e6vk
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 January, 2008
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):
Exhibit Index
|
|
|
|
|
|
|
Exhibit No. |
|
Description |
|
Page No. |
|
|
|
|
|
|
|
|
1. |
|
|
Press Release dated January 28, 2008
|
|
3 5 |
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.
|
|
|
|
|
Date: January 29, 2008 |
Cameco Corporation
|
|
|
By: |
Gary M.S. Chad
|
|
|
|
Gary M.S. Chad, Q.C. |
|
|
|
Senior Vice-President, Governance,
Law and Corporate Secretary |
|
2
|
|
|
|
|
TSX: CCO
NYSE: CCJ
|
|
|
|
website: cameco.com
currency: Cdn |
2121
11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco to Begin Upgrades at Port Hope Conversion Facility
Saskatoon, Saskatchewan, Canada, January 28, 2008 . . . . . . . . . . . . . .
Cameco Corporation has received regulatory approval to begin repairing and upgrading the Port Hope
uranium hexafluoride (UF6) conversion plant following the discovery of soil
contamination beneath the facility. While UF6 plant operations have been suspended since
the discovery in July 2007, uranium dioxide conversion and other activities at the site have not
been affected.
Cameco has set a target of resuming UF6 production in the third quarter of 2008 at the
earliest. We expect to provide a more specific timetable after construction schedules are finalized
and availability of contractors is confirmed. Resuming production in the UF6 plant will
require CNSC approval.
Cameco has met scheduled UF6 deliveries since the plant shut down. We have continued to
work with our customers to manage our worldwide pool of inventories in order to facilitate customer
requirements at specific locations. In addition, we have both arranged for voluntary deferrals of
UF6 deliveries and purchased UF6 conversion services. These actions are
intended to allow us to meet utility delivery commitments until Port Hope production resumes,
assuming customers do not accelerate deliveries and UF6 production and other purchases
proceed as planned.
The Canadian Nuclear Safety Commission (CNSC) has notified Cameco that it can begin installing the
structures and new equipment required for safely operating the plant. Cameco has already removed
most of the UF6 plant floor and the top 0.6 metres of soil beneath areas of the
UF6 plant where leakage was identified. Subsequent steps involve pouring the concrete
floor of the UF6 building, adding leak-proof surface coatings and re-installing
equipment. Additionally, a groundwater management system outside the plant will be installed to
contain, recover and treat affected groundwater. We will require approval for the final design,
installation and operation of this system.
Cameco must also complete and receive CNSC approval for a comprehensive risk assessment that will
identify contaminants that could pose a potential risk to the environment and verify that the
selected treatment methods and technology will effectively mitigate potential risks. The health and
safety of employees and the public have not and will not be adversely affected based on a
preliminary risk assessment and the low concentrations of contaminants in the soil and groundwater
outside the footprint of the UF6 plant.
The estimate for the cleanup of the contaminated soil at Port Hope has been increased to $15 to $20
million from the $3 million previously recorded due to an increase in the scope of work required to
remediate the contaminated areas. In addition, Cameco expects to spend $20 to $25 million on plant
improvements.
3
CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
Statements contained in this news release which are not current statements or historical facts are
forward-looking information (as defined under Canadian securities laws) and forward-looking
statements (as defined in the U.S. Securities Exchange Act of 1934, as amended) which may be
material and that involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by them. The statements above regarding the
target date for resumption of Port Hope UF6 production and certain other statements
regarding future events, including meeting UF6 utility delivery commitments and the
estimated cleanup and plant improvement costs are forward-looking information and are based upon
the following key assumptions and subject to the following material risk factors that could cause
results to differ materially: we have made certain assumptions regarding the timing of regulatory
approvals for remediation activities, modifications to the UF6 plant, and production
restart, but they are subject to the risk that they take longer to obtain than anticipated; we have
assumed that the UF6 plant can be brought back into production without unforeseen
difficulty or delay, but that is subject to a number of risks including the risk of unusual
difficulties arising from the extended length of time that the UF6 plant has been shut
down, the risk that there will be a delay in or failure to procure the required contractors,
equipment and suppliers, the risk of equipment failure, the risk of natural phenomena including
inclement weather conditions and fire, and the risk of delay or ultimate lack of success; we have
assumed that the findings in our preliminary risk assessment prove to be correct, but that is
subject to the risk of adverse findings in the final risk assessment; and we have assumed our
efforts to meet scheduled UF6 delivery commitments will succeed, but that is subject to
a number of risks including customers accelerating UF6 deliveries or UF6
production, purchases and deferrals not proceeding as planned; and we have made certain assumptions
in connection with our remediation and plant improvements cost estimates, which are subject to the
risk that costs are higher than expected.
The forward-looking information and statements included in this news release represent Camecos
views as of the date of this news release and should not be relied upon as representing Camecos
views as of any subsequent date. While Cameco anticipates that subsequent events and developments
may cause its views to change, Cameco specifically disclaims any intention or obligation to update
forward-looking information and statements, whether as a result of new information, future events
or otherwise, except to the extent required by applicable securities laws. Forward-looking
information and statements contained in this news release regarding the resumption of
UF6 production and related matters noted above is presented for the purpose of assisting
Camecos shareholders in understanding managements current views regarding those future outcomes,
and may not be appropriate for other purposes.
There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could vary, or differ materially, from those
anticipated in them. Accordingly, readers of this news release should not place undue reliance on
forward-looking information and statements.
4
PROFILE
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.
- End -
|
|
|
|
|
Investor and media inquiries:
|
|
Alice Wong
|
|
(306) 956-6337 |
|
|
|
|
|
Investor inquiries:
|
|
Bob Lillie
|
|
(306) 956-6639 |
|
|
|
|
|
Media inquiries:
|
|
Lyle Krahn
|
|
(306) 956-6316 |
5