Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
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 | 432,518,470 |
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 |
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, 2022 | Dec. 31, 2021 | |
Consolidated statements of earnings [Abstract] | ||
Revenue from products and services | $ 1,868,003 | $ 1,474,984 |
Cost of products and services sold | 1,457,336 | 1,282,635 |
Depreciation and amortization | 177,376 | 190,415 |
Cost of sales | 1,634,712 | 1,473,050 |
Gross profit | 233,291 | 1,934 |
Administration | 172,029 | 127,566 |
Exploration | 10,578 | 8,016 |
Research and development | 12,175 | 7,168 |
Other operating expense (income) | 22,944 | (8,407) |
(Gain) loss on disposal of assets | 514 | 3,803 |
Earnings (loss) from operations | 15,051 | (136,212) |
Finance costs | (85,728) | (76,612) |
Gain (loss) on derivatives | (72,949) | 12,529 |
Finance income | 37,499 | 6,804 |
Share of earnings from equity-accounted investee | 93,988 | 68,283 |
Other income | 96,934 | 21,353 |
Earnings (loss) before income taxes | 84,795 | (103,855) |
Income tax recovery | (4,469) | (1,201) |
Net earnings (loss) | 89,264 | (102,654) |
Net earnings (loss) attributable to: | ||
Equity holders | 89,382 | (102,577) |
Non-controlling interest | (118) | (77) |
Net earnings (loss) | $ 89,264 | $ (102,654) |
Earnings (loss) per common share attributable to equity holders: | ||
Basic | $ 0.22 | $ (0.26) |
Diluted | $ 0.22 | $ (0.26) |
Consolidated statements of comp
Consolidated statements of comprehensive income - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated statements of comprehensive income [Abstract] | ||
Net earnings (loss) | $ 89,264 | $ (102,654) |
Items that will not be reclassified to net earnings: | ||
Remeasurements of defined benefit liability | 19,242 | 3,897 |
Equity investments at FVOCI - net change in fair value | 0 | 22,059 |
Items that are or may be reclassified to net earnings: | ||
Exchange differences on translation of foreign operations | (38,141) | (30,384) |
Other comprehensive loss, net of taxes | (18,899) | (4,428) |
Total comprehensive income (loss) | 70,365 | (107,082) |
Other comprehensive income (loss) attributable to: | ||
Equity holders | (18,901) | (4,426) |
Non-controlling interest | 2 | (2) |
Other comprehensive loss for the year | (18,899) | (4,428) |
Total comprehensive income (loss) attributable to: | ||
Equity holders | 70,481 | (107,003) |
Non-controlling interest | (116) | (79) |
Total comprehensive income (loss) | $ 70,365 | $ (107,082) |
Consolidated statements of co_2
Consolidated statements of compreshensive income (parenthetical) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated statements of comprehensive income [Abstract] | ||
Income tax on remeasurement of defined benefit liability | $ (5,440) | $ 1,274 |
Income tax on equity investments at FVOCI - net change in fair value | $ 0 | $ (3,267) |
Consolidated statements of fina
Consolidated statements of financial position - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,143,674,000 | $ 1,247,447,000 |
Short-term investments | 1,138,174,000 | 84,906,000 |
Accounts receivable | 183,944,000 | 276,139,000 |
Current tax assets | 1,056,000 | 4,966,000 |
Inventories | 664,698,000 | 409,521,000 |
Supplies and prepaid expenses | 157,910,000 | 95,341,000 |
Current portion of long-term receivables, investments and other | 32,180,000 | 23,232,000 |
Total current assets | 3,321,636,000 | 2,141,552,000 |
Property, plant and equipment | 3,473,490,000 | 3,576,599,000 |
Intangible assets | 47,117,000 | 51,247,000 |
Long-term receivables, investments and other | 595,507,000 | 577,527,000 |
Investment in equity-accounted investee | 210,972,000 | 233,240,000 |
Deferred tax assets | 984,071,000 | 937,579,000 |
Total non-current assets | 5,311,157,000 | 5,376,192,000 |
Total assets | 8,632,793,000 | 7,517,744,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 374,714,000 | 340,458,000 |
Current tax liabilities | 6,498,000 | 4,129,000 |
Current portion of other liabilities | 131,324,000 | 22,791,000 |
Current portion of provisions | 48,305,000 | 46,365,000 |
Total current liabilities | 560,841,000 | 413,743,000 |
Long-term debt | 997,000,000 | 996,250,000 |
Other liabilities | 216,162,000 | 171,774,000 |
Provisions | 1,022,725,000 | 1,090,009,000 |
Total non-current liabilities | 2,235,887,000 | 2,258,033,000 |
Shareholders' equity | ||
Share capital | 2,880,336,000 | 1,903,357,000 |
Contributed surplus | 224,687,000 | 230,039,000 |
Retained earnings | 2,696,379,000 | 2,639,650,000 |
Other components of equity | 34,652,000 | 72,795,000 |
Total shareholders' equity attributable to equity holders | 5,836,054,000 | 4,845,841,000 |
Non-controlling interest | 11,000 | 127,000 |
Total shareholders' equity | 5,836,065,000 | 4,845,968,000 |
Total liabilities and shareholders' equity | $ 8,632,793,000 | $ 7,517,744,000 |
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] | Equity Investments At FVOCI [Member] | Total | Non-Controling Interest [Member] |
Balance beginning period at Dec. 31, 2020 | $ 4,958,561 | $ 1,869,710 | $ 237,358 | $ 2,735,830 | $ 103,925 | $ 11,532 | $ 4,958,355 | $ 206 |
Net earnings (loss) | (102,654) | 0 | 0 | (102,577) | 0 | 0 | (102,577) | (77) |
Other comprehensive loss, net of taxes | (4,428) | 0 | 0 | 3,897 | (30,382) | 22,059 | (4,426) | (2) |
Total comprehensive income (loss) | (107,082) | 0 | 0 | (98,680) | (30,382) | 22,059 | (107,003) | (79) |
Share-based compensation | 4,536 | 0 | 4,536 | 0 | 0 | 0 | 4,536 | 0 |
Stock options exercised | 26,771 | 33,647 | (6,876) | 0 | 0 | 0 | 26,771 | 0 |
Restricted share units released | (4,979) | 0 | (4,979) | 0 | 0 | 0 | (4,979) | 0 |
Dividends | (31,839) | 0 | 0 | (31,839) | 0 | 0 | (31,839) | 0 |
Transfer to retained earnings | 0 | 0 | 0 | 34,339 | 0 | (34,339) | 0 | 0 |
Balance ending period at Dec. 31, 2021 | 4,845,968 | 1,903,357 | 230,039 | 2,639,650 | 73,543 | (748) | 4,845,841 | 127 |
Net earnings (loss) | 89,264 | 0 | 0 | 89,382 | 0 | 0 | 89,382 | (118) |
Other comprehensive loss, net of taxes | (18,899) | 0 | 0 | 19,242 | (38,143) | 0 | (18,901) | 2 |
Total comprehensive income (loss) | 70,365 | 0 | 0 | 108,624 | (38,143) | 0 | 70,481 | (116) |
Share-based compensation | 3,318 | 0 | 3,318 | 0 | 0 | 0 | 3,318 | 0 |
Stock options exercised | 9,632 | 12,101 | (2,469) | 0 | 0 | 0 | 9,632 | 0 |
Restricted share units released | (6,201) | 0 | (6,201) | 0 | 0 | 0 | (6,201) | 0 |
Dividends | (51,895) | 0 | 0 | (51,895) | 0 | 0 | (51,895) | 0 |
Equity issuance [note 17] | 964,878 | 964,878 | 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 | $ (748) | $ 5,836,054 | $ 11 |
Consolidated statements of cash
Consolidated statements of cash flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net earnings (loss) | $ 89,264,000 | $ (102,654,000) |
Adjustments for: | ||
Depreciation and amortization | 177,376,000 | 190,415,000 |
Deferred sales | 43,528,000 | 608,000 |
Unrealized loss on derivatives | 82,636,000 | 13,771,000 |
Share-based compensation | 3,318,000 | 4,536,000 |
Loss on disposal of assets | 514,000 | 3,803,000 |
Finance costs | 85,728,000 | 76,612,000 |
Finance income | (37,499,000) | (6,804,000) |
Share of earnings from equity-accounted investee | (93,988,000) | (68,283,000) |
Other income | (96,934,000) | (446,000) |
Other operating expense (income) | 22,944,000 | (8,407,000) |
Income tax recovery | (4,469,000) | (1,201,000) |
Interest received | 35,443,000 | 9,374,000 |
Income taxes received (paid) | (1,521,000) | 9,583,000 |
Dividends from equity-accounted investee | 117,698,000 | 50,128,000 |
Other operating items | (119,431,000) | 287,253,000 |
Net cash provided by operations | 304,607,000 | 458,288,000 |
Investing activities | ||
Additions to property, plant and equipment | (143,448,000) | (98,784,000) |
Acquisition | (101,681,000) | 0 |
Increase in short-term investments | (1,044,473,000) | (59,921,000) |
Decrease (increase) in long-term receivables, investments and other | (2,000,000) | 73,050,000 |
Proceeds from sale of property, plant and equipment | 780,000 | 5,357,000 |
Net cash used in investing | (1,290,822,000) | (80,298,000) |
Financing activities | ||
Interest paid | (38,856,000) | (38,977,000) |
Proceeds from issuance of shares, stock option plan | 9,632,000 | 26,771,000 |
Proceeds from issuance of shares, net of issue costs | 953,285,000 | 0 |
Lease principal payments | (2,908,000) | (2,727,000) |
Dividends paid | (51,895,000) | (31,839,000) |
Net cash provided by (used in) financing | 869,258,000 | (46,772,000) |
Increase (decrease) in cash and cash equivalents, during the year | (116,957,000) | 331,218,000 |
Exchange rate changes on foreign currency cash balances | 13,184,000 | (2,153,000) |
Cash and cash equivalents, beginning of year | 1,247,447,000 | 918,382,000 |
Cash and cash equivalents, end of year | 1,143,674,000 | 1,247,447,000 |
Cash and cash equivalents is comprised of: | ||
Cash | 701,818,000 | 604,557,000 |
Cash equivalents | $ 441,856,000 | $ 642,890,000 |
Cameco Corporation
Cameco Corporation | 12 Months Ended |
Dec. 31, 2022 | |
Corporation [Abstract] | |
Cameco Corporation | 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, 2022 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 mines 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), Cameco’s Cigar Lake mine in northern Saskatchewan had been placed in a temporary state of care and maintenance periodically throughout 2020 and 2021 due to the global COVID-19 pandemic. The mine was in a temporary state of care and maintenance in January 2021 and production resumed in April 2021. Operations at McArthur River/Key Lake, which had been suspended in 2018, resumed in November of 2022. 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. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant 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 8, 2023. 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 significant 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. Cameco’s investments in equity-accounted investees include investments in associates. 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, but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decisions affecting the entity. Investments in associates 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 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 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. iv. 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. 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 equity-accounted investees 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 exchange rates prevailing at the dates 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 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, plant and equipment. 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 exchange rates 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. 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. Borrowing costs on funds directly attributable to finance the acquisition, production or construction of a qualifying asset are capitalized until such time as substantially all the activities necessary to prepare the qualifying asset for its intended use are complete. A qualifying asset is one that takes a substantial period of time to prepare for its intended use. Capitalization is discontinued when the asset enters the production stage or development ceases. Where the funds used to finance a project form part of general borrowings, interest is capitalized based on the weighted average interest rate applicable to the general borrowings outstanding during the period of construction. v. 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. At the date of acquisition, goodwill is allocated to the cash generating unit (CGU), or group of CGUs that is expected to receive the economic benefits of the business combination. 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 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 comprise interest and fees on borrowings, unwinding of the discount on provisions and costs incurred on redemption of debentures. 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, debt investments measured at FVOCI, 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 and debt securities at FVOCI are assessed at each reporting date to determine whether they are ‘credit-impaired’. 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. For debt securities at FVOCI, the loss allowance is charged to earnings and is recognized in OCI. 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. The technical feasibility and commercial viability of extracting a resource is considered to be determinable based on several factors, including the existence of proven and probable reserves and the demonstration that future economic benefits are probable. When an area is determined to be technically feasible and commercially viable, the exploration and evaluation assets attributable to that area are first tested for impairment and then transferred to property, plant and equipment. 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. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan other than a defined contribution plan. Typically, pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. 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 recogn |
Accounting standards
Accounting standards | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards [Abstract] | |
Accounting standards | 3. A. A number of amendments to existing standards became effective January 1, 2022 but they did not have an effect on the Company’s financial statements. B. A number of amendments to existing standards are not yet effective for the year ended December 31, 2022 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, 2022 | |
Fair Value Measurement [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 transfers between level 1, level 2, or level 3 during the period. Cameco does not have any recurring 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 - Acquisition of additional interest in Cigar Lake Joint Venture (CLJV) 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, 2022 | |
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. |
Acquisition of additional inter
Acquisition of additional interest in Cigar Lake Joint Venture (CLJV) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Business Combination And Discontinued Operatons [Abstract] | |
Acquisition of additional interest in Cigar Lake Joint Venture (CLJV) | 6. 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. At December 31, 2022, $ 3,000,000 in escrow, to be paid upon finalization of closing adjustments. 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 (a) 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 (b) $ 22,802 (a) acquisition. (b) 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. The accounting for the acquisition will be revised if, within one year of the acquisition date, new information is obtained about facts and circumstances that existed at the date of acquisition. Revision will occur if this new information identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
Trade And Other Receivables [Abstract] | |
Accounts receivable | 7. 2022 2021 Trade receivables $ 167,688 $ 271,015 GST/VAT 5,856 3,919 Other receivables 10,400 1,205 Total $ 183,944 $ 276,139 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, 2022 | |
Classes Of Inventories [Abstract] | |
Inventories | 8. 2022 2021 Uranium Concentrate $ 537,426 $ 319,257 Broken ore 46,703 46,324 584,129 365,581 Fuel services 80,144 43,549 Other 425 391 Total $ 664,698 $ 409,521 Cameco expensed $ 1,359,000,000 1,218,000,000 ). |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, plant and equipment | 9. 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 [note 16] (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 [note 16] (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 At December 31, 2021 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,224,333 $ 2,699,844 $ 78,911 $ 139,051 $ 1,125,483 $ 9,267,622 Additions 1,520 8,807 700 87,637 120 98,784 Transfers 17,145 31,243 5,130 (52,797) - 721 Change in reclamation provision (62,427) - - - - (62,427) Disposals (23,075) (6,019) (345) (6,691) - (36,130) Effect of movements in exchange rates (5,287) (1,314) (30) - (52,364) (58,995) End of year 5,152,209 2,732,561 84,366 167,200 1,073,239 9,209,575 Accumulated depreciation and impairment Beginning of year 3,031,292 1,876,336 74,246 36,798 483,663 5,502,335 Depreciation charge 104,641 92,670 4,246 - - 201,557 Change in reclamation provision (a) (8,407) - - - - (8,407) Disposals (20,999) (5,623) (345) - - (26,967) Effect of movements in exchange rates (4,787) (1,155) (28) - (25,416) (31,386) End of year 3,101,740 1,962,228 78,119 36,798 458,247 5,637,132 Right-of-use assets Beginning of year 1,806 2,322 2,142 - - 6,270 Additions - 477 - - - 477 Depreciation charge (875) (494) (501) - - (1,870) Transfers - (721) - - - (721) End of year 931 1,584 1,641 - - 4,156 Net book value at December 31, 2021 $ 2,051,400 $ 771,917 $ 7,888 $ 130,402 $ 614,992 $ 3,576,599 Cameco has contractual capital commitments of approximately $ 56,500,000 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 2023. (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, 2022 | |
Intangible Assets And Goodwill [Abstract] | |
Intangible Assets And Goodwill | 10. A. At December 31, 2022 Intellectual Contracts 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 At December 31, 2021 Intellectual Contracts property Total Cost Beginning of year $ 111,388 $ 118,819 $ 230,207 Effect of movements in exchange rates (770) - (770) End of year 110,618 118,819 229,437 Accumulated amortization and impairment Beginning of year 109,663 64,722 174,385 Amortization charge 975 3,582 4,557 Effect of movements in exchange rates (752) - (752) End of year 109,886 68,304 178,190 Net book value at December 31, 2021 $ 732 $ 50,515 $ 51,247 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, 2022 | |
Categories Of Noncurrent Financial Assets [Abstract] | |
Long-term receivables, investments and other | 11. 2022 2021 Deferred charges $ 29,585 $ - Derivatives [note 27] 2,807 32,098 Investment tax credits 95,812 95,722 Amounts receivable related to tax dispute [note 22] (a) 295,221 295,221 Product loan (b) 200,998 176,904 Other 3,264 814 627,687 600,759 Less current portion (32,180) (23,232) Net $ 595,507 $ 577,527 (a) interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA) (see note 22). 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 totalling $ 295,221,000 $ 295,221,000 ) (note 22). (b) 5,400,000 was obligated to repay the Company in kind with uranium concentrate no later than December 31, 2023. During the first quarter of 2022, the repayment terms were extended to December 31, 2028 . During 2022, 1,828,999 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, 2022, 3,571,001 3 O 8 700,000 6 are recorded at Cameco’s weighted average cost of inventory. |
Equity-accounted investee
Equity-accounted investee | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [Abstract] | |
Equity-accounted investee | 12. 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 tables summarize the financial information of JV Inkai (100%): 2022 2021 Cash and cash equivalents $ 14,950 $ 12,893 Other current assets 373,868 301,589 Non-current assets 334,954 328,469 Current liabilities (34,606) (32,774) Non-current liabilities (37,644) (38,635) Net assets $ 651,522 $ 571,542 2022 2021 Revenue from products and services $ 476,354 $ 387,319 Cost of products and services sold (66,119) (55,397) Depreciation and amortization (24,749) (25,300) Finance income 1,341 349 Finance costs (2,635) (796) Other expense (30,770) (16,636) Income tax expense (74,763) (60,357) Net earnings 278,659 229,182 Total comprehensive income $ 278,659 $ 229,182 The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai: 2022 2021 Opening net assets $ 571,542 $ 440,565 Total 278,659 229,182 Dividends declared (195,865) (85,198) Impact of foreign exchange (2,814) (13,007) Closing net assets 651,522 571,542 Cameco's share of net assets 260,609 228,617 Consolidating adjustments (a) (82,275) (60,348) Fair value increment (b) 83,675 85,976 Dividends in excess of ownership percentage (c) (48,641) (22,085) Impact of foreign exchange (2,396) 1,080 Carrying amount in the statement of financial position $ 210,972 $ 233,240 (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, 2022 | |
Trade And Other Current Payables [Abstract] | |
Accounts payable and accrued liabilities | 13. 2022 2021 Trade payables $ 249,962 $ 213,377 Non-trade payables 65,182 66,048 Payables due to related parties [note 25] 59,570 61,033 Total $ 374,714 $ 340,458 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, 2022 | |
Noncurrent Liabilities [Abstract] | |
Long-term debt | 14. 2022 2021 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 99,355 99,336 Series G - 4.19 % debentures due June 24, 2024 499,407 499,010 Series H - 2.95 % debentures due October 21, 2027 398,238 397,904 Total $ 997,000 $ 996,250 Cameco has a $ 1,000,000,000 October 1, 2026 . 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, 2022 and 2021, there were no outstanding under this facility. Cameco has $ 1,756,754,000 1,696,041,000 ) in letter of credit facilities. Outstanding and committed letters of credit at December 31, 2022 amounted to $ 1,593,379,000 1,573,873,000 ), the majority of which relate to future decommissioning and reclamation liabilities (note 16). Cameco is bound by a covenant in its revolving credit facility. 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. At December 31, 2022, Cameco was in compliance with the covenant and does not expect its operating and investing activities in 2023 to be constrained by it. The table below represents currently scheduled maturities of long-term debt: 2023 2024 2025 2026 2027 Thereafter Total $ - 499,407 - - 398,238 99,355 $ 997,000 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other liabilities | 15. 2022 2021 Deferred sales [note 18] $ 66,845 $ 23,316 Derivatives [note 27] 58,342 4,997 Accrued pension and post-retirement benefit liability [note 26] 66,180 89,002 Lease obligation 9,287 4,872 Product loan (a) 78,094 15,763 Sales contracts [note 6] 9,000 - Other 59,738 56,615 347,486 194,565 Less: current portion (131,324) (22,791) Net $ 216,162 $ 171,774 Expenses related to short-term leases and leases of low-value assets were insignificant during 2022 . (a) The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to 2,438,000 6 2,817,000 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, 2022, we have 1,529,000 6 2023 2024 2025 2026 Total kgU of UF 6 331,000 - 287,000 911,000 1,529,000 We also have 1,393,000 3 O 8 2023 2024 2025 2026 Total lbs of U 3 O 8 1,150,000 - - 243,000 1,393,000 The loans are recorded at Cameco’s weighted average cost of inventory. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [Abstract] | |
Provisions | 16. Reclamation Waste disposal Total Beginning of year $ 1,126,969 $ 9,405 $ 1,136,374 Changes in estimates and discount rates [note 9] Capitalized in property, plant and equipment (116,395) - (116,395) Recognized in earnings [note 9] 22,944 1,564 24,508 Acquisitions [note 6] 2,528 - 2,528 Provisions used during the period (27,159) (1,333) (28,492) Unwinding of discount [note 20] 28,681 298 28,979 Effect of movements in exchange rates 23,528 - 23,528 End of period $ 1,061,096 $ 9,934 $ 1,071,030 Current $ 46,004 $ 2,301 $ 48,305 Non-current 1,015,092 7,633 1,022,725 $ 1,061,096 $ 9,934 $ 1,071,030 The reclamation provision decreased by $ 90,923,000 during the year. 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 $ 1,356,092,000 1,100,378,000 ). The expected timing of these outflows is based on life-of-mine plans with the majority of expenditures expected to occur after 2028 . 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 $ 1,035,348,000 1,007,009,000 ) in the form of letters of credit to satisfy current regulatory requirements. The reclamation provision relates to the following segments: 2022 2021 Uranium $ 870,877 $ 900,482 Fuel services 190,219 226,487 Total $ 1,061,096 $ 1,126,969 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 $ 8,919,000 8,169,000 ). The majority of these expenditures are expected to occur within the next four years. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share capital | 17. Authorized share capital: - - - no - A. Number issued 2022 2021 Beginning of year 398,059,265 396,262,741 Issued: Stock option plan [note 25] 401,955 1,796,524 Equity issuance (a) 34,057,250 - End of year 432,518,470 398,059,265 (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, 2022, the dividend declared per share was $ 0.12 0.08 ). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
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, 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 For the year ended December 31, 2021 Uranium Fuel services Other Total Customer geographical region Americas $ 547,257 $ 287,802 $ 12,769 $ 847,828 Europe 218,879 77,110 2,945 298,934 Asia 288,857 39,365 - 328,222 $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 Contract type Fixed-price $ 307,858 $ 384,065 $ 11,421 $ 703,344 Market-related 747,135 20,212 4,293 771,640 $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 Deferred sales The following table provides information about contract liabilities (note 15) from contracts with customers: 2022 2021 Beginning of year $ 23,316 $ 14,382 Additions 45,978 16,531 Recognized in revenue (2,463) (7,596) Effect of movements in exchange rates 14 (1) End of year $ 66,845 $ 23,316 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 2023 and 2030. Cameco recognized a decrease of revenue of $ 194,000 383,000 ) during 2022 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: 2023 2024 2025 2026 2027 Thereafter Total Uranium $ 556,122 $ 629,675 $ 627,534 $ 237,052 $ 238,354 $ 622,034 $ 2,910,771 Fuel services 339,355 355,915 329,091 244,236 235,089 1,016,232 2,519,918 Total $ 895,477 $ 985,590 $ 956,625 $ 481,288 $ 473,443 $ 1,638,266 $ 5,430,689 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, 2022 | |
Classes Of 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: 2022 2021 Wages and salaries $ 278,980 $ 236,181 Statutory and company benefits 52,247 43,870 Expenses related to defined benefit plans [note 26] 5,656 5,350 Expenses related to defined contribution plans [note 26] 15,189 12,939 Equity-settled share-based compensation [note 25] 6,859 7,837 Cash-settled share-based compensation [note 25] 24,369 41,839 Total $ 383,300 $ 348,016 |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Finance costs | 20. 2022 2021 Interest on long-term debt $ 40,059 $ 39,266 Unwinding of discount on provisions [note 16] 28,979 21,445 Other charges 16,690 15,901 Total $ 85,728 $ 76,612 No |
Other income (expense)
Other income (expense) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income Expense [Abstract] | |
Other income (expense) | 21. 2022 2021 Foreign exchange gains 74,132 446 Government assistance (a) - 21,209 Bargain purchase gain [note 6] 22,802 - Other - (302) Total $ 96,934 $ 21,353 (a) Emergency Wage Subsidy program (CEWS). CEWS provides a subsidy on eligible remuneration based on certain criteria. In 2021, the Company qualified for the subsidy for the periods January through June. other contingencies attached to this government assistance. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Absract] | |
Income taxes | 22. A. Recognized in earnings As at December 31 2022 2021 2022 2021 Assets Property, plant and equipment $ 84,668 $ 82,677 $ 448,136 $ 363,468 Provision for reclamation (3,817) (14,509) 203,816 207,633 Inventories 1,689 2,489 8,248 6,559 Foreign exploration and development (1,816) (812) 2,641 4,457 Income tax losses (gains) (66,227) (80,802) 235,683 301,910 Defined benefit plan actuarial losses - - 2,698 8,126 Long-term investments and other (2,355) 16,405 82,849 45,426 Deferred tax assets 12,142 5,448 984,071 937,579 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset $ 12,142 $ 5,448 $ 984,071 $ 937,579 Deferred tax allocated as 2022 2021 Deferred tax assets $ 984,071 $ 937,579 Deferred tax liabilities - - Net deferred tax asset $ 984,071 $ 937,579 Cameco has recorded a deferred tax asset of $ 984,071,000 937,579,000 ). 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. 2022 2021 Deferred tax asset at beginning of year $ 937,579 $ 936,678 Recovery for the year in net earnings 12,142 5,448 Recovery for the year in equity 11,593 - Recovery for the year in purchase price equation 28,196 - Expense for the year in other comprehensive income (5,440) (4,541) Effect of movements in exchange rates 1 (6) End of year $ 984,071 $ 937,579 C. 2022 2021 Income tax losses $ 337,749 $ 288,637 Property, plant and equipment 2,297 2,209 Provision for reclamation 78,336 66,573 Long-term investments and other 18,628 58,330 Total $ 437,010 $ 415,749 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: 2022 2021 Earnings (loss) before income taxes and non-controlling interest $ 84,795 $ (103,855) Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense (recovery) 22,810 (27,937) Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 8,986 28,690 Change in unrecognized deferred tax assets 1,234 22,068 Income in equity-accounted investee (25,264) (24,481) Change in uncertain tax positions (6,282) 1,099 Bargain purchase gain (6,129) - Other permanent differences 176 (640) Income tax recovery $ (4,469) $ (1,201) E. 2022 2021 Earnings (loss) before income taxes Canada $ 99,944 $ 58,624 Foreign (15,149) (162,479) $ 84,795 $ (103,855) Current income taxes Canada $ 2,260 $ 2,257 Foreign 5,413 1,990 $ 7,673 $ 4,247 Deferred income tax recovery Canada $ (10,178) $ (3,937) Foreign (1,964) (1,511) $ (12,142) $ (5,448) Income tax recovery $ (4,469) $ (1,201) 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. The total tax reassessed for the three tax years was $ 11,000,000 , and Cameco remitted 50 %. In 2021, Cameco received refunds totaling about $ 5,500,000 In addition, on April 30, 2019, the Tax Court had awarded Cameco $ 10,300,000 disbursements of up to $ 16,700,000 . As a result of additional information provided by the Tax Court, $ 12,200,000 disbursements was recognized as a reduction of administration expense in 2021. If CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco will continue to utilize its appeal rights under Canadian federal and provincial tax rules. G. At December 31, 2022, income tax losses carried forward of $ 2,171,825,000 2,177,025,000 ) are available to reduce taxable income. These losses expire as follows: Date of expiry Canada US Other Total 2026 $ - $ - $ 14,720 $ 14,720 2027 - - 243 243 2028 - - 63 63 2029 47 - 12,625 12,672 2031 - 21,768 - 21,768 2032 272 23,444 - 23,716 2033 - 36,033 - 36,033 2034 - 16,724 4,526 21,250 2035 282,522 7,622 7,233 297,377 2036 210,591 46,621 5,698 262,910 2037 27 34,921 2,985 37,933 2038 500 37,660 320 38,480 2039 6,423 29,130 335 35,888 2040 3,110 55,775 - 58,885 2041 77 229,464 - 229,541 2042 49 22,577 - 22,626 No expiry - - 1,057,720 1,057,720 $ 503,618 $ 561,739 $ 1,106,468 $ 2,171,825 Included in the table above is $ 1,329,261,000 1,083,848,000 ) 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, 2022 | |
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 2022 was 405,494,353 397,630,947 ). 2022 2021 Basic earnings (loss) per share computation Net earnings (loss) attributable to equity holders $ 89,382 $ (102,577) Weighted average common shares outstanding 405,494 397,631 Basic earnings (loss) per common share $ 0.22 $ (0.26) Diluted earnings (loss) per share computation Net earnings (loss) attributable to equity holders $ 89,382 $ (102,577) Weighted average common shares outstanding 405,494 397,631 Dilutive effect of stock options 1,641 - Weighted average common shares outstanding, assuming dilution 407,135 397,631 Diluted earnings (loss) per common share $ 0.22 $ (0.26) In 2022, there were no would have been anti-dilutive (2021 - 1,802 ). |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Of Cash Flows Disclosure [Abstract] | |
Statements of cash flows | 24. Other operating items included in the statements of cash flows are as follows: 2022 2021 Changes in non-cash working capital: Accounts receivable $ 99,601 $ (75,678) Inventories (162,858) 300,307 Supplies and prepaid expenses (63,500) (5,908) Accounts payable and accrued liabilities 16,401 91,757 Reclamation payments (28,492) (19,542) Other 19,417 (3,683) Total $ (119,431) $ 287,253 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, 2022 $ 996,250 $ 3,558 $ 4,872 $ - $ 1,903,357 $ 2,908,037 Changes from financing cash flows: Dividends paid - - - (51,895) - (51,895) Interest paid - (38,531) (325) - - (38,856) Lease principal payments - - (2,908) - - (2,908) Shares issued, stock option plan - - - - 9,632 9,632 Issuance of shares [note 17] - - - - 953,285 953,285 Total cash changes - (38,531) (3,233) (51,895) 962,917 869,258 Non-cash changes: Amortization of issue costs 750 - - - - 750 Dividends declared - - - 51,895 - 51,895 Interest expense - 38,984 325 - - 39,309 Right-of-use asset additions - - 7,853 - - 7,853 Other - - (523) - - (523) Shares issued, stock option plan - - - - 2,469 2,469 Issuance of shares, deferred tax [note 17] - - - - 11,593 11,593 Foreign exchange - - (7) - - (7) Total non-cash changes 750 38,984 7,648 51,895 14,062 113,339 Balance at December 31, 2022 $ 997,000 $ 4,011 $ 9,287 $ - $ 2,880,336 $ 3,890,634 |
Share-based compensation plans
Share-based compensation plans | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [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 30,538,777 Stock option transactions for the respective years were as follows: (Number of options) 2022 2021 Beginning of year 3,458,001 6,158,539 Options granted - - Options forfeited - (18,005) Options expired (2,475) (886,009) Options exercised [note 17] (401,955) (1,796,524) End of year 3,053,571 3,458,001 Exercisable 3,053,571 3,162,415 Weighted average share prices were as follows: 2022 2021 Beginning of year $16.72 $16.98 Options granted - - Options forfeited - 26.08 Options expired 26.81 22.05 Options exercised 23.96 14.90 End of year $15.75 $16.72 Exercisable $15.75 $16.85 The weighted average share price at the dates of exercise during 2022 was $ 23.96 22.09 ). 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 15.83 1,772,271 3.2 $14.57 1,772,271 $14.57 $ 15.84 19.3 1,281,300 0.8 $17.39 1,281,300 $17.39 3,053,571 3,053,571 The foregoing options have expiry dates ranging from March 1, 2023 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 period and the number of PSUs that ultimately vest. 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. 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 . 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, 2022, the total number of PSUs held by the participants, after adjusting for forfeitures on retirement, was 1,255,255 1,495,709 ). 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, 2022, the total number of RSUs held by the participants was 1,131,493 1,081,783 ). 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, 2022, the number of options held by participating employees was 94,135 173,835 ) with exercise prices ranging from $ 11.32 19.30 11.32 26.81 ) and a weighted average exercise price of $ 12.55 $ 13.88 ). 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, 2022, the total number of PRSUs held by the participants was 21,148 16,027 ). 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, 2022, there were 2,603 2,301 ). The total number of shares purchased in 2022 with Company contributions was 116,530 149,822 ). In 2022, the Company’s contributions totaled $ 3,541,000 $ 3,301,000 ). 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, 2022, the total number of DSUs held by participating directors was 547,304 579,362 ). 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: 2022 2021 Employee share ownership plan $ 3,541 $ 3,301 Restricted share unit plan 3,273 2,933 Performance share unit plan (a) - 1,237 Stock option plan 45 366 Total $ 6,859 $ 7,837 (a) no or redeemed for cash with an equivalent market value. 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 1/22 Number of options granted 129,910 Average strike price $31.17 Expected forfeitures 10% Weighted average grant date fair values $31.17 Cash-settled plans Cameco has recognized the following expenses under its cash-settled plans: 2022 2021 Performance share unit plan $ 11,221 $ 25,784 Restricted share unit plan 9,342 6,890 Deferred share unit plan 2,811 6,741 Phantom stock option plan 751 2,261 Phantom restricted share unit plan 244 163 Total $ 24,369 $ 41,839 At December 31, 2022, a liability of $ 59,577,000 61,030,000 ) 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, 2022 grant date were as follows: Phantom PSU RSU RSU Number of units 238,610 159,140 10,142 Expected vesting 92% - - Expected dividend - - $0.08 Expected life of option 3 3 3 Expected forfeitures 9% 9% 7% Weighted average measurement date fair values $31.17 $31.17 $31.17 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 94,135 1,255,255 815,098 21,148 Expected vesting - 72% - - Average strike price $12.55 - - - Expected dividend $0.12 - - $0.12 Expected volatility 53% - - - Risk-free interest rate 3.8% - - - Expected life of option 3 0.7 0.8 1.4 Expected forfeitures 7% 2% 8% 8% Weighted average measurement date fair values $20.22 $30.69 $30.69 $30.69 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, 2022 | |
Disclosure Of Defined Benefit Plans [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 $ 1,675,000 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 2022 2021 2022 2021 Fair value of plan assets, beginning of year $ 5,693 $ 6,217 $ - $ - Interest income on plan assets 157 144 - - Return on assets excluding interest income (555) 172 - - Employer contributions - 67 - - Benefits paid (890) (903) - - Administrative costs paid (3) (4) - - Fair value of plan assets, end of year $ 4,402 $ 5,693 $ - $ - Defined benefit obligation, beginning of year $ 69,998 $ 72,119 $ 24,697 $ 25,827 Current service cost 2,302 2,332 915 956 Interest cost 1,867 1,550 726 652 Actuarial loss (gain) arising from: (20,913) (1,996) (5,881) (1,403) 1,396 (903) 161 (697) Benefits paid (3,666) (1,741) (1,254) (638) Foreign exchange 234 (1,363) - - Defined benefit obligation, end of year $ 51,218 $ 69,998 $ 19,364 $ 24,697 Defined benefit liability [note 15] $ (46,816) $ (64,305) $ (19,364) $ (24,697) 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 2022 2021 Asset category (a) Canadian equity securities 6% 8% U.S. equity securities 11% 13% Global equity securities 6% 8% Canadian fixed income 28% 32% Other (b) 49% 39% 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 2022 2021 2022 2021 Current service cost $ 2,302 $ 2,332 $ 915 $ 956 Net interest cost 1,710 1,406 726 652 Administration cost 3 4 - - Defined benefit expense [note 19] 4,015 3,742 1,641 1,608 Defined contribution pension expense [note 19] 15,189 12,939 - - Net pension and other benefit expense $ 19,204 $ 16,681 $ 1,641 $ 1,608 The total amount of actuarial gains recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2022 2021 2022 2021 Actuarial gains $ (19,517) $ (2,899) $ (5,720) $ (2,100) Return on plan assets excluding interest income 555 (172) - - $ (18,962) $ (3,071) $ (5,720) $ (2,100) 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 2022 2021 2022 2021 Discount rate - obligation 4.5% 2.3% 5.1% 2.9% Discount rate - expense 2.3% 2.4% 2.9% 2.5% Rate of compensation increase 3.0% 3.0% - - Health care cost trend rate - - 5.0% 5.0% Dental care cost trend rate - - 4.5% 4.5% At December 31, 2022, the weighted average duration of the defined benefit obligation for the pension plans was 17.1 (2021 - 20.0 11.3 13.6 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 $ (6,148) $ 7,737 $ (2,366) $ 2,975 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, 2022. 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 $ 1,236,000 . 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, 2022 | |
Disclosure Of Financial Instruments [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 $ 414,683 $ 20,734 Short-term investments USD 886,020 44,301 Accounts receivable USD 136,246 6,812 Accounts payable and accrued liabilities USD (176,746) (8,837) Net foreign currency derivatives USD (48,251) (71,836) A 5 % strengthening of the Canadian dollar against the currencies above at December 31, 2022 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, 2022, the proportion of Cameco’s outstanding debt that carries fixed interest rates is 92 % (2021 - 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, 2022, the fair value of Cameco’s interest rate swap net liability was $ 7,284,000 673,000 ). 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 interest rate contracts to be a loss of $ 766,000 . 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: 2022 2021 Cash and cash equivalents $ 1,143,674 $ 1,247,447 Short-term investments 1,138,174 84,906 Accounts receivable [note 7] 178,088 272,220 Derivative assets [note 11] 2,807 32,098 Cash and cash equivalents Cameco held cash and cash equivalents of $ 1,143,674,000 1,247,447,000 ). 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 short-term investments of $ 1,138,174,000 84,906,000 ). 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, equivalent of the DBRS 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 A summary of the Company’s exposure to credit risk for trade receivables is as follows: Carrying value Investment grade credit rating $ 139,708 Non-investment grade credit rating 27,980 Total gross carrying amount $ 167,688 Loss allowance - Net $ 167,688 At December 31, 2022, there were no significant concentrations of credit risk and no amounts were held as collateral. 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, 2022: Corporate Other customers customers Total Current (not past due) $ 166,361 $ 398 166,759 1-30 days past due 639 171 810 More than 30 days past due 99 20 119 Total $ 167,099 $ 589 167,688 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, 2022: Outstanding and Total amount Unsecured revolving credit facility [note 14] $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 14] 1,756,754 1,593,379 163,375 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 $ 374,714 $ 374,714 $ 374,714 $ - $ - $ - Long-term debt 997,000 1,000,000 - 500,000 400,000 100,000 Foreign currency contracts 51,058 51,058 23,476 27,582 - - Interest rate contracts 7,284 7,284 2,437 2,987 1,860 - Lease obligation [note 15] 9,287 10,314 2,681 2,595 1,718 3,320 Total contractual repayments $ 1,439,343 $ 1,443,370 $ 403,308 $ 533,164 $ 403,578 $ 103,320 Due in Due in 1-3 Due in 3-5 Due after 5 Total Total interest payments on long-term debt $ 192,225 $ 37,840 $ 44,255 $ 33,780 $ 76,350 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, 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 At December 31, 2021 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 1,247,447 $ 1,247,447 Short-term investments - 84,906 84,906 Accounts receivable [note 7] - 276,139 276,139 Derivative assets [note 11] Foreign currency contracts 31,534 - 31,534 Interest rate contracts 564 - 564 $ 32,098 $ 1,608,492 $ 1,640,590 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 340,458 $ 340,458 Lease obligation [note 15] - 4,872 4,872 Derivative liabilities [note 15] Foreign currency contracts 3,760 - 3,760 Interest rate contracts 1,237 - 1,237 Long-term debt [note 14] - 996,250 996,250 4,997 1,341,580 1,346,577 Net $ 27,101 $ 266,912 $ 294,013 Cameco has pledged $ 239,000,000 as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of five years effective July 1, 2018. 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, 2022 the Company has issued guarantees of up to $ 179,700,000 132,600,000 During 2021, Cameco divested of its investments in equity securities. The fair value at the date of derecognition and the cumulative gain or loss on disposal for the year ended December 31, 2021 were as follows: Fair Value Gain (loss) Investment in Denison Mines Corp. $ 34,827 $ 15,257 Investment in UEX Corporation 19,605 8,758 Investment in ISO Energy Ltd. 10,756 8,078 Investment in GoviEx 3,558 2,996 Other 265 (750) $ 69,011 $ 34,339 The gains were presented net of tax. Cameco elected to transfer these cumulative net gains from equity investments at FVOCI to retained earnings in the statement of changes in equity. 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, 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) As at December 31, 2021 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 31,534 $ 31,534 Interest rate contracts 564 564 Derivative liabilities [note 15] Foreign currency contracts (3,760) (3,760) Interest rate contracts (1,237) (1,237) Long-term debt [note 14] (996,250) (1,103,978) Net $ (969,149) $ (1,076,877) 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 3.3 % to 4.2 % (2021 - 1.1 % to 1.7 %). 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: 2022 2021 Non-hedge derivatives: Foreign currency contracts $ (48,251) $ 27,774 Interest rate contracts (7,284) (673) Net $ (55,535) $ 27,101 Classification: Current portion of long-term receivables, investments and other [note 11] $ 1,331 $ 22,652 Long-term receivables, investments and other [note 11] 1,476 9,446 Current portion of other liabilities [note 15] (25,913) (378) Other liabilities [note 15] (32,429) (4,619) Net $ (55,535) $ 27,101 The following table summarizes the different components of the gains (losses) on derivatives included in net earnings: 2022 2021 Non-hedge derivatives: Foreign currency contracts $ (66,360) $ 13,202 Interest rate contracts (6,589) (673) Net $ (72,949) $ 12,529 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of objectives policies and processes for managing capital 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. Despite the impacts of COVID-19 on the global economy, Cameco’s approach to capital management has remained consistent. 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 2022 reflect the environment that the Company is operating in, similar to the prior comparative period. The capital structure at December 31 was as follows: 2022 2021 Long-term debt [note 14] 997,000 996,250 Cash and cash equivalents (1,143,674) (1,247,447) Short-term investments (1,138,174) (84,906) Net debt (1,284,848) (336,103) Non-controlling interest 11 127 Shareholders' equity 5,836,054 4,845,841 Total 5,836,065 4,845,968 Total capital $ 4,551,217 $ 4,509,865 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, 2022, Cameco met these requirements. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented information | 29. Cameco has two reportable segments: uranium and fuel services. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. 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. 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 are resuming 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 $ 218,439,000 readiness costs during the year (2021 - $ 209,556,000 $ 40,359,000 of increased purchasing activity at a higher cost than produced pounds. This had a negative impact on gross profit in the uranium segment. Accounting policies used in each segment are consistent with the policies outlined in the summary of significant accounting policies. A. 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 For the year ended December 31, 2021 Uranium Fuel services Other Total Revenue $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 Expenses Cost of products and services sold 1,028,816 242,574 11,245 1,282,635 Depreciation and amortization 134,629 43,344 12,442 190,415 Cost of sales 1,163,445 285,918 23,687 1,473,050 Gross profit (loss) (108,452) 118,359 (7,973) 1,934 Administration - - 127,566 127,566 Exploration 8,016 - - 8,016 Research and development - - 7,168 7,168 Other operating income (8,407) - - (8,407) (Gain) loss on disposal of assets (2,886) 6,689 - 3,803 Finance costs - - 76,612 76,612 Gain on derivatives - - (12,529) (12,529) Finance income - - (6,804) (6,804) Share of earnings from equity-accounted investee (68,283) - - (68,283) Other expense (income) - 301 (21,654) (21,353) Earnings (loss) before income taxes (36,892) 111,369 (178,332) (103,855) Income tax recovery (1,201) Net loss (102,654) Capital expenditures for the year $ 72,786 $ 22,792 $ 3,206 $ 98,784 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: 2022 2021 Canada $ 994,534 $ 704,719 United States 873,469 770,265 $ 1,868,003 $ 1,474,984 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2022 2021 Canada $ 3,042,533 $ 3,100,285 Australia 397,678 395,223 United States 80,352 131,683 Kazakhstan 38 46 Germany 6 11 $ 3,520,607 $ 3,627,248 C. Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium conversion services. During 2022, revenues from one customer of Cameco’s uranium and fuel services segments represented approximately $ 227,846,000 166,068,000 ), approximately 12 % (2021 - 11 %) 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, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Group entities | 30. The following are the principal subsidiaries and associates of the Company: Principal place of business 2022 2021 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 Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associates: JV Inkai Kazakhstan 40% 40% |
Joint operations
Joint operations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of 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 2022 2021 Total assets McArthur River Canada 69.81% $ 998,368 $ 1,010,956 Key Lake Canada 83.33% 527,841 549,051 Cigar Lake (a) Canada 54.55% 1,219,036 1,294,333 $ 2,745,245 $ 2,854,340 Total liabilities McArthur River 69.81% $ 37,881 $ 36,697 Key Lake 83.33% 240,487 267,579 Cigar Lake (a) 54.55% 50,362 45,503 $ 328,730 $ 349,779 (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, 2022 | |
Disclosure of transactions between 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: 2022 2021 Short-term employee benefits $ 23,557 $ 20,663 Share-based compensation (a) 21,149 34,639 Post-employment benefits 6,532 6,188 Termination - 161 Total $ 51,238 $ 61,651 (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, 2022, Cameco had purchases of $ 206,818,000 155,937,000 233,621,000 185,763,000 Inkai of $ 117,698,000 92,425,000 50,128,000 40,286,000 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments Abstract | |
Commitments | 33. On October 11, 2022, Cameco announced that it had entered into a strategic partnership with Brookfield Renewable Partners (Brookfield Renewable) and its institutional partners to acquire Westinghouse Electric Company (Westinghouse), one of the world’s largest nuclear services businesses. Brookfield Renewable, with its institutional partners, will own a 51 % interest in Westinghouse and Cameco will own 49 %. Cameco’s share of the purchase price will be funded with a combination of cash, debt and equity. The Company secured a bridge loan facility of $ 280,000,000 600,000,000 364 days after the acquisition closing date and the term loans, which consist of two 300,000,000 to mature two and three years after the closing of the acquisition. In addition, as disclosed in note 17, Cameco issued 34,057,250 Transaction costs of $ 41,227,000 financial position as of the year ended December 31, 2022. Under the terms of the agreement, if the transaction does not close, Cameco is entitled to recover a portion of these costs. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant 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 8, 2023. |
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 significant 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. |
Investments in equity-accounted investees | iii. Cameco’s investments in equity-accounted investees include investments in associates. 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, but can also arise where the Company holds less than 20% if it has the power to be actively involved and influential in policy decisions affecting the entity. Investments in associates 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 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 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. |
Joint arrangements | iv. 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. |
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 equity-accounted investees 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 exchange rates prevailing at the dates 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 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, plant and equipment. 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 exchange rates 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. 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. |
Borrowing costs | iv. Borrowing costs on funds directly attributable to finance the acquisition, production or construction of a qualifying asset are capitalized until such time as substantially all the activities necessary to prepare the qualifying asset for its intended use are complete. A qualifying asset is one that takes a substantial period of time to prepare for its intended use. Capitalization is discontinued when the asset enters the production stage or development ceases. Where the funds used to finance a project form part of general borrowings, interest is capitalized based on the weighted average interest rate applicable to the general borrowings outstanding during the period of construction. |
Repairs and maintenance | v. 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. At the date of acquisition, goodwill is allocated to the cash generating unit (CGU), or group of CGUs that is expected to receive the economic benefits of the business combination. 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 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 comprise interest and fees on borrowings, unwinding of the discount on provisions and costs incurred on redemption of debentures. 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, debt investments measured at FVOCI, 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 and debt securities at FVOCI are assessed at each reporting date to determine whether they are ‘credit-impaired’. 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. For debt securities at FVOCI, the loss allowance is charged to earnings and is recognized in OCI. 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. The technical feasibility and commercial viability of extracting a resource is considered to be determinable based on several factors, including the existence of proven and probable reserves and the demonstration that future economic benefits are probable. When an area is determined to be technically feasible and commercially viable, the exploration and evaluation assets attributable to that area are first tested for impairment and then transferred to property, plant and equipment. 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. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan other than a defined contribution plan. Typically, pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. 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. |
Explanation of 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 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. 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. 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. 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. The Company does not have any instruments that have been designated as hedge transactions at December 31, 2022 and 2021. |
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. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. |
Government assistance | W. Government grants are recognized when there is reasonable assurance that the Company has complied with the relevant conditions of the grant and that the grant will be received. Grants that compensate the Company for expenses incurred are recognized in profit or loss as other income on a systematic basis in the periods in which the expenses have been recognized. |
Significant accounting polici_3
Significant accounting policies (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Significant 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 |
Acquisition of additional int_2
Acquisition of additional interest in Cigar Lake Joint Venture (CLJV) (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Business Combination And Discontinued Operatons [Abstract] | |
Disclosure Of Detailed Information About Business Combinations Explanatory | Property, plant and equipment $ 97,930 Deferred tax asset (a) 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 (b) $ 22,802 (a) acquisition. (b) 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, 2022 | |
Trade And Other Receivables [Abstract] | |
Schedule of accounts receivable | 2022 2021 Trade receivables $ 167,688 $ 271,015 GST/VAT 5,856 3,919 Other receivables 10,400 1,205 Total $ 183,944 $ 276,139 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes Of Inventories [Abstract] | |
Schedule of Inventories | 2022 2021 Uranium Concentrate $ 537,426 $ 319,257 Broken ore 46,703 46,324 584,129 365,581 Fuel services 80,144 43,549 Other 425 391 Total $ 664,698 $ 409,521 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property plant and equipment | 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 [note 16] (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 [note 16] (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 At December 31, 2021 Land Plant Furniture Exploration and and Under and buildings equipment construction Total Cost Beginning of year $ 5,224,333 $ 2,699,844 $ 78,911 $ 139,051 $ 1,125,483 $ 9,267,622 Additions 1,520 8,807 700 87,637 120 98,784 Transfers 17,145 31,243 5,130 (52,797) - 721 Change in reclamation provision (62,427) - - - - (62,427) Disposals (23,075) (6,019) (345) (6,691) - (36,130) Effect of movements in exchange rates (5,287) (1,314) (30) - (52,364) (58,995) End of year 5,152,209 2,732,561 84,366 167,200 1,073,239 9,209,575 Accumulated depreciation and impairment Beginning of year 3,031,292 1,876,336 74,246 36,798 483,663 5,502,335 Depreciation charge 104,641 92,670 4,246 - - 201,557 Change in reclamation provision (a) (8,407) - - - - (8,407) Disposals (20,999) (5,623) (345) - - (26,967) Effect of movements in exchange rates (4,787) (1,155) (28) - (25,416) (31,386) End of year 3,101,740 1,962,228 78,119 36,798 458,247 5,637,132 Right-of-use assets Beginning of year 1,806 2,322 2,142 - - 6,270 Additions - 477 - - - 477 Depreciation charge (875) (494) (501) - - (1,870) Transfers - (721) - - - (721) End of year 931 1,584 1,641 - - 4,156 Net book value at December 31, 2021 $ 2,051,400 $ 771,917 $ 7,888 $ 130,402 $ 614,992 $ 3,576,599 (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, 2022 | |
Intangible Assets And Goodwill [Abstract] | |
Reconciliation of carrying amount of goodwill and intangibles | At December 31, 2022 Intellectual Contracts 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 At December 31, 2021 Intellectual Contracts property Total Cost Beginning of year $ 111,388 $ 118,819 $ 230,207 Effect of movements in exchange rates (770) - (770) End of year 110,618 118,819 229,437 Accumulated amortization and impairment Beginning of year 109,663 64,722 174,385 Amortization charge 975 3,582 4,557 Effect of movements in exchange rates (752) - (752) End of year 109,886 68,304 178,190 Net book value at December 31, 2021 $ 732 $ 50,515 $ 51,247 |
Long-term receivables, invest_2
Long-term receivables, investments and other (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Categories Of Noncurrent Financial Assets [Abstract] | |
Long-term receivables, investments and other | 2022 2021 Deferred charges $ 29,585 $ - Derivatives [note 27] 2,807 32,098 Investment tax credits 95,812 95,722 Amounts receivable related to tax dispute [note 22] (a) 295,221 295,221 Product loan (b) 200,998 176,904 Other 3,264 814 627,687 600,759 Less current portion (32,180) (23,232) Net $ 595,507 $ 577,527 (a) interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA) (see note 22). 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 totalling $ 295,221,000 $ 295,221,000 ) (note 22). (b) 5,400,000 was obligated to repay the Company in kind with uranium concentrate no later than December 31, 2023. During the first quarter of 2022, the repayment terms were extended to December 31, 2028 . During 2022, 1,828,999 repayment on this loan. |
Equity-accounted investee (Tabl
Equity-accounted investee (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [Abstract] | |
Equity method investment summarized financial information balance sheet explanatory | The following tables summarize the financial information of JV Inkai (100%): 2022 2021 Cash and cash equivalents $ 14,950 $ 12,893 Other current assets 373,868 301,589 Non-current assets 334,954 328,469 Current liabilities (34,606) (32,774) Non-current liabilities (37,644) (38,635) Net assets $ 651,522 $ 571,542 |
Equity method investment summarized financial information income statement explanatory | 2022 2021 Revenue from products and services $ 476,354 $ 387,319 Cost of products and services sold (66,119) (55,397) Depreciation and amortization (24,749) (25,300) Finance income 1,341 349 Finance costs (2,635) (796) Other expense (30,770) (16,636) Income tax expense (74,763) (60,357) Net earnings 278,659 229,182 Total comprehensive income $ 278,659 $ 229,182 |
Reconciliation of summarized financial information to carrying amount | The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai: 2022 2021 Opening net assets $ 571,542 $ 440,565 Total 278,659 229,182 Dividends declared (195,865) (85,198) Impact of foreign exchange (2,814) (13,007) Closing net assets 651,522 571,542 Cameco's share of net assets 260,609 228,617 Consolidating adjustments (a) (82,275) (60,348) Fair value increment (b) 83,675 85,976 Dividends in excess of ownership percentage (c) (48,641) (22,085) Impact of foreign exchange (2,396) 1,080 Carrying amount in the statement of financial position $ 210,972 $ 233,240 (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 _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade And Other Current Payables [Abstract] | |
Schedule of payable and accrued liabilities | 2022 2021 Trade payables $ 249,962 $ 213,377 Non-trade payables 65,182 66,048 Payables due to related parties [note 25] 59,570 61,033 Total $ 374,714 $ 340,458 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncurrent Liabilities [Abstract] | |
Long-term debt | 2022 2021 Unsecured debentures Series F - 5.09 % debentures due November 14, 2042 99,355 99,336 Series G - 4.19 % debentures due June 24, 2024 499,407 499,010 Series H - 2.95 % debentures due October 21, 2027 398,238 397,904 Total $ 997,000 $ 996,250 The table below represents currently scheduled maturities of long-term debt: 2023 2024 2025 2026 2027 Thereafter Total $ - 499,407 - - 398,238 99,355 $ 997,000 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other liabilities | 2022 2021 Deferred sales [note 18] $ 66,845 $ 23,316 Derivatives [note 27] 58,342 4,997 Accrued pension and post-retirement benefit liability [note 26] 66,180 89,002 Lease obligation 9,287 4,872 Product loan (a) 78,094 15,763 Sales contracts [note 6] 9,000 - Other 59,738 56,615 347,486 194,565 Less: current portion (131,324) (22,791) Net $ 216,162 $ 171,774 (a) The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to 2,438,000 6 2,817,000 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, 2022, we have 1,529,000 6 |
Standby product loan facilities with various counterparties | 2023 2024 2025 2026 Total kgU of UF 6 331,000 - 287,000 911,000 1,529,000 2023 2024 2025 2026 Total lbs of U 3 O 8 1,150,000 - - 243,000 1,393,000 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [Abstract] | |
Reconciliation of change of reclamation and waste provisions | Reclamation Waste disposal Total Beginning of year $ 1,126,969 $ 9,405 $ 1,136,374 Changes in estimates and discount rates [note 9] Capitalized in property, plant and equipment (116,395) - (116,395) Recognized in earnings [note 9] 22,944 1,564 24,508 Acquisitions [note 6] 2,528 - 2,528 Provisions used during the period (27,159) (1,333) (28,492) Unwinding of discount [note 20] 28,681 298 28,979 Effect of movements in exchange rates 23,528 - 23,528 End of period $ 1,061,096 $ 9,934 $ 1,071,030 Current $ 46,004 $ 2,301 $ 48,305 Non-current 1,015,092 7,633 1,022,725 $ 1,061,096 $ 9,934 $ 1,071,030 |
Reclamation provisions | 2022 2021 Uranium $ 870,877 $ 900,482 Fuel services 190,219 226,487 Total $ 1,061,096 $ 1,126,969 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Common shares issued | Number issued 2022 2021 Beginning of year 398,059,265 396,262,741 Issued: Stock option plan [note 25] 401,955 1,796,524 Equity issuance (a) 34,057,250 - End of year 432,518,470 398,059,265 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue - Disaggregation | 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 Uranium Fuel services Other Total Customer geographical region Americas $ 547,257 $ 287,802 $ 12,769 $ 847,828 Europe 218,879 77,110 2,945 298,934 Asia 288,857 39,365 - 328,222 $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 Contract type Fixed-price $ 307,858 $ 384,065 $ 11,421 $ 703,344 Market-related 747,135 20,212 4,293 771,640 $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 |
Revenue - Contract liabilities | 2022 2021 Beginning of year $ 23,316 $ 14,382 Additions 45,978 16,531 Recognized in revenue (2,463) (7,596) Effect of movements in exchange rates 14 (1) End of year $ 66,845 $ 23,316 |
Revenue - Remaining performance obligations | 2023 2024 2025 2026 2027 Thereafter Total Uranium $ 556,122 $ 629,675 $ 627,534 $ 237,052 $ 238,354 $ 622,034 $ 2,910,771 Fuel services 339,355 355,915 329,091 244,236 235,089 1,016,232 2,519,918 Total $ 895,477 $ 985,590 $ 956,625 $ 481,288 $ 473,443 $ 1,638,266 $ 5,430,689 |
Employee benefit expense (Table
Employee benefit expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes Of Employee Benefits Expense [Abstract] | |
Employee benefit expenses | 2022 2021 Wages and salaries $ 278,980 $ 236,181 Statutory and company benefits 52,247 43,870 Expenses related to defined benefit plans [note 26] 5,656 5,350 Expenses related to defined contribution plans [note 26] 15,189 12,939 Equity-settled share-based compensation [note 25] 6,859 7,837 Cash-settled share-based compensation [note 25] 24,369 41,839 Total $ 383,300 $ 348,016 |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Schedule of finance costs | 2022 2021 Interest on long-term debt $ 40,059 $ 39,266 Unwinding of discount on provisions [note 16] 28,979 21,445 Other charges 16,690 15,901 Total $ 85,728 $ 76,612 |
Other income (expense) (Tables)
Other income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income Expense [Abstract] | |
Other income (expense) | 2022 2021 Foreign exchange gains 74,132 446 Government assistance (a) - 21,209 Bargain purchase gain [note 6] 22,802 - Other - (302) Total $ 96,934 $ 21,353 (a) Emergency Wage Subsidy program (CEWS). CEWS provides a subsidy on eligible remuneration based on certain criteria. In 2021, the Company qualified for the subsidy for the periods January through June. other contingencies attached to this government assistance. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Absract] | |
Schedule of Deferred tax assets and liabilities | Recognized in earnings As at December 31 2022 2021 2022 2021 Assets Property, plant and equipment $ 84,668 $ 82,677 $ 448,136 $ 363,468 Provision for reclamation (3,817) (14,509) 203,816 207,633 Inventories 1,689 2,489 8,248 6,559 Foreign exploration and development (1,816) (812) 2,641 4,457 Income tax losses (gains) (66,227) (80,802) 235,683 301,910 Defined benefit plan actuarial losses - - 2,698 8,126 Long-term investments and other (2,355) 16,405 82,849 45,426 Deferred tax assets 12,142 5,448 984,071 937,579 Liabilities Property, plant and equipment - - - - Inventories - - - - Deferred tax liabilities - - - - Net deferred tax asset $ 12,142 $ 5,448 $ 984,071 $ 937,579 Deferred tax allocated as 2022 2021 Deferred tax assets $ 984,071 $ 937,579 Deferred tax liabilities - - Net deferred tax asset $ 984,071 $ 937,579 2022 2021 Deferred tax asset at beginning of year $ 937,579 $ 936,678 Recovery for the year in net earnings 12,142 5,448 Recovery for the year in equity 11,593 - Recovery for the year in purchase price equation 28,196 - Expense for the year in other comprehensive income (5,440) (4,541) Effect of movements in exchange rates 1 (6) End of year $ 984,071 $ 937,579 2022 2021 Income tax losses $ 337,749 $ 288,637 Property, plant and equipment 2,297 2,209 Provision for reclamation 78,336 66,573 Long-term investments and other 18,628 58,330 Total $ 437,010 $ 415,749 |
Schedule of Tax rate reconciliation | 2022 2021 Earnings (loss) before income taxes and non-controlling interest $ 84,795 $ (103,855) Combined federal and provincial tax rate 26.9% 26.9% Computed income tax expense (recovery) 22,810 (27,937) Increase (decrease) in taxes resulting from: Difference between Canadian rates and rates applicable to subsidiaries in other countries 8,986 28,690 Change in unrecognized deferred tax assets 1,234 22,068 Income in equity-accounted investee (25,264) (24,481) Change in uncertain tax positions (6,282) 1,099 Bargain purchase gain (6,129) - Other permanent differences 176 (640) Income tax recovery $ (4,469) $ (1,201) |
Schedule of Earnings and income taxes by jurisdiction | 2022 2021 Earnings (loss) before income taxes Canada $ 99,944 $ 58,624 Foreign (15,149) (162,479) $ 84,795 $ (103,855) Current income taxes Canada $ 2,260 $ 2,257 Foreign 5,413 1,990 $ 7,673 $ 4,247 Deferred income tax recovery Canada $ (10,178) $ (3,937) Foreign (1,964) (1,511) $ (12,142) $ (5,448) Income tax recovery $ (4,469) $ (1,201) |
Schedule of Income tax losses | Date of expiry Canada US Other Total 2026 $ - $ - $ 14,720 $ 14,720 2027 - - 243 243 2028 - - 63 63 2029 47 - 12,625 12,672 2031 - 21,768 - 21,768 2032 272 23,444 - 23,716 2033 - 36,033 - 36,033 2034 - 16,724 4,526 21,250 2035 282,522 7,622 7,233 297,377 2036 210,591 46,621 5,698 262,910 2037 27 34,921 2,985 37,933 2038 500 37,660 320 38,480 2039 6,423 29,130 335 35,888 2040 3,110 55,775 - 58,885 2041 77 229,464 - 229,541 2042 49 22,577 - 22,626 No expiry - - 1,057,720 1,057,720 $ 503,618 $ 561,739 $ 1,106,468 $ 2,171,825 |
Per share amounts (Tables)
Per share amounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Per Share Amounts [Abstract] | |
Schedule of Earnings Per Share computation per common share | 2022 2021 Basic earnings (loss) per share computation Net earnings (loss) attributable to equity holders $ 89,382 $ (102,577) Weighted average common shares outstanding 405,494 397,631 Basic earnings (loss) per common share $ 0.22 $ (0.26) Diluted earnings (loss) per share computation Net earnings (loss) attributable to equity holders $ 89,382 $ (102,577) Weighted average common shares outstanding 405,494 397,631 Dilutive effect of stock options 1,641 - Weighted average common shares outstanding, assuming dilution 407,135 397,631 Diluted earnings (loss) per common share $ 0.22 $ (0.26) |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Of Cash Flows Disclosure [Abstract] | |
Statements of detailed information of cash flow | 2022 2021 Changes in non-cash working capital: Accounts receivable $ 99,601 $ (75,678) Inventories (162,858) 300,307 Supplies and prepaid expenses (63,500) (5,908) Accounts payable and accrued liabilities 16,401 91,757 Reclamation payments (28,492) (19,542) Other 19,417 (3,683) Total $ (119,431) $ 287,253 |
Reconciliation of liabilities arising from financing activities | Long-term Interest Lease Dividends Share debt payable obligation payable capital Total Balance at January 1, 2022 $ 996,250 $ 3,558 $ 4,872 $ - $ 1,903,357 $ 2,908,037 Changes from financing cash flows: Dividends paid - - - (51,895) - (51,895) Interest paid - (38,531) (325) - - (38,856) Lease principal payments - - (2,908) - - (2,908) Shares issued, stock option plan - - - - 9,632 9,632 Issuance of shares [note 17] - - - - 953,285 953,285 Total cash changes - (38,531) (3,233) (51,895) 962,917 869,258 Non-cash changes: Amortization of issue costs 750 - - - - 750 Dividends declared - - - 51,895 - 51,895 Interest expense - 38,984 325 - - 39,309 Right-of-use asset additions - - 7,853 - - 7,853 Other - - (523) - - (523) Shares issued, stock option plan - - - - 2,469 2,469 Issuance of shares, deferred tax [note 17] - - - - 11,593 11,593 Foreign exchange - - (7) - - (7) Total non-cash changes 750 38,984 7,648 51,895 14,062 113,339 Balance at December 31, 2022 $ 997,000 $ 4,011 $ 9,287 $ - $ 2,880,336 $ 3,890,634 |
Share-based compensation plans
Share-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Schedule of number of stock options and weighted average exercisable price | (Number of options) 2022 2021 Beginning of year 3,458,001 6,158,539 Options granted - - Options forfeited - (18,005) Options expired (2,475) (886,009) Options exercised [note 17] (401,955) (1,796,524) End of year 3,053,571 3,458,001 Exercisable 3,053,571 3,162,415 2022 2021 Beginning of year $16.72 $16.98 Options granted - - Options forfeited - 26.08 Options expired 26.81 22.05 Options exercised 23.96 14.90 End of year $15.75 $16.72 Exercisable $15.75 $16.85 |
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 15.83 1,772,271 3.2 $14.57 1,772,271 $14.57 $ 15.84 19.3 1,281,300 0.8 $17.39 1,281,300 $17.39 3,053,571 3,053,571 |
Compensation expense under equity settled plans | 2022 2021 Employee share ownership plan $ 3,541 $ 3,301 Restricted share unit plan 3,273 2,933 Performance share unit plan (a) - 1,237 Stock option plan 45 366 Total $ 6,859 $ 7,837 (a) no or redeemed for cash with an equivalent market value. |
Expenses (recoveries) cash-settled plans | 2022 2021 Performance share unit plan $ 11,221 $ 25,784 Restricted share unit plan 9,342 6,890 Deferred share unit plan 2,811 6,741 Phantom stock option plan 751 2,261 Phantom restricted share unit plan 244 163 Total $ 24,369 $ 41,839 |
Equity-settled plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of sharebased plans | Grant date Mar 1/22 Number of options granted 129,910 Average strike price $31.17 Expected forfeitures 10% Weighted average grant date fair values $31.17 |
Cash Settled Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Inputs measurement fair value of sharebased plans | Phantom PSU RSU RSU Number of units 238,610 159,140 10,142 Expected vesting 92% - - Expected dividend - - $0.08 Expected life of option 3 3 3 Expected forfeitures 9% 9% 7% Weighted average measurement date fair values $31.17 $31.17 $31.17 Phantom Phantom stock options PSU RSU RSU Number of units 94,135 1,255,255 815,098 21,148 Expected vesting - 72% - - Average strike price $12.55 - - - Expected dividend $0.12 - - $0.12 Expected volatility 53% - - - Risk-free interest rate 3.8% - - - Expected life of option 3 0.7 0.8 1.4 Expected forfeitures 7% 2% 8% 8% Weighted average measurement date fair values $20.22 $30.69 $30.69 $30.69 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Information related to defined benefit plan | Pension benefit plans Other benefit plans 2022 2021 2022 2021 Fair value of plan assets, beginning of year $ 5,693 $ 6,217 $ - $ - Interest income on plan assets 157 144 - - Return on assets excluding interest income (555) 172 - - Employer contributions - 67 - - Benefits paid (890) (903) - - Administrative costs paid (3) (4) - - Fair value of plan assets, end of year $ 4,402 $ 5,693 $ - $ - Defined benefit obligation, beginning of year $ 69,998 $ 72,119 $ 24,697 $ 25,827 Current service cost 2,302 2,332 915 956 Interest cost 1,867 1,550 726 652 Actuarial loss (gain) arising from: (20,913) (1,996) (5,881) (1,403) 1,396 (903) 161 (697) Benefits paid (3,666) (1,741) (1,254) (638) Foreign exchange 234 (1,363) - - Defined benefit obligation, end of year $ 51,218 $ 69,998 $ 19,364 $ 24,697 Defined benefit liability [note 15] $ (46,816) $ (64,305) $ (19,364) $ (24,697) |
Percentages of the total fair value of assets pension plan | Pension benefit plans 2022 2021 Asset category (a) Canadian equity securities 6% 8% U.S. equity securities 11% 13% Global equity securities 6% 8% Canadian fixed income 28% 32% Other (b) 49% 39% 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 2022 2021 2022 2021 Current service cost $ 2,302 $ 2,332 $ 915 $ 956 Net interest cost 1,710 1,406 726 652 Administration cost 3 4 - - Defined benefit expense [note 19] 4,015 3,742 1,641 1,608 Defined contribution pension expense [note 19] 15,189 12,939 - - Net pension and other benefit expense $ 19,204 $ 16,681 $ 1,641 $ 1,608 |
Amount of actuarial losses (gains) recognized in other comprehensive income | The total amount of actuarial gains recognized in other comprehensive income is: Pension benefit plans Other benefit plans 2022 2021 2022 2021 Actuarial gains $ (19,517) $ (2,899) $ (5,720) $ (2,100) Return on plan assets excluding interest income 555 (172) - - $ (18,962) $ (3,071) $ (5,720) $ (2,100) |
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 2022 2021 2022 2021 Discount rate - obligation 4.5% 2.3% 5.1% 2.9% Discount rate - expense 2.3% 2.4% 2.9% 2.5% Rate of compensation increase 3.0% 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 $ (6,148) $ 7,737 $ (2,366) $ 2,975 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, 2022 | |
Fair value measurement, carrying amounts: | |
Pre-tax exposure to foreign currency exchange risk | Carrying value Currency (Cdn) Gain (loss) Cash and cash equivalents USD $ 414,683 $ 20,734 Short-term investments USD 886,020 44,301 Accounts receivable USD 136,246 6,812 Accounts payable and accrued liabilities USD (176,746) (8,837) Net foreign currency derivatives USD (48,251) (71,836) |
Counterparty credit risk, as represented by the carrying amount of the financial assets | 2022 2021 Cash and cash equivalents $ 1,143,674 $ 1,247,447 Short-term investments 1,138,174 84,906 Accounts receivable [note 7] 178,088 272,220 Derivative assets [note 11] 2,807 32,098 |
Exposure to credit risk for trade receivables | Carrying value Investment grade credit rating $ 139,708 Non-investment grade credit rating 27,980 Total gross carrying amount $ 167,688 Loss allowance - Net $ 167,688 |
Aged trade receivables | Corporate Other customers customers Total Current (not past due) $ 166,361 $ 398 166,759 1-30 days past due 639 171 810 More than 30 days past due 99 20 119 Total $ 167,099 $ 589 167,688 |
Liquidity risk, company's available debt facilities | The table below outlines the Company’s available debt facilities at December 31, 2022: Outstanding and Total amount Unsecured revolving credit facility [note 14] $ 1,000,000 $ - $ 1,000,000 Letter of credit facilities [note 14] 1,756,754 1,593,379 163,375 |
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 $ 374,714 $ 374,714 $ 374,714 $ - $ - $ - Long-term debt 997,000 1,000,000 - 500,000 400,000 100,000 Foreign currency contracts 51,058 51,058 23,476 27,582 - - Interest rate contracts 7,284 7,284 2,437 2,987 1,860 - Lease obligation [note 15] 9,287 10,314 2,681 2,595 1,718 3,320 Total contractual repayments $ 1,439,343 $ 1,443,370 $ 403,308 $ 533,164 $ 403,578 $ 103,320 Due in Due in 1-3 Due in 3-5 Due after 5 Total Total interest payments on long-term debt $ 192,225 $ 37,840 $ 44,255 $ 33,780 $ 76,350 |
Carrying amounts and accounting classifications | 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 At December 31, 2021 FVTPL Amortized cost Total Financial assets Cash and cash equivalents $ - $ 1,247,447 $ 1,247,447 Short-term investments - 84,906 84,906 Accounts receivable [note 7] - 276,139 276,139 Derivative assets [note 11] Foreign currency contracts 31,534 - 31,534 Interest rate contracts 564 - 564 $ 32,098 $ 1,608,492 $ 1,640,590 Financial liabilities Accounts payable and accrued liabilities [note 13] $ - $ 340,458 $ 340,458 Lease obligation [note 15] - 4,872 4,872 Derivative liabilities [note 15] Foreign currency contracts 3,760 - 3,760 Interest rate contracts 1,237 - 1,237 Long-term debt [note 14] - 996,250 996,250 4,997 1,341,580 1,346,577 Net $ 27,101 $ 266,912 $ 294,013 |
Cumulative gain or loss and fair value at derecognition of equity investments in equity instruments | Fair Value Gain (loss) Investment in Denison Mines Corp. $ 34,827 $ 15,257 Investment in UEX Corporation 19,605 8,758 Investment in ISO Energy Ltd. 10,756 8,078 Investment in GoviEx 3,558 2,996 Other 265 (750) $ 69,011 $ 34,339 |
Fair value of derivative instruments and classification | 2022 2021 Non-hedge derivatives: Foreign currency contracts $ (48,251) $ 27,774 Interest rate contracts (7,284) (673) Net $ (55,535) $ 27,101 Classification: Current portion of long-term receivables, investments and other [note 11] $ 1,331 $ 22,652 Long-term receivables, investments and other [note 11] 1,476 9,446 Current portion of other liabilities [note 15] (25,913) (378) Other liabilities [note 15] (32,429) (4,619) Net $ (55,535) $ 27,101 |
Carrying amounts and level 2 fair value measurement | 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) As at December 31, 2021 Carrying value Fair value Derivative assets [note 11] Foreign currency contracts $ 31,534 $ 31,534 Interest rate contracts 564 564 Derivative liabilities [note 15] Foreign currency contracts (3,760) (3,760) Interest rate contracts (1,237) (1,237) Long-term debt [note 14] (996,250) (1,103,978) Net $ (969,149) $ (1,076,877) |
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: 2022 2021 Non-hedge derivatives: Foreign currency contracts $ (66,360) $ 13,202 Interest rate contracts (6,589) (673) Net $ (72,949) $ 12,529 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of objectives policies and processes for managing capital abstract | |
Capital management | 2022 2021 Long-term debt [note 14] 997,000 996,250 Cash and cash equivalents (1,143,674) (1,247,447) Short-term investments (1,138,174) (84,906) Net debt (1,284,848) (336,103) Non-controlling interest 11 127 Shareholders' equity 5,836,054 4,845,841 Total 5,836,065 4,845,968 Total capital $ 4,551,217 $ 4,509,865 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Segments [Abstract] | |
Business segments | A. 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 For the year ended December 31, 2021 Uranium Fuel services Other Total Revenue $ 1,054,993 $ 404,277 $ 15,714 $ 1,474,984 Expenses Cost of products and services sold 1,028,816 242,574 11,245 1,282,635 Depreciation and amortization 134,629 43,344 12,442 190,415 Cost of sales 1,163,445 285,918 23,687 1,473,050 Gross profit (loss) (108,452) 118,359 (7,973) 1,934 Administration - - 127,566 127,566 Exploration 8,016 - - 8,016 Research and development - - 7,168 7,168 Other operating income (8,407) - - (8,407) (Gain) loss on disposal of assets (2,886) 6,689 - 3,803 Finance costs - - 76,612 76,612 Gain on derivatives - - (12,529) (12,529) Finance income - - (6,804) (6,804) Share of earnings from equity-accounted investee (68,283) - - (68,283) Other expense (income) - 301 (21,654) (21,353) Earnings (loss) before income taxes (36,892) 111,369 (178,332) (103,855) Income tax recovery (1,201) Net loss (102,654) Capital expenditures for the year $ 72,786 $ 22,792 $ 3,206 $ 98,784 |
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: 2022 2021 Canada $ 994,534 $ 704,719 United States 873,469 770,265 $ 1,868,003 $ 1,474,984 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2022 2021 Canada $ 3,042,533 $ 3,100,285 Australia 397,678 395,223 United States 80,352 131,683 Kazakhstan 38 46 Germany 6 11 $ 3,520,607 $ 3,627,248 |
Group entities (Tables)
Group entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Ownership interest in subsidiaries | Principal place of business 2022 2021 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 Australia Pty. Ltd. Australia 100% 100% Cameco Europe Ltd. Switzerland 100% 100% Associates: JV Inkai Kazakhstan 40% 40% |
Joint operations (Tables)
Joint operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of 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 2022 2021 Total assets McArthur River Canada 69.81% $ 998,368 $ 1,010,956 Key Lake Canada 83.33% 527,841 549,051 Cigar Lake (a) Canada 54.55% 1,219,036 1,294,333 $ 2,745,245 $ 2,854,340 Total liabilities McArthur River 69.81% $ 37,881 $ 36,697 Key Lake 83.33% 240,487 267,579 Cigar Lake (a) 54.55% 50,362 45,503 $ 328,730 $ 349,779 (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, 2022 | |
Disclosure of transactions between related parties [Abstract] | |
Compensation for key management personnel | Compensation for key management personnel was comprised of: 2022 2021 Short-term employee benefits $ 23,557 $ 20,663 Share-based compensation (a) 21,149 34,639 Post-employment benefits 6,532 6,188 Termination - 161 Total $ 51,238 $ 61,651 (a) Excludes deferred share units held by directors (see note 25). |
Significant accounting polici_4
Significant accounting policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Acquisition of additional int_3
Acquisition of additional interest in Cigar Lake Joint Venture (CLJV) (Disclosure Of Detailed Information About Business Combinations) (Details) | 12 Months Ended | ||
May 19, 2022 CAD ($) | Dec. 31, 2022 CAD ($) lb | Dec. 31, 2021 CAD ($) | |
Disclosure Of Business Combinations [Line Items] | |||
Reclamation provision | $ (2,528,000) | ||
Sales contracts | (9,000,000) | $ 0 | |
Bargain purchase gain | 22,802,000 | $ 0 | |
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 | ||
Consideration held in escrow | $ 3,000,000 | ||
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, 2022 | Dec. 31, 2021 |
Trade And Other Receivables [Abstract] | ||
Trade receivables | $ 167,688 | $ 271,015 |
GST/VAT receivables | 5,856 | 3,919 |
Other receivables | 10,400 | 1,205 |
Total | $ 183,944 | $ 276,139 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 664,698,000 | $ 409,521,000 |
Cost of sales | 1,359,000,000 | 1,218,000,000 |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Concentrate | 537,426,000 | 319,257,000 |
Broken ore | 46,703,000 | 46,324,000 |
Total inventory | 584,129,000 | 365,581,000 |
Fuel Services [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | 80,144,000 | 43,549,000 |
Other [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Total inventory | $ 425,000 | $ 391,000 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | $ 3,576,599 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 4,156 | $ 6,270 |
Additions | 7,853 | 477 |
Disposals | (11) | |
Depreciation charge | (2,117) | (1,870) |
Transfers | (429) | (721) |
Right-of-use assets - end of year | 9,452 | 4,156 |
Property, plant and equipment - End of year | 3,473,490 | 3,576,599 |
Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 9,209,575 | 9,267,622 |
Acquisitions | 97,930 | |
Additions | 143,448 | 98,784 |
Transfers | 429 | 721 |
Change in reclamation provision | (93,451) | (62,427) |
Disposals | (15,004) | (36,130) |
Effect of movements in exchange rates | 73,424 | (58,995) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 9,416,351 | 9,209,575 |
Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (5,637,132) | (5,502,335) |
Depreciation charge | 241,323 | 201,557 |
Change in reclamation provision | (22,944) | 8,407 |
Disposals | 13,701 | 26,967 |
Effect of movements in exchange rates | (64,615) | (31,386) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (5,952,313) | (5,637,132) |
Land and buildgings [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 2,051,400 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 931 | 1,806 |
Additions | 5,917 | 0 |
Disposals | 0 | |
Depreciation charge | (870) | (875) |
Transfers | (19) | 0 |
Right-of-use assets - end of year | 5,959 | 931 |
Property, plant and equipment - End of year | 1,902,228 | 2,051,400 |
Land and buildgings [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 5,152,209 | 5,224,333 |
Acquisitions | 67,998 | |
Additions | 4,385 | 1,520 |
Transfers | 25,023 | 17,145 |
Change in reclamation provision | (93,451) | (62,427) |
Disposals | (4,885) | (23,075) |
Effect of movements in exchange rates | 45,859 | (5,287) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 5,197,138 | 5,152,209 |
Land and buildgings [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (3,101,740) | (3,031,292) |
Depreciation charge | 137,543 | 104,641 |
Change in reclamation provision | (22,944) | 8,407 |
Disposals | 4,851 | 20,999 |
Effect of movements in exchange rates | (43,493) | (4,787) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (3,300,869) | (3,101,740) |
Plant and equipment [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 771,917 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 1,584 | 2,322 |
Additions | 1,330 | 477 |
Disposals | (11) | |
Depreciation charge | (560) | (494) |
Transfers | (778) | (721) |
Right-of-use assets - end of year | 1,565 | 1,584 |
Property, plant and equipment - End of year | 745,875 | 771,917 |
Plant and equipment [member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 2,732,561 | 2,699,844 |
Acquisitions | 27,646 | |
Additions | 8,927 | 8,807 |
Transfers | 39,091 | 31,243 |
Change in reclamation provision | 0 | 0 |
Disposals | (8,423) | (6,019) |
Effect of movements in exchange rates | 12,507 | (1,314) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 2,812,309 | 2,732,561 |
Plant and equipment [member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (1,962,228) | (1,876,336) |
Depreciation charge | 101,923 | 92,670 |
Change in reclamation provision | 0 | 0 |
Disposals | 8,201 | 5,623 |
Effect of movements in exchange rates | (12,049) | (1,155) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (2,067,999) | (1,962,228) |
Furniture and fixtures [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 7,888 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 1,641 | 2,142 |
Additions | 606 | 0 |
Disposals | 0 | |
Depreciation charge | (687) | (501) |
Transfers | 368 | 0 |
Right-of-use assets - end of year | 1,928 | 1,641 |
Property, plant and equipment - End of year | 6,432 | 7,888 |
Furniture and fixtures [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 84,366 | 78,911 |
Acquisitions | 70 | |
Additions | 209 | 700 |
Transfers | (167) | 5,130 |
Change in reclamation provision | 0 | 0 |
Disposals | (650) | (345) |
Effect of movements in exchange rates | 252 | (30) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 84,080 | 84,366 |
Furniture and fixtures [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (78,119) | (74,246) |
Depreciation charge | 1,857 | 4,246 |
Change in reclamation provision | 0 | 0 |
Disposals | 649 | 345 |
Effect of movements in exchange rates | (249) | (28) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | (79,576) | (78,119) |
Under constructions [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 130,402 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | |
Depreciation charge | 0 | 0 |
Transfers | 0 | 0 |
Right-of-use assets - end of year | 0 | 0 |
Property, plant and equipment - End of year | 197,792 | 130,402 |
Under constructions [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 167,200 | 139,051 |
Acquisitions | 2,216 | |
Additions | 129,734 | 87,637 |
Transfers | (63,518) | (52,797) |
Change in reclamation provision | 0 | 0 |
Disposals | (1,046) | (6,691) |
Effect of movements in exchange rates | 4 | 0 |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 234,590 | 167,200 |
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 |
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 | 614,992 | |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Right-of-use assets - beginning of year | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | |
Depreciation charge | 0 | 0 |
Transfers | 0 | 0 |
Right-of-use assets - end of year | 0 | 0 |
Property, plant and equipment - End of year | 621,163 | 614,992 |
Exploration and evaluation [Member] | Cost [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | 1,073,239 | 1,125,483 |
Acquisitions | 0 | |
Additions | 193 | 120 |
Transfers | 0 | 0 |
Change in reclamation provision | 0 | 0 |
Disposals | 0 | 0 |
Effect of movements in exchange rates | 14,802 | (52,364) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | 1,088,234 | 1,073,239 |
Exploration and evaluation [Member] | Accumulated depreciation and impairment [Member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment - Beginning of year | (458,247) | (483,663) |
Depreciation charge | 0 | 0 |
Change in reclamation provision | 0 | 0 |
Disposals | 0 | 0 |
Effect of movements in exchange rates | (8,824) | (25,416) |
Disclosure of quantitative information about right of use assets [Abstract] | ||
Property, plant and equipment - End of year | $ (467,071) | $ (458,247) |
Property, plant and equipment_3
Property, plant and equipment (Narrative) (Details) | Dec. 31, 2022 CAD ($) |
Disclosure Of Property Plant And Equipment [Line Items] | |
Contracutal capital commitments | $ 56,500,000 |
Intangible assets (Goodwill and
Intangible assets (Goodwill and intangible assets) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | $ 51,247 | |
Intangible assets, end of year | 47,117 | $ 51,247 |
Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 229,437 | 230,207 |
Effect of movements in exchange rates | 8,027 | (770) |
Intangible assets, end of year | 237,464 | 229,437 |
Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | (178,190) | (174,385) |
Amortization charge | (4,193) | (4,557) |
Effect of movements in exchange rates | (7,964) | 752 |
Intangible assets, end of year | (190,347) | (178,190) |
Contracts [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 732 | |
Intangible assets, end of year | 56 | 732 |
Contracts [member] | Cost [Member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 110,618 | 111,388 |
Effect of movements in exchange rates | 8,027 | (770) |
Intangible assets, end of year | 118,645 | 110,618 |
Contracts [member] | Accumulated amortization [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | (109,886) | (109,663) |
Amortization charge | (739) | (975) |
Effect of movements in exchange rates | (7,964) | 752 |
Intangible assets, end of year | (118,589) | (109,886) |
Intellectual Property [member] | ||
Reconciliation of carrying amount [Line Items] | ||
Intangible assets, beginning of year | 50,515 | |
Intangible assets, end of year | 47,061 | 50,515 |
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 | 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 | (68,304) | (64,722) |
Amortization charge | (3,454) | (3,582) |
Effect of movements in exchange rates | 0 | 0 |
Intangible assets, end of year | $ (71,758) | $ (68,304) |
Long-term receivables, invest_3
Long-term receivables, investments and other (Long-term receivables, investments and other) (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) lb kg | Dec. 31, 2021 CAD ($) lb | |
Categories Of Noncurrent Financial Assets [Abstract] | ||
Deferred charges | $ 29,585,000 | $ 0 |
Derivatives | 2,807,000 | 32,098,000 |
Investment tax credits | 95,812,000 | 95,722,000 |
Amounts receivable related to tax dispute | 295,221,000 | 295,221,000 |
Product loan | 200,998,000 | 176,904,000 |
Other | 3,264,000 | 814,000 |
Total (current and non current portion) | 627,687,000 | 600,759,000 |
Less current portion | (32,180,000) | (23,232,000) |
Net | $ 595,507,000 | $ 577,527,000 |
Uranium [member] | Orano Canada Inc [member] | ||
Disclosure of products and services [line items] | ||
Product loan maturity | December 31, 2028 | |
Product loan quantity | lb | 3,571,001 | 5,400,000 |
Repayment on loan receivable | lb | 1,828,999 | |
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 | 700,000 | |
Maximum quantity of raw materials | kg | 1,148,200 |
Equity-accounted investee (Narr
Equity-accounted investee (Narrative) (Details) - JV Inkai [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant investments in associates [Line Items] | ||
Ownership interest in associates | 40% | 40% |
Non-ownership interest in associate | 60% |
Equity-accounted investee (Asso
Equity-accounted investee (Associate financial position) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of significant investments in associates [Line Items] | |||
Cash and cash equivalents | $ 1,143,674,000 | $ 1,247,447,000 | $ 918,382,000 |
Non-current assets | 5,311,157,000 | 5,376,192,000 | |
Current liabilities | (560,841,000) | (413,743,000) | |
Non-current liabilities | (2,235,887,000) | (2,258,033,000) | |
JV Inkai [Member] | |||
Disclosure of significant investments in associates [Line Items] | |||
Cash and cash equivalents | 14,950,000 | 12,893,000 | |
Other current assets | 373,868,000 | 301,589,000 | |
Non-current assets | 334,954,000 | 328,469,000 | |
Current liabilities | (34,606,000) | (32,774,000) | |
Non-current liabilities | (37,644,000) | (38,635,000) | |
Net assets | $ 651,522,000 | $ 571,542,000 | $ 440,565,000 |
Equity-accounted investee (As_2
Equity-accounted investee (Associate statement of earnings) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant investments in associates [Line Items] | ||
Revenue from products and services | $ 1,868,003 | $ 1,474,984 |
Cost of products and services sold | (1,457,336) | (1,282,635) |
Depreciation and amortization | (177,376) | (190,415) |
Finance income | 37,499 | 6,804 |
Finance costs | (85,728) | (76,612) |
Income tax expense | 4,469 | 1,201 |
Net earnings (loss) | 89,264 | (102,654) |
Other comprehensive loss, net of taxes | (18,899) | (4,428) |
Total comprehensive income (loss) | 70,365 | (107,082) |
JV Inkai [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Revenue from products and services | 476,354 | 387,319 |
Cost of products and services sold | (66,119) | (55,397) |
Depreciation and amortization | (24,749) | (25,300) |
Finance income | 1,341 | 349 |
Finance costs | (2,635) | (796) |
Other expense | (30,770) | (16,636) |
Income tax expense | (74,763) | (60,357) |
Net earnings (loss) | 278,659 | 229,182 |
Total comprehensive income (loss) | $ 278,659 | $ 229,182 |
Equity-accounted investee (Reco
Equity-accounted investee (Reconciliation of carrying amount) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant investments in associates [Line Items] | ||
Total comprehensive income | $ 70,365 | $ (107,082) |
Carrying amount in the statement of financial position | 210,972 | 233,240 |
JV Inkai Associate [Member] | ||
Disclosure of significant investments in associates [Line Items] | ||
Opening net assets | 571,542 | 440,565 |
Total comprehensive income | 278,659 | 229,182 |
Dividends declared | (195,865) | (85,198) |
Impact of foreign exchange | (2,814) | (13,007) |
Closing net assets | 651,522 | 571,542 |
Cameco's share of net assets | 260,609 | 228,617 |
Consolidating adjustments | (82,275) | (60,348) |
Fair value increment | 83,675 | 85,976 |
Dividends in excess of ownership percentage | (48,641) | (22,085) |
Impact of foreign exchange | (2,396) | 1,080 |
Carrying amount in the statement of financial position | $ 210,972 | $ 233,240 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Accounts payable and accrued liabilities) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade And Other Current Payables [Abstract] | ||
Trade payables | $ 249,962 | $ 213,377 |
Non-trade payables | 65,182 | 66,048 |
Payables due to related parties | 59,570 | 61,033 |
Total | $ 374,714 | $ 340,458 |
Long term debt - Schedules (Nar
Long term debt - Schedules (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
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 | |
Outstanding letters of credit facility | 1,593,379,000 | $ 1,573,873,000 |
Gross Letters Of Credit Committments | $ 1,756,754,000 | $ 1,696,041,000 |
Debt to tangible net worth ratio | 1 | |
Credit Facility Maturity | October 1, 2026 |
Long term debt - Schedules (Lon
Long term debt - Schedules (Long-term debt) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 997,000 | |
Long-term debt | 997,000 | $ 996,250 |
2023 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2024 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 499,407 | |
2025 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2026 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 0 | |
2027 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 398,238 | |
Thereafter [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | 99,355 | |
Series F [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured debentures | $ 99,355 | 99,336 |
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 | $ 499,407 | 499,010 |
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 | $ 398,238 | $ 397,904 |
Stated interest rates on debentures | 2.95% | |
Maturity date of borrowings | October 21, 2027 |
Other liabilities (Narrative) (
Other liabilities (Narrative) (Details) - Product Loan [Member] | 12 Months Ended |
Dec. 31, 2022 kg lb | |
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 | 1,529,000 |
UF6 [Member] | Top of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Available quantity | kg | 2,438,000 |
Uranium [member] | |
Disclosure of detailed information about borrowings [line items] | |
Product loans drawn | lb | 1,393,000 |
Uranium [member] | Top of range [member] | |
Disclosure of detailed information about borrowings [line items] | |
Available quantity | lb | 2,817,000 |
Other liabilities (Disclosure O
Other liabilities (Disclosure Of Other Liabilities Explanatory) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Deferred sales | $ 66,845 | $ 23,316 |
Derivatives | 58,342 | 4,997 |
Accrued pension and post-retirement benefit liability | 66,180 | 89,002 |
Lease obligation | 9,287 | 4,872 |
Product loan | 78,094 | 15,763 |
Sales contracts | 9,000 | 0 |
Other | 59,738 | 56,615 |
Total other liabilities | 347,486 | 194,565 |
Less current portion | (131,324) | (22,791) |
Net | $ 216,162 | $ 171,774 |
Other liabilities (Standby prod
Other liabilities (Standby product loan facilities with various counterparties) (Details) - Product Loan [Member] | Dec. 31, 2022 lb kg |
UF6 conversion services [member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | kg | 1,529,000 |
UF6 conversion services [member] | 2023 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | kg | 331,000 |
UF6 conversion services [member] | 2024 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | kg | 0 |
UF6 conversion services [member] | 2025 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | kg | 287,000 |
UF6 conversion services [member] | 2026 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | kg | 911,000 |
U3O8 [member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | lb | 1,393,000 |
U3O8 [member] | 2023 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | lb | 1,150,000 |
U3O8 [member] | 2024 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | lb | 0 |
U3O8 [member] | 2025 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | lb | 0 |
U3O8 [member] | 2026 [Member] | |
Quantity of uranium drawn [Line Items] | |
Product loans drawn | lb | 243,000 |
Provisions (Details)
Provisions (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions [Line Items] | ||
Beginning of year | $ 1,136,374,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | (116,395,000) | |
Recognized in earnings | 24,508,000 | |
Acquisitions | 2,528,000 | |
Provisions used during the period | (28,492,000) | |
Unwinding of discount | 28,979,000 | |
Effect of movements in exchange rates | 23,528,000 | |
End of period | 1,071,030,000 | |
Current | 48,305,000 | $ 46,365,000 |
Non-current | 1,022,725,000 | 1,090,009,000 |
Outstanding letters of credit facility | 1,593,379,000 | 1,573,873,000 |
Reclamation [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 1,126,969,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | (116,395,000) | |
Recognized in earnings | 22,944,000 | |
Acquisitions | 2,528,000 | |
Provisions used during the period | (27,159,000) | |
Unwinding of discount | 28,681,000 | |
Effect of movements in exchange rates | 23,528,000 | |
End of period | 1,061,096,000 | |
Current | 46,004,000 | |
Non-current | 1,015,092,000 | |
Estimated total future decommissioning and reclamation costs | $ 1,356,092,000 | 1,100,378,000 |
Description of period, majority of expenditures will occur after | 2028 | |
Outstanding letters of credit facility | $ 1,035,348,000 | 1,007,009,000 |
Changes In Other Provisions | 90,923,000 | |
Reclamation [Member] | Uranium [member] | ||
Provisions [Line Items] | ||
Beginning of year | 900,482,000 | |
Changes in estimates and discont rates [Abstract] | ||
End of period | 870,877,000 | |
Reclamation [Member] | Fuel Services [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 226,487,000 | |
Changes in estimates and discont rates [Abstract] | ||
End of period | 190,219,000 | |
Waste Disposal [Member] | ||
Provisions [Line Items] | ||
Beginning of year | 9,405,000 | |
Changes in estimates and discont rates [Abstract] | ||
Capitalized in property, plant and equipment | 0 | |
Recognized in earnings | 1,564,000 | |
Acquisitions | 0 | |
Provisions used during the period | (1,333,000) | |
Unwinding of discount | 298,000 | |
Effect of movements in exchange rates | 0 | |
End of period | 9,934,000 | |
Current | 2,301,000 | |
Non-current | 7,633,000 | |
Waste Disposal [Member] | Fuel Services [Member] | ||
Changes in estimates and discont rates [Abstract] | ||
Estimated total future decommissioning and reclamation costs | $ 8,919,000 | $ 8,169,000 |
Share Capital (Common shares is
Share Capital (Common shares issued) (Details) - CAD ($) | 12 Months Ended | ||
Oct. 17, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of issued shares [Line Items] | |||
Common shares par value | no | ||
Beginning of year | 398,059,265 | 396,262,741 | |
Stock option plan [note 25] | 401,955 | 1,796,524 | |
Equity issuance(a) | 34,057,250 | 34,057,250 | 0 |
End of year | 432,518,470 | 398,059,265 | |
Total consideration | $ 996,867,000 | ||
Net cash proceeds | 953,285,000 | $ 953,285,000 | $ 0 |
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 | $ 0.08 | |
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, 2022 | Dec. 31, 2021 | |
Revenue [abstract] | ||
Revenue From Performance Obligations Satisfied Or Partially Satisfied In Previous Periods | $ 383,000 | |
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 2023 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 | $ 194,000 |
Revenue (Disaggregation) (Detai
Revenue (Disaggregation) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 1,868,003 | $ 1,474,984 |
Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,480,146 | 1,054,993 |
Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 365,063 | 404,277 |
Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 22,794 | 15,714 |
Fixed price Contracts Member | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 856,825 | 703,344 |
Fixed price Contracts Member | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 478,552 | 307,858 |
Fixed price Contracts Member | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 355,479 | 384,065 |
Fixed price Contracts Member | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 22,794 | 11,421 |
Market Price Contracts Member [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,011,178 | 771,640 |
Market Price Contracts Member [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,001,594 | 747,135 |
Market Price Contracts Member [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 9,584 | 20,212 |
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 | 4,293 |
Americas [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 1,115,968 | 847,828 |
Americas [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 806,915 | 547,257 |
Americas [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 289,028 | 287,802 |
Americas [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 20,025 | 12,769 |
Europe [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 339,483 | 298,934 |
Europe [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 284,602 | 218,879 |
Europe [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 52,112 | 77,110 |
Europe [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 2,769 | 2,945 |
Asia [Member] | Reportable Segments Member | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 412,552 | 328,222 |
Asia [Member] | Uranium [member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 388,629 | 288,857 |
Asia [Member] | Fuel Services [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | 23,923 | 39,365 |
Asia [Member] | Other Segment [Member] | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [line items] | ||
Revenue From Contracts With Customers | $ 0 | $ 0 |
Revenue (Deferred revenue) (Det
Revenue (Deferred revenue) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract Liabilities Abstract | ||
Beginning of year | $ 23,316 | $ 14,382 |
Additions | 45,978 | 16,531 |
Recognized in revenue | (2,463) | (7,596) |
Effect of movements in exchange rates | 14 | (1) |
End of year | $ 66,845 | $ 23,316 |
Revenue (Future sales commitmen
Revenue (Future sales commitments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 CAD ($) | |
Reportable Segments Member | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 5,430,689 |
USD/CAD average foreign exchange rate | 1.30 |
Reportable Segments Member | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 895,477 |
Reportable Segments Member | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 985,590 |
Reportable Segments Member | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 956,625 |
Reportable Segments Member | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 481,288 |
Reportable Segments Member | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 473,443 |
Reportable Segments Member | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 1,638,266 |
Uranium [member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 2,910,771 |
Uranium [member] | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 556,122 |
Uranium [member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 629,675 |
Uranium [member] | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 627,534 |
Uranium [member] | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 237,052 |
Uranium [member] | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 238,354 |
Uranium [member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 622,034 |
Fuel Services [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 2,519,918 |
Fuel Services [Member] | 2023 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 339,355 |
Fuel Services [Member] | 2024 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 355,915 |
Fuel Services [Member] | 2025 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 329,091 |
Fuel Services [Member] | 2026 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 244,236 |
Fuel Services [Member] | 2027 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | 235,089 |
Fuel Services [Member] | Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [Line Items] | |
Total | $ 1,016,232 |
Employee benefit expense (Emplo
Employee benefit expense (Employee benefit expenses) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Classes Of Employee Benefits Expense [Abstract] | ||
Wages and salaries | $ 278,980 | $ 236,181 |
Statutory and company benefits | 52,247 | 43,870 |
Expenses related to defined benefit plans | 5,656 | 5,350 |
Expenses related to defined contribution plans | 15,189 | 12,939 |
Equity-settled share-based compensation | 6,859 | 7,837 |
Cash-settled share-based compensation | 24,369 | 41,839 |
Employee benefit expense | $ 383,300 | $ 348,016 |
Finance cost (Schedule of finan
Finance cost (Schedule of finance costs) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowing costs [abstract] | ||
Interest on long-term debt | $ 40,059,000 | $ 39,266,000 |
Unwinding of discount on provisions | 28,979,000 | 21,445,000 |
Other charges | 16,690,000 | 15,901,000 |
Finance costs | 85,728,000 | $ 76,612,000 |
Borrowing costs capitalised | $ 0 |
Other income (expense) (Other i
Other income (expense) (Other income (expense)) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income Expense [Abstract] | ||
Foreign exchange gains (losses) | $ 74,132 | $ 446 |
Government assistance | 0 | 21,209 |
Bargain purchase gain [note 6] | 22,802 | 0 |
Other | 0 | (302) |
Total other income (expense) | $ 96,934 | $ 21,353 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Apr. 30, 2019 | |
Provisions [Line Items] | ||||
Corresponding increase in tax expense | $ 7,673,000 | $ 4,247,000 | ||
Letters of credit oustanding | 1,593,379,000 | 1,573,873,000 | ||
Income taxes refunded | $ 1,521,000 | (9,583,000) | ||
Canadian Revenue Agency [member] | ||||
Provisions [Line Items] | ||||
Percentage of taxes and interest charges | 50% | |||
Provision for CRA transfer price dispute | $ 11,000,000 | |||
Income taxes refunded | 5,500,000 | |||
Legal proceeding legal fee recovery | $ 10,300,000 | |||
Legal proceeding other disbursements recovery | $ 12,200,000 | |||
Estimated amount of legal fees recoverable | $ 16,700,000 |
Income Taxes (Significant compo
Income Taxes (Significant components of deferred tax assets and liabilities) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | $ 12,142,000 | $ 5,448,000 | |
Deferred tax assets | 984,071,000 | 937,579,000 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred tax asset | 984,071,000 | 937,579,000 | $ 936,678,000 |
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 | 84,668,000 | 82,677,000 | |
Net deferred tax assets | 448,136,000 | 363,468,000 | |
Provision for reclamation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | (3,817,000) | (14,509,000) | |
Net deferred tax assets | 203,816,000 | 207,633,000 | |
Inventories [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 1,689,000 | 2,489,000 | |
Net deferred tax assets | 8,248,000 | 6,559,000 | |
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 | (1,816,000) | (812,000) | |
Net deferred tax assets | 2,641,000 | 4,457,000 | |
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 | (66,227,000) | (80,802,000) | |
Net deferred tax assets | 235,683,000 | 301,910,000 | |
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 | 2,698,000 | 8,126,000 | |
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 | (2,355,000) | 16,405,000 | |
Net deferred tax assets | 82,849,000 | 45,426,000 | |
Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset, recognized in earnings | 12,142,000 | 5,448,000 | |
Net deferred tax assets | 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 | 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, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Net deferred tax asset, beginning of year | $ 937,579,000 | $ 936,678,000 |
Recovery for the year in net earnings | 12,142,000 | 5,448,000 |
Recovery for the year in equity | 11,593,000 | 0 |
Recovery for the year in purchase price equation | 28,196,000 | 0 |
Expense for the year in other comprehensive income | (5,440,000) | (4,541,000) |
Effect of movements in exchange rates | 1,000 | (6,000) |
Net deferred tax asset, end of year | $ 984,071,000 | $ 937,579,000 |
Income Taxes (Significant com_2
Income Taxes (Significant components of unrecognized deferred tax assets) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 437,010 | $ 415,749 |
Income tax losses (gains) [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 337,749 | 288,637 |
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 | 2,297 | 2,209 |
Provision for reclamation [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 78,336 | 66,573 |
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 | $ 18,628 | $ 58,330 |
Income Taxes (Tax rate reconcil
Income Taxes (Tax rate reconciliation) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||
Earnings (loss) before income taxes and non-controlling interest | $ 84,795 | $ (103,855) |
Combined federal and provincial tax rate | 26.90% | 26.90% |
Computed income tax expense (recovery) | $ 22,810 | $ (27,937) |
Increase (decrease) in taxes resulting from: | ||
Difference between Canadian rates and rates applicable to subsidiaries in other countries | 8,986 | 28,690 |
Change in unrecognized deferred tax assets | 1,234 | 22,068 |
Income in equity-accounted investee | (25,264) | (24,481) |
Change in uncertain tax positions | (6,282) | 1,099 |
Bargain purchase gain | (6,129) | 0 |
Other permanent differences | 176 | (640) |
Income tax expense (recovery) | $ (4,469) | $ (1,201) |
Income Taxes (Earnings and inco
Income Taxes (Earnings and income taxes by jurisdiction) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | $ 84,795 | $ (103,855) |
Current income taxes | 7,673 | 4,247 |
Deferred income tax recovery | (12,142) | (5,448) |
Income tax expense (recovery) | (4,469) | (1,201) |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | 99,944 | 58,624 |
Current income taxes | 2,260 | 2,257 |
Deferred income tax recovery | (10,178) | (3,937) |
Foreign [member] | ||
Disclosure of geographical areas [line items] | ||
Earnings (loss) before income taxes | (15,149) | (162,479) |
Current income taxes | 5,413 | 1,990 |
Deferred income tax recovery | $ (1,964) | $ (1,511) |
Income Taxes (Income tax losses
Income Taxes (Income tax losses carried forward) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 1,329,261,000 | $ 1,083,848,000 |
Unused tax loss carry forward | 2,171,825,000 | $ 2,177,025,000 |
Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 503,618,000 | |
US [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 561,739,000 | |
Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,106,468,000 | |
Unused tax expiry 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 14,720,000 | |
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 | 14,720,000 | |
Unused tax expiry 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 243,000 | |
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 | 243,000 | |
Unused tax expiry 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 63,000 | |
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 | 63,000 | |
Unused tax expiry 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 12,672,000 | |
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 | 12,625,000 | |
Unused tax expiry 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 21,768,000 | |
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 | 21,768,000 | |
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 | 23,716,000 | |
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 | 23,444,000 | |
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 | 36,033,000 | |
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 | 36,033,000 | |
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 | 21,250,000 | |
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 | 16,724,000 | |
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 | 4,526,000 | |
Unused tax expiry 2035 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 297,377,000 | |
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 | 282,522,000 | |
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 | 7,622,000 | |
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 | 7,233,000 | |
Unused tax expiry 2036 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 262,910,000 | |
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 | 210,591,000 | |
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 | 46,621,000 | |
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 | 5,698,000 | |
Unused tax expiry 2037 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 37,933,000 | |
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 | 34,921,000 | |
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 | 2,985,000 | |
Unused tax expiry 2038 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 38,480,000 | |
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 | 500,000 | |
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 | 37,660,000 | |
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 | 320,000 | |
Unused tax expiry 2039 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 35,888,000 | |
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 | 6,423,000 | |
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 | 29,130,000 | |
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 | 335,000 | |
Unused tax expiry 2040 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 58,885,000 | |
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 | 55,775,000 | |
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 | 0 | |
Unused tax expiry 2041 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 229,541,000 | |
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 | 229,464,000 | |
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 | 22,626,000 | |
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 | 49,000 | |
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 | 22,577,000 | |
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 no expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax loss carry forward | 1,057,720,000 | |
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 | 0 | |
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 | $ 1,057,720,000 |
Per share amounts (Narrative) (
Per share amounts (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 1,802 |
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, 2022 | Dec. 31, 2021 | |
Basic earnings (loss) per share computation | ||
Net earnings (loss) attributable to equity holders | $ 89,382 | $ (102,577) |
Weighted average common shares outstanding | 405,494,353 | 397,630,947 |
Basic earnings (loss) per common share | $ 0.22 | $ (0.26) |
Diluted earnings (loss) per share computation | ||
Net earnings (loss) attributable to equity holders | $ 89,382 | $ (102,577) |
Weighted average common shares outstanding | 405,494,353 | 397,630,947 |
Dilutive effect of stock options | 1,641,000 | 0 |
Weighted average common shares outstanding, assuming dilution | 407,135,000 | 397,631,000 |
Diluted earnings (loss) per common share | $ 0.22 | $ (0.26) |
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, 2022 | Dec. 31, 2021 | |
Changes in non-cash working capital | ||
Accounts receivable | $ 99,601 | $ (75,678) |
Inventories | (162,858) | 300,307 |
Supplies and prepaid expenses | (63,500) | (5,908) |
Accounts payable and accrued liabilities | 16,401 | 91,757 |
Reclamation payments | (28,492) | (19,542) |
Other | 19,417 | (3,683) |
Total | $ (119,431) | $ 287,253 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | $ 2,908,037,000 | ||
Changes from financing cash flows: | |||
Dividends paid | (51,895,000) | $ (31,839,000) | |
Interest paid | (38,856,000) | (38,977,000) | |
Lease principal payments | (2,908,000) | (2,727,000) | |
Shares issued, stock option plan | 9,632,000 | 26,771,000 | |
Issuance of shares [note 17] | $ 953,285,000 | 953,285,000 | 0 |
Total cash changes | 869,258,000 | (46,772,000) | |
Non-cash changes: | |||
Amortization of issue costs | 750,000 | ||
Dividends declared | 51,895,000 | ||
Interest expense | 39,309,000 | ||
Right-of-use asset additions | 7,853,000 | ||
Other | (523,000) | ||
Shares issued, stock option plan | 2,469,000 | ||
Issuance of shares, deferred tax [note 17] | 11,593,000 | ||
Foreign exchange | (7,000) | ||
Total non-cash changes | 113,339,000 | ||
Ending balance | 3,890,634,000 | 2,908,037,000 | |
Long-Term Borrowings [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 996,250,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares [note 17] | 0 | ||
Total cash changes | 0 | ||
Non-cash changes: | |||
Amortization of issue costs | 750,000 | ||
Dividends declared | 0 | ||
Interest expense | 0 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares, deferred tax [note 17] | 0 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 750,000 | ||
Ending balance | 997,000,000 | 996,250,000 | |
Interest Payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 3,558,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | (38,531,000) | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares [note 17] | 0 | ||
Total cash changes | (38,531,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 0 | ||
Interest expense | 38,984,000 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares, deferred tax [note 17] | 0 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 38,984,000 | ||
Ending balance | 4,011,000 | 3,558,000 | |
Lease Obligation [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 4,872,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | (325,000) | ||
Lease principal payments | (2,908,000) | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares [note 17] | 0 | ||
Total cash changes | (3,233,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 0 | ||
Interest expense | 325,000 | ||
Right-of-use asset additions | 7,853,000 | ||
Other | (523,000) | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares, deferred tax [note 17] | 0 | ||
Foreign exchange | (7,000) | ||
Total non-cash changes | 7,648,000 | ||
Ending balance | 9,287,000 | 4,872,000 | |
Dividends Payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 0 | ||
Changes from financing cash flows: | |||
Dividends paid | (51,895,000) | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares [note 17] | 0 | ||
Total cash changes | (51,895,000) | ||
Non-cash changes: | |||
Amortization of issue costs | 0 | ||
Dividends declared | 51,895,000 | ||
Interest expense | 0 | ||
Right-of-use asset additions | 0 | ||
Other | 0 | ||
Shares issued, stock option plan | 0 | ||
Issuance of shares, deferred tax [note 17] | 0 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 51,895,000 | ||
Ending balance | 0 | 0 | |
Share Capital [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 1,903,357,000 | ||
Changes from financing cash flows: | |||
Dividends paid | 0 | ||
Interest paid | 0 | ||
Lease principal payments | 0 | ||
Shares issued, stock option plan | 9,632,000 | ||
Issuance of shares [note 17] | 953,285,000 | ||
Total cash changes | 962,917,000 | ||
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 | 2,469,000 | ||
Issuance of shares, deferred tax [note 17] | 11,593,000 | ||
Foreign exchange | 0 | ||
Total non-cash changes | 14,062,000 | ||
Ending balance | $ 2,880,336,000 | $ 1,903,357,000 |
Share-based compensation plan_2
Share-based compensation plans (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) shares Number_employees $ / shares | Dec. 31, 2021 CAD ($) shares Number_employees $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock options held | shares | 3,053,571 | 3,162,415 |
Options exercisable - Weighted average exercisable price | $ 15.75 | $ 16.85 |
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 | 30,538,777 | |
Weighted average share price, exercise date | $ 23.96 | $ 22.09 |
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 | 1,255,255 | 1,495,709 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 30.69 | |
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 | 1,131,493 | 1,081,783 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 30.69 | |
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 | 2,603 | 2,301 |
Total number of shares purchased | shares | 116,530 | 149,822 |
Total amount of employer's contribution | $ | $ 3,541,000 | $ 3,301,000 |
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 | 547,304 | 579,362 |
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 | 94,135 | 173,835 |
Options exercisable - Weighted average exercisable price | $ 12.55 | $ 13.88 |
Weighted average share price, exercise date | $ 20.22 | |
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 | $ 11.32 | 11.32 |
Phantom Stock Option Plan [member] | Maximum [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices range | $ 19.30 | $ 26.81 |
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 | 21,148 | 16,027 |
Options exercisable - Weighted average exercisable price | $ 0 | |
Weighted average share price, exercise date | $ 30.69 | |
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 | $ | $ 59,577,000 | $ 61,030,000 |
Share-based compensation plan_3
Share-based compensation plans (Share options number and weighted average price) (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares CAD ($) $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares CAD ($) $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
Beginning of year | shares | 3,458,001 | 6,158,539 | ||||||
Options granted | shares | 0 | 0 | ||||||
Options forfeited | shares | 0 | (18,005) | ||||||
Options expired | shares | (2,475) | (886,009) | ||||||
Options exercised | (401,955) | (401,955) | (1,796,524) | (1,796,524) | ||||
End of year | shares | 3,053,571 | 3,458,001 | ||||||
Weighted average exercisable price - beginning of year | $ 16.72 | $ 16.98 | ||||||
Weighted average exercisable price for options granted | 0 | 0 | ||||||
Weighted average exercisable price for options forfeited | 0 | 26.08 | ||||||
Weighted average exercisable price for options expired | 26.81 | 22.05 | ||||||
Weighted average exercise price for options exercised | 23.96 | 14.90 | ||||||
Weighted average exercisable price - end of year | $ 15.75 | $ 16.72 | ||||||
Exercisable | shares | 3,053,571 | 3,053,571 | 3,053,571 | 3,053,571 | 3,162,415 | 3,162,415 | 3,162,415 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 3,053,571 | 3,053,571 | 3,053,571 | 3,053,571 | 3,458,001 | 3,458,001 | 3,458,001 | 6,158,539 |
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 15.75 | $ 15.75 | $ 15.75 | $ 15.75 | $ 16.72 | $ 16.72 | $ 16.72 | $ 16.98 |
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 3,053,571 | 3,053,571 | 3,053,571 | 3,053,571 | 3,162,415 | 3,162,415 | 3,162,415 | |
Options exercisable - Weighted average exercisable price | $ 15.75 | $ 15.75 | $ 15.75 | $ 15.75 | $ 16.85 | $ 16.85 | $ 16.85 | |
$11.32 - 15.83 [member] | ||||||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
End of year | shares | 1,772,271 | |||||||
Weighted average exercisable price - end of year | $ 14.57 | |||||||
Exercisable | shares | 1,772,271 | 1,772,271 | 1,772,271 | 1,772,271 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 1,772,271 | 1,772,271 | 1,772,271 | 1,772,271 | ||||
Options outstanding - Weighted average remaining life | 3 years 2 months 12 days | |||||||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 14.57 | $ 14.57 | $ 14.57 | $ 14.57 | ||||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 1,772,271 | 1,772,271 | 1,772,271 | 1,772,271 | ||||
Options exercisable - Weighted average exercisable price | $ 14.57 | $ 14.57 | $ 14.57 | $ 14.57 | ||||
$11.32 - 15.83 [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 - 15.83 [member] | Top of range [member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | $ 15.83 | $ 15.83 | $ 15.83 | 15.83 | ||||
$15.84 - 19.30 [member] | ||||||||
Number And Weighted Average Exercise Prices Of Share Options [Abstract] | ||||||||
End of year | shares | 1,281,300 | |||||||
Weighted average exercisable price - end of year | $ 17.39 | |||||||
Exercisable | shares | 1,281,300 | 1,281,300 | 1,281,300 | 1,281,300 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number Of Outstanding Share Options | shares | 1,281,300 | 1,281,300 | 1,281,300 | 1,281,300 | ||||
Options outstanding - Weighted average remaining life | 9 months 18 days | |||||||
Weighted Average Exercise Price Of Share Options Outstanding In Sharebased Payment Arrangement | $ 17.39 | $ 17.39 | $ 17.39 | $ 17.39 | ||||
Number Of Share Options Exercisable In Sharebased Payment Arrangement | shares | 1,281,300 | 1,281,300 | 1,281,300 | 1,281,300 | ||||
Options exercisable - Weighted average exercisable price | $ 17.39 | $ 17.39 | $ 17.39 | $ 17.39 | ||||
$15.84 - 19.30 [member] | Bottom of range [member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | 15.84 | 15.84 | 15.84 | 15.84 | ||||
$15.84 - 19.30 [member] | Top of range [member] | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Option price per share | $ 19.3 | $ 19.3 | $ 19.3 | $ 19.3 |
Share-based compensation plan_4
Share-based compensation plans (Equity-settled and cash-settled) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | $ 6,859,000 | $ 7,837,000 |
Expenses (recoveries) under cash-settled plans | 24,369,000 | 41,839,000 |
Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 45,000 | 366,000 |
Performance Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 0 | 1,237,000 |
Expenses (recoveries) under cash-settled plans | 11,221,000 | 25,784,000 |
Restricted Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 3,273,000 | 2,933,000 |
Expenses (recoveries) under cash-settled plans | 9,342,000 | 6,890,000 |
Employee Share Ownership Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses under equity settled plans | 3,541,000 | 3,301,000 |
Deferred Share Unit Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | 2,811,000 | 6,741,000 |
Phantom Stock Option Plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | 751,000 | 2,261,000 |
Phantom Restricted Share Unit Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expenses (recoveries) under cash-settled plans | $ 244,000 | $ 163,000 |
Share-based compensation plan_5
Share-based compensation plans (Inputs used in the measurement - Equity) (Details) | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 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 | 129,910 | |
Average strike price | $ 31.17 | |
Expected forfeitures | 10% | |
Weighted average grant date fair values | $ 31.17 |
Share-based compensation plan_6
Share-based compensation plans (Inputs used in the measurement - Cash) (Details) | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) shares yr $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 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 | 3,053,571 | 3,458,001 | 6,158,539 |
Average strike price, reporting date | $ 15.75 | $ 16.85 | |
Performance Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 238,610 | ||
Expected vesting | 92% | ||
Expected dividend | $ | $ 0 | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 9% | ||
Weighted average measurement date fair values | $ 31.17 | ||
Number of options, reporting date | shares | 1,255,255 | ||
Expected vesting, reporting date | 72% | ||
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 | 0.7 | ||
Expected forfeitures, reporting date | 2% | ||
Weighted average measurement date fair values | $ 30.69 | ||
Restricted Share Unit Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 159,140 | ||
Expected vesting | 0% | ||
Expected dividend | $ | $ 0 | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 9% | ||
Weighted average measurement date fair values | $ 31.17 | ||
Number of options, reporting date | shares | 815,098 | ||
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 | 0.8 | ||
Expected forfeitures, reporting date | 8% | ||
Weighted average measurement date fair values | $ 30.69 | ||
Phantom Stock Option Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options, reporting date | shares | 94,135 | ||
Expected vesting, reporting date | 0% | ||
Average strike price, reporting date | $ 12.55 | $ 13.88 | |
Expected dividend, reporting date | $ | $ 0.12 | ||
Expected volatility, reporting date | 53% | ||
Risk free interest rate, reporting date | 3.80% | ||
Expected life of option, reporting date | yr | 3 | ||
Expected forfeitures, reporting date | 7% | ||
Weighted average measurement date fair values | $ 20.22 | ||
Phantom Restricted Share Unit Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options granted | shares | 10,142 | ||
Expected vesting | 0% | ||
Expected dividend | $ | $ 0.08 | ||
Expected life of option | yr | 3 | ||
Expected forfeitures | 7% | ||
Weighted average measurement date fair values | $ 31.17 | ||
Number of options, reporting date | shares | 21,148 | ||
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 | 1.4 | ||
Expected forfeitures, reporting date | 8% | ||
Weighted average measurement date fair values | $ 30.69 |
Pension and other post-retire_3
Pension and other post-retirement benefits (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
2023 [Member] | ||
Disclosure of fair value of plan [line items] | ||
Contributions and fees payable | $ 1,675,000 | |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Weighted Average Length Of Time Of Defined Benefit Obligation | 17 years 1 month 6 days | 20 years |
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 | $ 1,236,000 | |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Weighted Average Length Of Time Of Defined Benefit Obligation | 11 years 3 months 18 days | 13 years 7 months 6 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, 2022 | Dec. 31, 2021 | |
Actuarial loss (gain) arising from: | ||
Administrative costs paid | $ 172,029 | $ 127,566 |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 2,302 | 2,332 |
Interest income or cost | (1,710) | (1,406) |
Return on assets excluding interest income | 555 | (172) |
Pension Plans [member] | Plan Assets [Member] | ||
Disclosure of fair value of plan [line items] | ||
Fair value of plan assets, beginning of year | 5,693 | 6,217 |
Interest income or cost | 157 | 144 |
Return on assets excluding interest income | (555) | 172 |
Employer contributions | 0 | 67 |
Actuarial loss (gain) arising from: | ||
Benefits paid | (890) | (903) |
Administrative costs paid | (3) | (4) |
Fair value of plan assets, end of year | 4,402 | 5,693 |
Pension Plans [member] | Defined Benefit Obligations [Member] | ||
Disclosure of fair value of plan [line items] | ||
Defined benefit obligation, beginning of year | 69,998 | 72,119 |
Current service cost | 2,302 | 2,332 |
Interest income or cost | 1,867 | 1,550 |
Actuarial loss (gain) arising from: | ||
- financial assumptions | (20,913) | (1,996) |
- experience adjustment | 1,396 | (903) |
Benefits paid | (3,666) | (1,741) |
Foreign exchange | 234 | (1,363) |
Defined benefit obligation, end of year | 51,218 | 69,998 |
Defined benefit liability | (46,816) | (64,305) |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 915 | 956 |
Interest income or cost | (726) | (652) |
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 |
Employer contributions | 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 | 24,697 | 25,827 |
Current service cost | 915 | 956 |
Interest income or cost | 726 | 652 |
Actuarial loss (gain) arising from: | ||
- financial assumptions | (5,881) | (1,403) |
- experience adjustment | 161 | (697) |
Benefits paid | (1,254) | (638) |
Foreign exchange | 0 | 0 |
Defined benefit obligation, end of year | 19,364 | 24,697 |
Defined benefit liability | $ (19,364) | $ (24,697) |
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, 2022 | Dec. 31, 2021 | |
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 | 6% | 8% |
US Equity Securities [Member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 11% | 13% |
Global Equity Securities [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 6% | 8% |
Canadian Fixed Income [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 28% | 32% |
Other [member] | ||
Disclosure of fair value of plan [line items] | ||
The percentages of the total fair value of assets | 49% | 39% |
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, 2022 | Dec. 31, 2021 | |
Disclosure of fair value of plan [line items] | ||
Defined benefit expense | $ 5,656 | $ 5,350 |
Defined contribution pension expense | 15,189 | 12,939 |
Employee benefit expense | 383,300 | 348,016 |
Pension Plans [member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 2,302 | 2,332 |
Net interest cost | 1,710 | 1,406 |
Administration cost | 3 | 4 |
Defined benefit expense | 4,015 | 3,742 |
Defined contribution pension expense | 15,189 | 12,939 |
Employee benefit expense | 19,204 | 16,681 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial gains | (19,517) | (2,899) |
Return on plan assets excluding interest income | 555 | (172) |
Total actuarial losses (gains) recognized in other comprehensive income | (18,962) | (3,071) |
Other Benefit Plans [Member] | ||
Disclosure of fair value of plan [line items] | ||
Current service cost | 915 | 956 |
Net interest cost | 726 | 652 |
Administration cost | 0 | 0 |
Defined benefit expense | 1,641 | 1,608 |
Defined contribution pension expense | 0 | 0 |
Employee benefit expense | 1,641 | 1,608 |
Amount of actuarial losses (gains) recognized in other comprehensive income | ||
Actuarial gains | (5,720) | (2,100) |
Return on plan assets excluding interest income | 0 | 0 |
Total actuarial losses (gains) recognized in other comprehensive income | $ (5,720) | $ (2,100) |
Pension and other post-retire_7
Pension and other post-retirement benefits (Assumptions and 1% change) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 4.50% | 2.30% |
Discount rate - expense | 2.30% | 2.40% |
Rate of compensation increase | 3% | 3% |
Pension Plans [member] | Discount rate [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in actuarial assumption by | 1% | |
Increase in defined benefit obligation | $ 7,737,000 | |
Decrease in actuarial assumption by | 1% | |
Decrease in defined benefit obligation | $ (6,148,000) | |
Pension Plans [member] | Increase of one year in the expected lifetime [member] | ||
Sensitivity analysis of actuarial assumptions | ||
Increase in defined benefit obligation | $ 1,236,000 | |
Other Benefit Plans [Member] | ||
Assumptions defined benefit obligation and net pension and other benefit expense | ||
Discount rate - obligation | 5.10% | 2.90% |
Discount rate - expense | 2.90% | 2.50% |
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 | $ 2,975,000 | |
Decrease in actuarial assumption by | 0.01% | |
Decrease in defined benefit obligation | $ (2,366,000) |
Financial instruments (Narrativ
Financial instruments (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2020 CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Gain (loss) | $ (72,949,000) | $ 12,529,000 | ||
Cash and cash equivalents | 1,143,674,000 | 1,247,447,000 | $ 918,382,000 | |
Short-term investments | 1,138,174,000 | $ 84,906,000 | ||
Pledged cash as security | $ 239,000,000 | |||
Collateral account term | 5 years | 5 years | ||
Bottom of range [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Quoted market yields | 3.30% | 3.30% | 1.10% | |
Top of range [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Quoted market yields | 4.20% | 4.20% | 1.70% | |
Provision of guarantees or collateral by entity related party transactions | $ 179,700,000 | $ 132,600,000 | ||
Interest rate contracts [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Gain (loss) | (6,589,000) | $ (673,000) | ||
Credit risk [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 1,143,674,000 | 1,247,447,000 | ||
Short-term investments | $ 1,138,174,000 | $ 84,906,000 | ||
Interest rate risk [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Proportion of outstanding debt that carries fixed rate | 92% | 92% | 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% | ||
Gain (loss) | $ (766,000) | |||
Fair value of Cameco's interest rate swap net liability | 7,284,000 | $ 673,000 | ||
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% | |||
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% |
Financial instruments (Related
Financial instruments (Related risk management) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 2,468,599,000 | $ 1,640,590,000 | |
Financial liabilities | (1,439,343,000) | (1,346,577,000) | |
Gain (loss) on derivatives | (72,949,000) | 12,529,000 | |
Finance income | 37,499,000 | 6,804,000 | |
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 1,143,674,000 | 1,247,447,000 | $ 918,382,000 |
Short-term investments | 1,138,174,000 | 84,906,000 | |
Derivative assets | $ 2,807,000 | 32,098,000 | |
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 | $ 414,683,000 | ||
Gain (loss), foreign exchange | 20,734,000 | ||
USD Currency Risk [Member] | Short Term Investments [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 886,020,000 | ||
Gain (loss), foreign exchange | 44,301,000 | ||
USD Currency Risk [Member] | Accounts Receivable [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 136,246,000 | ||
Gain (loss), foreign exchange | 6,812,000 | ||
USD Currency Risk [Member] | Accounts Payable And Accrued Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | (176,746,000) | ||
Gain (loss), foreign exchange | (8,837,000) | ||
USD Currency Risk [Member] | Net Foreign Currency Derivatives [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | (48,251,000) | ||
Gain (loss), foreign exchange | (71,836,000) | ||
Credit Risk [Member] | |||
Disclosure of credit risk exposure [abstract] | |||
Cash and cash equivalents | 1,143,674,000 | 1,247,447,000 | |
Short-term investments | 1,138,174,000 | 84,906,000 | |
Accounts receivable | 178,088,000 | 272,220,000 | |
Derivative assets | $ 2,807,000 | $ 32,098,000 |
Financial Instruments (Exposure
Financial Instruments (Exposure to credit risk receivables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 167,688 | $ 271,015 |
Loss allowance | 0 | |
Net | 167,688 | |
Investment Grade Rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 139,708 | |
Non-Investment Grade Rating [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 27,980 |
Financial Instruments (Aging of
Financial Instruments (Aging of trade receivables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 167,688 | $ 271,015 |
Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 167,099 | |
Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 589 | |
Current (Not Past Due) [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 166,759 | |
Current (Not Past Due) [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 166,361 | |
Current (Not Past Due) [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 398 | |
1-30 Days Past Due [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 810 | |
1-30 Days Past Due [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 639 | |
1-30 Days Past Due [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 171 | |
More Than 30 Days Past Due [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 119 | |
More Than 30 Days Past Due [Member] | Corporate customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | 99 | |
More Than 30 Days Past Due [Member] | Other Customers [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 20 |
Financial instruments (Liquidit
Financial instruments (Liquidity Risk Tables) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | $ 1,439,343 | $ 1,346,577 |
Contractual cash flows | 1,443,370 | |
Total interest payments on long-term debt | 192,225 | |
Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 403,308 | |
Total interest payments on long-term debt | 37,840 | |
Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 533,164 | |
Total interest payments on long-term debt | 44,255 | |
Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 403,578 | |
Total interest payments on long-term debt | 33,780 | |
Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 103,320 | |
Total interest payments on long-term debt | 76,350 | |
Accounts Payable And Accrued Liabilities [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Carrying amount | 374,714 | |
Contractual cash flows | 374,714 | |
Accounts Payable And Accrued Liabilities [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 374,714 | |
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 | 997,000 | |
Contractual cash flows | 1,000,000 | |
Long-Term Debt [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 0 | |
Long-Term Debt [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 500,000 | |
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 | 51,058 | |
Contractual cash flows | 51,058 | |
Foreign currency contracts [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 23,476 | |
Foreign currency contracts [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 27,582 | |
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 | 7,284 | |
Contractual cash flows | 7,284 | |
Interest rate contracts [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,437 | |
Interest rate contracts [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,987 | |
Interest rate contracts [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 1,860 | |
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 | 9,287 | |
Contractual cash flows | 10,314 | |
Lease Obligation [Member] | Due in less than one year [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,681 | |
Lease Obligation [Member] | Due in one to three years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 2,595 | |
Lease Obligation [Member] | Due in three to five years [Member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 1,718 | |
Lease Obligation [Member] | Due after five years [member] | ||
Disclosure of maturity analysis for financial liabilities [abstract] | ||
Contractual cash flows | 3,320 | |
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 | 1,756,754 | |
Committed and outstanding | 1,593,379 | |
Available borrowing facility | $ 163,375 |
Financial instruments (Measurem
Financial instruments (Measurement of fair values) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets [Abstract] | |||
Cash and cash equivalents | $ 1,143,674,000 | $ 1,247,447,000 | $ 918,382,000 |
Short-term investments | 1,138,174,000 | 84,906,000 | |
Derivative assets | 2,807,000 | 32,098,000 | |
Accounts receivable | 183,944,000 | 276,139,000 | |
Investments in equity securities | 29,585,000 | 0 | |
Financial assets | 2,468,599,000 | 1,640,590,000 | |
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 374,714,000 | 340,458,000 | |
Lease obligation | 9,287,000 | 4,872,000 | |
Derivative liabilities | 58,342,000 | 4,997,000 | |
Long-term debt | 997,000,000 | 996,250,000 | |
Financial liabilities | 1,439,343,000 | 1,346,577,000 | |
Net | 1,029,256,000 | 294,013,000 | |
Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 2,807,000 | 31,534,000 | |
Financial liabilities [Abstract] | |||
Derivative liabilities | 51,058,000 | 3,760,000 | |
Interest rate contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 564,000 | ||
Financial liabilities [Abstract] | |||
Derivative liabilities | 7,284,000 | 1,237,000 | |
Fair value through profit or loss [member] | |||
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Lease obligation | 0 | 0 | |
Long-term debt | 0 | 0 | |
Financial liabilities | 58,342,000 | 4,997,000 | |
Net | (55,535,000) | 27,101,000 | |
Fair value through profit or loss [member] | Foreign currency contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 51,058,000 | 3,760,000 | |
Fair value through profit or loss [member] | Interest rate contracts [Member] | |||
Financial liabilities [Abstract] | |||
Derivative liabilities | 7,284,000 | 1,237,000 | |
Financial liabilities at amortised cost category [Member] | |||
Financial liabilities [Abstract] | |||
Accounts payable and accrued liabilities | 374,714,000 | 340,458,000 | |
Lease obligation | 9,287,000 | 4,872,000 | |
Long-term debt | 997,000,000 | 996,250,000 | |
Financial liabilities | 1,381,001,000 | 1,341,580,000 | |
Net | 1,084,791,000 | 266,912,000 | |
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 | 0 | |
Accounts receivable | 0 | 0 | |
Financial assets | 2,807,000 | 32,098,000 | |
Fair value through profit or loss [member] | Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 2,807,000 | 31,534,000 | |
Fair value through profit or loss [member] | Interest rate contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | 564,000 | ||
Financial assets at amortised cost category [Member] | |||
Financial assets [Abstract] | |||
Cash and cash equivalents | 1,143,674,000 | 1,247,447,000 | |
Short-term investments | 1,138,174,000 | 84,906,000 | |
Accounts receivable | 183,944,000 | 276,139,000 | |
Financial assets | 2,465,792,000 | 1,608,492,000 | |
Financial liabilities [Abstract] | |||
Net | 1,084,791,000 | 266,912,000 | |
Financial assets at amortised cost category [Member] | Foreign currency contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | $ 0 | 0 | |
Financial assets at amortised cost category [Member] | Interest rate contracts [Member] | |||
Financial assets [Abstract] | |||
Derivative assets | $ 0 |
Financial instruments (Investme
Financial instruments (Investments in equity securities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 CAD ($) | |
Equity investments [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | $ 69,011 |
Gain (loss) | 34,339 |
Denison [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | 34,827 |
Gain (loss) | 15,257 |
UEX [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | 19,605 |
Gain (loss) | 8,758 |
ISO Energy [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | 10,756 |
Gain (loss) | 8,078 |
GoviEx [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | 3,558 |
Gain (loss) | 2,996 |
Other [Member] | |
Disclosure of FV of investments in equity instruments designated as measured at FVOCI | |
Fair value | 265 |
Gain (loss) | $ (750) |
Financial instruments (Measur_2
Financial instruments (Measurement of fair values hierarchy levels) (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | $ 2,807 | $ 32,098 |
Derivative liabilities | (58,342) | (4,997) |
Long-term debt | (997,000) | (996,250) |
Net financial instruments | (1,052,535) | (969,149) |
Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 2,807 | 31,534 |
Derivative liabilities | (51,058) | (3,760) |
Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 564 | |
Derivative liabilities | (7,284) | (1,237) |
Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debt | (1,014,010) | (1,103,978) |
Net financial instruments | (1,069,545) | (1,076,877) |
Level 2 of fair value hierarchy [member] | Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 2,807 | 31,534 |
Derivative liabilities | (51,058) | (3,760) |
Level 2 of fair value hierarchy [member] | Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets | 564 | |
Derivative liabilities | $ (7,284) | $ (1,237) |
Financial instruments (Derivati
Financial instruments (Derivatives) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net | $ (55,535) | $ 27,101 |
Gain (loss) | (72,949) | 12,529 |
Current portion of other liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (25,913) | (378) |
Other liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (32,429) | (4,619) |
Current portion of long-term receivables, investments and other [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 1,331 | 22,652 |
Long-term receivables, investments and other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | 1,476 | 9,446 |
Foreign currency contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (48,251) | 27,774 |
Gain (loss) | (66,360) | 13,202 |
Interest rate contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net | (7,284) | (673) |
Gain (loss) | $ (6,589) | $ (673) |
Capital management (Capital man
Capital management (Capital management) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of objectives policies and processes for managing capital abstract | |||
Long-term debt | $ 997,000,000 | $ 996,250,000 | |
Cash and cash equivalents | (1,143,674,000) | (1,247,447,000) | $ (918,382,000) |
Short-term investments | (1,138,174,000) | (84,906,000) | |
Net debt | (1,284,848,000) | (336,103,000) | |
Non-controlling interest | 11,000 | 127,000 | |
Shareholders' equity | 5,836,054,000 | 4,845,841,000 | |
Total equity | 5,836,065,000 | 4,845,968,000 | $ 4,958,561,000 |
Total capital | $ 4,551,217,000 | $ 4,509,865,000 |
Segmented information (Narrativ
Segmented information (Narrative 1) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||
Segment information | Cameco has two reportable segments: uranium and fuel services. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. | |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Care and maintenance | $ 218,439,000 | $ 209,556,000 |
Uranium [member] | Cigar Lake [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
COVID-19 care and maintenance | $ 40,359,000 |
Segmented information (Narrat_2
Segmented information (Narrative 2) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of major customers [line items] | ||
Revenue | $ 1,868,003,000 | $ 1,474,984,000 |
Major customer(s) of Cameco's uranium and fuel services segments [member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 227,846,000 | $ 166,068,000 |
Percentage of entity's revenue | 12% | 11% |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 1,868,003 | $ 1,474,984 |
Cost of products and services sold | 1,457,336 | 1,282,635 |
Depreciation and amortization | 177,376 | 190,415 |
Cost of sales | 1,634,712 | 1,473,050 |
Gross profit (loss) | 233,291 | 1,934 |
Administration | 172,029 | 127,566 |
Exploration | 10,578 | 8,016 |
Research and development | 12,175 | 7,168 |
Other operating expense (income) | 22,944 | (8,407) |
(Gain) loss on disposal of assets | 514 | 3,803 |
Finance costs | 85,728 | 76,612 |
Gain (loss) on derivatives | 72,949 | (12,529) |
Finance income | (37,499) | (6,804) |
Share of earnings from equity-accounted investee | (93,988) | (68,283) |
Other expense (income) | (96,934) | (21,353) |
Earnings (loss) before income taxes | 84,795 | (103,855) |
Income tax recovery | (4,469) | (1,201) |
Net earnings (loss) | 89,264 | (102,654) |
Capital expenditures for the year | 143,481 | 98,784 |
Uranium [member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 1,480,146 | 1,054,993 |
Cost of products and services sold | 1,223,558 | 1,028,816 |
Depreciation and amortization | 135,800 | 134,629 |
Cost of sales | 1,359,358 | 1,163,445 |
Gross profit (loss) | 120,788 | (108,452) |
Administration | 0 | 0 |
Exploration | 10,578 | 8,016 |
Research and development | 0 | 0 |
Other operating expense (income) | 25,845 | (8,407) |
(Gain) loss on disposal of assets | 726 | (2,886) |
Finance costs | 0 | 0 |
Gain (loss) on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investee | (93,988) | (68,283) |
Other expense (income) | (22,802) | 0 |
Earnings (loss) before income taxes | 200,429 | (36,892) |
Capital expenditures for the year | 101,547 | 72,786 |
Fuel Service [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 365,063 | 404,277 |
Cost of products and services sold | 215,660 | 242,574 |
Depreciation and amortization | 32,618 | 43,344 |
Cost of sales | 248,278 | 285,918 |
Gross profit (loss) | 116,785 | 118,359 |
Administration | 0 | 0 |
Exploration | 0 | 0 |
Research and development | 0 | 0 |
Other operating expense (income) | (2,901) | 0 |
(Gain) loss on disposal of assets | (212) | 6,689 |
Finance costs | 0 | 0 |
Gain (loss) on derivatives | 0 | 0 |
Finance income | 0 | 0 |
Share of earnings from equity-accounted investee | 0 | 0 |
Other expense (income) | 0 | 301 |
Earnings (loss) before income taxes | 119,898 | 111,369 |
Capital expenditures for the year | 39,736 | 22,792 |
Other Segment [Member] | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | 22,794 | 15,714 |
Cost of products and services sold | 18,118 | 11,245 |
Depreciation and amortization | 8,958 | 12,442 |
Cost of sales | 27,076 | 23,687 |
Gross profit (loss) | (4,282) | (7,973) |
Administration | 172,029 | 127,566 |
Exploration | 0 | 0 |
Research and development | 12,175 | 7,168 |
Other operating expense (income) | 0 | 0 |
(Gain) loss on disposal of assets | 0 | 0 |
Finance costs | 85,728 | 76,612 |
Gain (loss) on derivatives | 72,949 | (12,529) |
Finance income | (37,499) | (6,804) |
Share of earnings from equity-accounted investee | 0 | 0 |
Other expense (income) | (74,132) | (21,654) |
Earnings (loss) before income taxes | (235,532) | (178,332) |
Capital expenditures for the year | $ 2,198 | $ 3,206 |
Segmented information (Geograph
Segmented information (Geographical segment) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 1,868,003 | $ 1,474,984 |
Non-current assets | 3,520,607 | 3,627,248 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 994,534 | 704,719 |
Non-current assets | 3,042,533 | 3,100,285 |
Australia [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 397,678 | 395,223 |
United States [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 873,469 | 770,265 |
Non-current assets | 80,352 | 131,683 |
Kazakhstan [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 38 | 46 |
Germany [Member] | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 6 | $ 11 |
Group entities (Ownership inter
Group entities (Ownership interest in subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of joint operations [line items] | |||
Total assets | $ 8,632,793 | $ 7,517,744 | |
Joint operations [member] | |||
Disclosure of joint operations [line items] | |||
Total assets | 2,745,245 | 2,854,340 | |
Total liabilities | $ 328,730 | 349,779 | |
McArthur River [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 69.81% | ||
Principal place of business | Canada | ||
Total assets | $ 998,368 | 1,010,956 | |
Total liabilities | $ 37,881 | 36,697 | |
Key Lake [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 83.33% | ||
Principal place of business | Canada | ||
Total assets | $ 527,841 | 549,051 | |
Total liabilities | $ 240,487 | 267,579 | |
Cigar Lake [Member] | |||
Disclosure of joint operations [line items] | |||
Ownership | 54.55% | ||
Principal place of business | Canada | ||
Total assets | $ 1,219,036 | 1,294,333 | |
Total liabilities | $ 50,362 | $ 45,503 | |
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, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Short-term employee benefits | $ 23,557,000 | $ 20,663,000 | ||
Share-based compensation | 21,149,000 | 34,639,000 | ||
Post-employment benefits | 6,532,000 | 6,188,000 | ||
Termination benefits | 0 | 161,000 | ||
Total | 51,238,000 | 61,651,000 | ||
Dividends from equity-accounted investee | 117,698,000 | 50,128,000 | ||
Inkai [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 206,818,000 | $ 155,937,000 | 233,621,000 | $ 185,763,000 |
Dividends from equity-accounted investee | $ 117,698,000 | $ 92,425,000 | $ 50,128,000 | $ 40,286,000 |
Commitments (Details)
Commitments (Details) - Westinghouse Electric Company [Member] | 12 Months Ended | ||
Oct. 11, 2022 | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) shares | |
Provisions [Line Items] | |||
Ownership interest in associates | 49% | ||
Transaction costs | $ 41,227,000 | ||
Number of shares issued | shares | 34,057,250 | ||
Bridge Loan Facility [Member] | 364 days after the acquisition [Member] | |||
Provisions [Line Items] | |||
Loan facilities | $ 280,000,000 | ||
Term Loan [Member] | |||
Provisions [Line Items] | |||
Loan facilities | 600,000,000 | ||
Number of term loan tranches | 2 | ||
Term Loan Tranche one [Member] | Two years [Member] | |||
Provisions [Line Items] | |||
Loan facilities | 300,000,000 | ||
Term Loan Tranche two [Member] | Three years [Member] | |||
Provisions [Line Items] | |||
Loan facilities | $ 300,000,000 | ||
Brookfield Renewable Partners [Member] | |||
Provisions [Line Items] | |||
Ownership interest in associates | 51% |