Payable And Accrued Liabilities [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Accounts Payable And Accrued Liabilities [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Long-Term Debt [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 1,784,174 | |
Contractual cash flows | 1,794,580 | |
Long-Term Debt [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 500,000 | |
Long-Term Debt [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 794,580 | |
Long-Term Debt [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 400,000 | |
Long-Term Debt [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 100,000 | |
Foreign currency contracts [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 16,525 | |
Contractual cash flows | 16,525 | |
Foreign currency contracts [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 11,762 | |
Foreign currency contracts [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 4,763 | |
Foreign currency contracts [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Foreign currency contracts [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Interest rate contracts [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 5,819 | |
Contractual cash flows | 5,819 | |
Interest rate contracts [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,576 | |
Interest rate contracts [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,437 | |
Interest rate contracts [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 806 | |
Interest rate contracts [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Lease Obligation [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 10,816 | |
Contractual cash flows | 12,937 | |
Lease Obligation [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,300 | |
Lease Obligation [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 3,332 | |
Lease Obligation [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,617 | |
Lease Obligation [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 4,688 | |
Unsecured revolving credit facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | 1,000,000 | |
Committed and outstanding | 0 | |
Available borrowing facility | 1,000,000 | |
Letter of credit facilities [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum borrowing capacity | 1,771,663 | |
Committed and outstanding | 1,383,689 | |
Available borrowing facility | $ 387,974 |
Financial instruments (Measurem
Financial instruments (Measurement of fair values) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets [Abstract] | |||
Cash and cash equivalents | $ 566,809,000 | $ 1,143,674,000 | $ 1,247,447,000 |
Short-term investments | 0 | 1,138,174,000 | |
Derivative assets | 28,467,000 | 2,807,000 | |
Accounts receivable | 422,333,000 | 183,944,000 | |
Financial assets | 1,017,609,000 | 2,468,599,000 | |
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 577,550,000 | 374,714,000 | |
Lease obligation | 10,816,000 | 9,287,000 | |
Current portion of long-term debt | 499,821,000 | 0 | |
Derivative liabilities | 22,344,000 | 58,342,000 | |
Long-term debt | 1,284,353,000 | 997,000,000 | |
Financial liabilities | 2,394,884,000 | 1,439,343,000 | |
Net | (1,377,275,000) | 1,029,256,000 | |
Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 28,467,000 | 2,807,000 | |
Financial liabilities [Abstract] | |||
Derivative liabilities | 16,525,000 | 51,058,000 | |
Interest rate contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 5,819,000 | 7,284,000 | |
Fair value through profit or loss [member] | |||
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Lease obligation | 0 | 0 | |
Current portion of long-term debt | 0 | ||
Long-term debt | 0 | 0 | |
Financial liabilities | 22,344,000 | 58,342,000 | |
Net | 6,123,000 | (55,535,000) | |
Fair value through profit or loss [member] | Foreign currency contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 16,525,000 | 51,058,000 | |
Fair value through profit or loss [member] | Interest rate contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 5,819,000 | 7,284,000 | |
Financial liabilities at amortised cost category [Member] | |||
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 577,550,000 | 374,714,000 | |
Lease obligation | 10,816,000 | 9,287,000 | |
Current portion of long-term debt | 499,821,000 | ||
Long-term debt | 1,284,353,000 | 997,000,000 | |
Financial liabilities | 2,372,540,000 | 1,381,001,000 | |
Net | (1,383,398,000) | 1,084,791,000 | |
Financial liabilities at amortised cost category [Member] | Foreign currency contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Financial liabilities at amortised cost category [Member] | Interest rate contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Fair value through profit or loss [member] | |||
Financial assets [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Short-term investments | 0 | ||
Accounts receivable | 0 | 0 | |
Financial assets | 28,467,000 | 2,807,000 | |
Fair value through profit or loss [member] | Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 28,467,000 | 2,807,000 | |
Financial assets at amortised cost category [Member] | |||
Financial assets [Abstract] | |||
Cash and cash equivalents | 566,809,000 | 1,143,674,000 | |
Short-term investments | 1,138,174,000 | ||
Accounts receivable | 422,333,000 | 183,944,000 | |
Financial assets | 989,142,000 | 2,465,792,000 | |
Financial liabilities [Abstract] | |||
Net | (1,383,398,000) | 1,084,791,000 | |
Financial assets at amortised cost category [Member] | Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | $ 0 | $ 0 |
Financial instruments (Measur_2
Financial instruments (Measurement of fair values hierarchy levels) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | $ 28,467 | $ 2,807 |
Current portion of long-term debt | (499,821) | 0 |
Derivative liabilities | (22,344) | (58,342) |
Long-term debt | (1,284,353) | (997,000) |
Net financial instruments | (1,778,051) | (1,052,535) |
Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 28,467 | 2,807 |
Derivative liabilities | (16,525) | (51,058) |
Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative liabilities | (5,819) | (7,284) |
Level 2 of fair value hierarchy [member] | Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 28,467 | 2,807 |
Derivative liabilities | (16,525) | (51,058) |
Level 2 of fair value hierarchy [member] | Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative liabilities | (5,819) | (7,284) |
Fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current portion of long-term debt | (500,000) | |
Long-term debt | (1,303,681) | (1,014,010) |
Net financial instruments | $ (1,797,558) | $ (1,069,545) |
Financial instruments (Derivati
Financial instruments (Derivatives) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net | $ 6,123 | $ (55,535) |
Gain (loss) | 37,791 | (72,949) |
Current portion of other liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (14,338) | (25,913) |
Other liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (8,006) | (32,429) |
Current portion of long-term receivables, investments and other [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 9,137 | 1,331 |
Long-term receivables, investments and other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 19,330 | 1,476 |
Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 11,942 | (48,251) |
Gain (loss) | 38,975 | (66,360) |
Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (5,819) | (7,284) |
Gain (loss) | $ (1,184) | $ (6,589) |
Capital management (Capital man
Capital management (Capital management) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Capital management [abstract] | |||
Current portion of long-term debt | $ 499,821,000 | $ 0 | |
Long-term debt | 1,284,353,000 | 997,000,000 | |
Cash and cash equivalents | (566,809,000) | (1,143,674,000) | $ (1,247,447,000) |
Short-term investments | 0 | (1,138,174,000) | |
Net debt | 1,217,365,000 | (1,284,848,000) | |
Non-controlling interest | 4,000 | 11,000 | |
Shareholders' equity | 6,094,305,000 | 5,836,054,000 | |
Total equity | 6,094,309,000 | 5,836,065,000 | $ 4,845,968,000 |
Total capital | $ 7,311,674,000 | $ 4,551,217,000 |
Segmented information (Narrativ
Segmented information (Narrative 1) (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) Item | Dec. 31, 2022 CAD ($) | |
Disclosure Of Operating Segments [Line Items] | ||
Segment information | Cameco has three reportable segments: uranium, fuel services and Westinghouse. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. | |
Number of reportable segments | Item | 3 | |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Care and maintenance | $ | $ 50,615,000 | $ 218,439,000 |
Segmented information (Narrat_2
Segmented information (Narrative 2) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of major customers [line items] | ||
Revenue | $ 2,587,758,000 | $ 1,868,003,000 |
Major customer(s) of Cameco's uranium and fuel services segments [member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 254,786,000 | $ 227,846,000 |
Percentage of entity's revenue | 10% | 12% |
Information about major customers | As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule. |
Segmented information (Business
Segmented information (Business segments) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 2,587,758 | $ 1,868,003 |
Cost of products and services sold | 1,805,768 | 1,457,336 |
Depreciation and amortization | 220,324 | 177,376 |
Cost of sales | 2,026,092 | 1,634,712 |
Gross profit (loss) | 561,666 | 233,291 |
Administration | 245,539 | 172,029 |
Exploration | 17,551 | 10,578 |
Research and development | 21,036 | 12,175 |
Other operating expense (income) | (7,509) | 22,944 |
Loss on disposal of assets | 2,188 | 514 |
Finance costs | 115,869 | 85,728 |
Loss (gain) on derivatives | (37,791) | 72,949 |
Finance income | (111,670) | (37,499) |
Share of earnings from equity-accounted investees | (154,462) | (93,988) |
Other expense (income) | (16,238) | (96,934) |
Earnings (loss) before income taxes | 487,153 | 84,795 |
Income tax expense (recovery) | 126,337 | (4,469) |
Net earnings (loss) | 360,816 | 89,264 |
Capital expenditures for the year | 153,631 | 143,481 |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 2,152,242 | 1,480,146 |
Cost of products and services sold | 1,532,316 | 1,223,558 |
Depreciation and amortization | 175,457 | 135,800 |
Cost of sales | 1,707,773 | 1,359,358 |
Gross profit (loss) | 444,469 | 120,788 |
Administration | 0 | 0 |
Exploration | 17,551 | 10,578 |
Research and development | 0 | 0 |
Other operating expense (income) | (1,875) | 25,845 |
Loss on disposal of assets | 1,825 | 726 |
Finance costs | 0 | 0 |
Loss (gain) on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investees | (178,848) | (93,988) |
Other expense (income) | (545) | (22,802) |
Earnings (loss) before income taxes | 606,361 | 200,429 |
Capital expenditures for the year | 105,384 | 101,547 |
Fuel Service [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 425,557 | 365,063 |
Cost of products and services sold | 266,062 | 215,660 |
Depreciation and amortization | 35,426 | 32,618 |
Cost of sales | 301,488 | 248,278 |
Gross profit (loss) | 124,069 | 116,785 |
Administration | 0 | 0 |
Exploration | 0 | 0 |
Research and development | 0 | 0 |
Other operating expense (income) | (5,634) | (2,901) |
Loss on disposal of assets | 363 | (212) |
Finance costs | 0 | 0 |
Loss (gain) on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investees | 0 | 0 |
Other expense (income) | 0 | 0 |
Earnings (loss) before income taxes | 129,340 | 119,898 |
Capital expenditures for the year | 42,546 | 39,736 |
Other Segment [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 9,959 | 22,794 |
Cost of products and services sold | 7,390 | 18,118 |
Depreciation and amortization | 9,441 | 8,958 |
Cost of sales | 16,831 | 27,076 |
Gross profit (loss) | (6,872) | (4,282) |
Administration | 245,539 | 172,029 |
Exploration | 0 | 0 |
Research and development | 21,036 | 12,175 |
Other operating expense (income) | 0 | 0 |
Loss on disposal of assets | 0 | 0 |
Finance costs | 115,869 | 85,728 |
Loss (gain) on derivatives | (37,791) | 72,949 |
Finance income | (111,670) | (37,499) |
Share of earnings from equity-accounted investees | 0 | 0 |
Other expense (income) | (15,693) | (74,132) |
Earnings (loss) before income taxes | (224,162) | (235,532) |
Capital expenditures for the year | 5,701 | $ 2,198 |
WEC [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 521,074 | |
Cost of products and services sold | 200,285 | |
Depreciation and amortization | 60,766 | |
Cost of sales | 261,051 | |
Gross profit (loss) | 260,023 | |
Administration | 244,400 | |
Exploration | 0 | |
Research and development | 0 | |
Other operating expense (income) | 0 | |
Loss on disposal of assets | 0 | |
Finance costs | 26,274 | |
Loss (gain) on derivatives | 2,838 | |
Finance income | (1,885) | |
Share of earnings from equity-accounted investees | 0 | |
Other expense (income) | 19,424 | |
Earnings (loss) before income taxes | (31,028) | |
Capital expenditures for the year | 42,405 | |
Adjustments [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | (521,074) | |
Cost of products and services sold | (200,285) | |
Depreciation and amortization | (60,766) | |
Cost of sales | (261,051) | |
Gross profit (loss) | (260,023) | |
Administration | (244,400) | |
Exploration | 0 | |
Research and development | 0 | |
Other operating expense (income) | 0 | |
Loss on disposal of assets | 0 | |
Finance costs | (26,274) | |
Loss (gain) on derivatives | (2,838) | |
Finance income | 1,885 | |
Share of earnings from equity-accounted investees | 24,386 | |
Other expense (income) | (19,424) | |
Earnings (loss) before income taxes | 6,642 | |
Capital expenditures for the year | $ (42,405) |
Segmented information (Geograph
Segmented information (Geographical segment) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 2,587,758 | $ 1,868,003 |
Non-current assets | 3,412,349 | 3,520,607 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 1,877,742 | 994,534 |
Non-current assets | 2,947,395 | 3,042,533 |
Australia [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 389,152 | 397,678 |
United States [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 710,016 | 873,469 |
Non-current assets | 75,769 | 80,352 |
Kazakhstan [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 28 | 38 |
Germany [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 5 | $ 6 |
Group entities (Ownership inter
Group entities (Ownership interest in subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Watt New Aggregator L.P. (Westinghouse) [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in joint venture | 49% | 0% |
Principal place of business of joint venture | US | |
JV Inkai Associate [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in associates | 40% | 40% |
Principal place of business of associate | Kazakhstan | |
Cameco Fuel Manufacturing Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | Canada | |
Cameco Marketing Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | Canada | |
Cameco Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | US | |
Power Resources, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | US | |
Crow Butte Resources, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | US | |
Cameco Australia Pty. Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | Australia | |
Cameco Europe Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | Switzerland | |
Cameco U.S. Holdings, Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest in subsidiaries | 100% | 100% |
Principal place of business of subsidiary | US |
Joint operations (Joint operati
Joint operations (Joint operations proportionate interest in net assets table) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
May 19, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of joint operations [line items] | |||
Total assets | $ 9,934,057 | $ 8,632,793 | |
Joint operations [member] | |||
Disclosure of joint operations [line items] | |||
Total assets | 2,711,837 | 2,745,245 | |
Total liabilities | $ 343,646 | 328,730 | |
McArthur River [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 69.81% | ||
Principal place of business | Canada | ||
Total assets | $ 1,048,746 | 998,368 | |
Total liabilities | $ 50,199 | 37,881 | |
Key Lake [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 83.33% | ||
Principal place of business | Canada | ||
Total assets | $ 504,508 | 527,841 | |
Total liabilities | $ 244,480 | 240,487 | |
Cigar Lake [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 54.55% | ||
Principal place of business | Canada | ||
Total assets | $ 1,158,583 | 1,219,036 | |
Total liabilities | $ 48,967 | $ 50,362 | |
Cigar Lake [Member] | Before acquiring additional interest in Joint Venture [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 50.025% | ||
Cigar Lake [Member] | Idemitsu [Member] | |||
Disclosure of joint operations [line items] | |||
Participating interest held in Joint Venture | 7.875% |
Related parties (Compensation f
Related parties (Compensation for key management personnel) (Details) | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Short-term employee benefits | $ 30,733,000 | $ 23,557,000 | ||
Share-based compensation | 41,694,000 | 21,149,000 | ||
Post-employment benefits | 6,730,000 | 6,532,000 | ||
Termination benefits | 541,000 | 0 | ||
Total | 79,698,000 | 51,238,000 | ||
Loan outstanding | 1,784,174,000 | 997,000,000 | ||
Dividends from equity-accounted investee | 113,642,000 | 117,698,000 | ||
Inkai [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 392,656,000 | $ 286,664,000 | 206,818,000 | $ 155,937,000 |
Dividends from equity-accounted investee | $ 113,642,000 | $ 83,059,000 | $ 117,698,000 | $ 92,425,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Westinghouse Electric Company [Member] - USD ($) | 1 Months Ended | |
Feb. 05, 2024 | Nov. 07, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Percent acquired in acquisition | 49% | |
Repayment Of Borrowings Transaction [Member] | US Term Loan [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Repayment of borrowings | $ 200,000,000 | |
Notional amount | $ 600,000,000 | |
Percent acquired in acquisition | 49% | |
Major Business Combination [Member] | US Term Loan, Tranche One [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Repayment of borrowings | $ 300,000,000 |