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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of November, 2007
Cameco Corporation
(Commission file No. 1-14228)
2121 11th Street West
Saskatoon, Saskatchewan, Canada S7M 1J3
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
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Exhibit Index
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Exhibit No. |
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Description |
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Page No. |
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1.
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Press Release dated
October 31, 2007
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3-4 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Date: November 1, 2007 |
Cameco Corporation
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By: |
Gary M.S. Chad
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Gary M.S. Chad, Q.C. |
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Senior Vice-President, Governance,
Legal and Regulatory Affairs, and
Corporate Secretary |
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TSX: CCO
NYSE: CCJ
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website: cameco.com
currency: Cdn |
2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco Receives Request to Discuss Russian Agreement
Saskatoon, Saskatchewan, Canada, October 31, 2007. . . . . . . . . . . . . .
Cameco Corporation reports that the Joint Stock Company Techsnabexport (Tenex) has requested
discussions regarding the pricing structure for the last few years of the remaining term of the
commercial agreement to purchase uranium derived from dismantled Russian nuclear weapons. Tenex
made its request after Cameco announced its third quarter results on October 31, 2007. Cameco and
its two partners in the commercial agreement have a long-standing history of working with Tenex on
this agreement and other matters. Cameco will confer with its partners before deciding on a course
of action going forward.
Cameco currently purchases about 7 million pounds of uranium annually under this commercial
agreement, which ends in 2013. The purchase price that Cameco pays for these pounds was agreed to
in 2001, when uranium prices were much lower than they are today. As such, Tenex has asked the
parties to consider a new pricing structure to share in the improved uranium market prices.
Cameco and its two partners entered into the commercial agreement with Tenex to purchase uranium
derived from dismantled Russian weapons in 1999. The commercial agreement was subsequently amended
in 2001 and 2004. This commercial agreement falls under the umbrella of the United States-Russia
government-to-government agreement to convert highly enriched uranium from dismantled Russian
nuclear weapons into fuel for nuclear power plants (the HEU agreement).
The agreements, including the commercial agreement, that implement the HEU agreement presently
supply a significant portion of the US enrichment, uranium and conversion services requirements.
As a result of these agreements, a quantity of highly enriched uranium equivalent to more than
12,000 nuclear warheads has been recycled to fuel electricity generation. Tenex, Cameco and its
western partners (AREVA and Nukem) have all expressed their intent to continue with the commercial
agreement.
Cameco, with its head office in Saskatoon, Saskatchewan, is the worlds largest uranium producer.
The companys uranium products are used to generate electricity in nuclear energy plants around the
world, providing one of the cleanest sources of energy available today. Camecos shares trade on
the Toronto and New York stock exchanges.
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Statements contained in this news release, which are not historical facts, are forward-looking
statements that involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such forward-looking statements. Factors that
could cause such differences, without limiting the generality of the following, include: the impact
of the sales volume of fuel fabrication services, uranium, conversion services, electricity
generated and gold; volatility and sensitivity to market prices for uranium, conversion services,
electricity in Ontario and gold; competition; the impact of change in foreign currency exchange
rates and interest rates; imprecision in decommissioning, reclamation, reserve and tax estimates;
environmental and safety risks including increased regulatory burdens and long-term waste disposal;
unexpected geological or hydrological conditions; adverse mining conditions; political risks
arising from operating in certain developing countries; terrorism; sabotage; a possible
deterioration in political support for nuclear energy; changes in government regulations and
policies, including tax and trade laws and policies; demand for nuclear power; replacement of
production; failure to obtain or maintain necessary permits and approvals from government
authorities; legislative and regulatory initiatives regarding deregulation, regulation or
restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations;
natural phenomena including inclement weather conditions, fire, flood, underground floods,
earthquakes, pit wall failure and cave-ins; ability to maintain and further improve positive labour
relations; strikes or lockouts; operating performance, disruption in the operation of, and life of
the companys and customers facilities; decrease in electrical production due to planned outages
extending beyond their scheduled periods or unplanned outages; success of planned development
projects; and other development and operating risks.
Although Cameco believes that the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the
date of this report. Cameco disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
- End -
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Investor and media inquiries:
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Alice Wong
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(306) 956-6337 |
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Investor inquiries:
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Bob Lillie
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(306) 956-6639 |
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Media inquiries:
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Lyle Krahn
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(306) 956-6316 |