Cameco Corporation
Cameco Corp is a Saskatchewan-based uranium company that produces and sells uranium fuel and related fuel services for nuclear power generation. Its business also includes interests across the nuclear fuel cycle, including an equity-accounted interest in Westinghouse Electric Company and exposure to uranium development and supply arrangements in Canada and abroad.
Liiketoiminta
Osuus liikevaihdostaMining, production, and sales of uranium concentrate for nuclear fuel buyers.
Conversion-related and other fuel services sold to nuclear utilities and partners.
Economic exposure to Westinghouse and other fuel-cycle investments.
Asiakkaat
Cameco sells primarily to nuclear utilities and other buyers in the global nuclear fuel market that need uranium to generate electricity. Its customer base is shaped by long-term supply contracts, spot-linked delivery pricing, and a mix of regional demand across the Americas, Europe, and Asia. The company also participates in joint ventures and fuel-cycle arrangements that support upstream and downstream participants in the nuclear industry.
Buy uranium and fuel services for reactor operations and long-term fuel security.
Buy fuel services and contract-linked uranium products under fixed or market pricing.
Participate in mine ownership, supply entitlements, or fuel-cycle investments.
Strategia
Cameco’s strategy centers on controlling high-quality uranium resources, maintaining a reliable supply position, and serving long-term utility demand through a mix of contract structures. It also uses investments across the fuel cycle, including Westinghouse and Global Laser Enrichment, to broaden its participation beyond mined uranium and deepen its role in nuclear fuel solutions. The Cigar Lake ownership increase fits a strategy of reinforcing core asset control in a supply-constrained commodity market.
Control of high-grade reserves supports supply reliability and market positioning.
Fixed and market-related contracts help align pricing with customer procurement needs.
Downstream and technology interests diversify the business beyond mining.
Maantiede
Cameco’s reported sales are spread across the Americas, Europe, and Asia, with the Americas the largest region in the latest quarterly disclosure. The company is headquartered in Saskatoon, Saskatchewan, and its core operating footprint is anchored in Canada, with important uranium assets in northern Saskatchewan. This geography matters because uranium production, customer demand, and contract delivery are all tied to a globally distributed nuclear fuel market.
Riskit
Cameco is exposed to uranium price cycles, contract timing, and the operational risks of mining and fuel services. Because the company sells into a globally distributed nuclear market, it also faces geographic demand shifts, regulatory constraints, joint-venture complexity, and foreign-exchange and derivative exposure.
- Uranium price volatilityVaikutus: KorkeaTodennäköisyys: Korkea
A large share of value depends on contract pricing and market-linked delivery terms.
Kohdistuu: Uranium sales and fuel contracts
- Operational and supply disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen
Mine performance and processing reliability are critical to meeting deliveries.
Kohdistuu: Cigar Lake and other uranium operations
- Regulatory and policy riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Nuclear fuel demand is influenced by licensing, trade, and energy policy.
Kohdistuu: Global nuclear market
- Foreign exchange and derivativesVaikutus: KeskitasoTodennäköisyys: Korkea
International operations and balance-sheet hedges create valuation swings.
Kohdistuu - Joint-venture and partner dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Ownership and production entitlements depend on counterparties and JV structures.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätContract type determines when uranium and fuel-services sales are booked.
Vaikutus: Affects quarterly sales timing and comparability
Westinghouse and other investees contribute through share of earnings, not revenue.
Vaikutus: Changes earnings without changing top-line revenue
Commodity and currency-related derivatives are remeasured to fair value.
Vaikutus: Can create volatility in liabilities and net income
Some deliveries are settled or structured through deferred or loan arrangements.
Vaikutus: Affects working capital and timing of revenue/cash flow
Acquired interests in joint ventures carry amortized fair-value adjustments.
Vaikutus: Affects share of earnings from equity-accounted investees
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
Uranium Energy Corp
UEC · Miscellaneous Metal Ores
Uranium Energy Corp is a U.S.-based uranium mining company focused on acquiring, developing, and operating uranium projects in the United States, Canada, and Paraguay.
Uranium Royalty Corp.
Commodity Contracts Brokers & Dealers
NexGen Energy Ltd.
NXE · Miscellaneous Metal Ores
Ur Energy Inc
URG · Gold and Silver Ores
Frontier Nuclear & Minerals Inc.
FNUC · Miscellaneous Metal Ores
IsoEnergy Ltd.
ISOU · Miscellaneous Metal Ores
Päivitetty: 28.9.2026