The giant Canadian uranium mining company, Cameco Corporation, currently supplies about 1/3 of the world’s uranium demand from mines in northern Saskatchewan in Canada and the USA. It was formed from the (in)effective privatisation of the Canadian federal government uranium company, Eldorado Nuclear - the company that mined the uranium for the Manhattan Project during World War II - and the Saskatchewan government company Saskatchewan Mining Development Corporation (SMDC) in 1988. Due to poor uranium markets and conditions, Cameco were not floated on the Toronto and Montreal Stock Exchanges until 1991.
The Saskatchewan government still has about 10% ownership of Cameco, a direct conflict of interest in regulating the uranium mines. During 1998, Cameco bought the small but important Rheinbraun shareholding in ERA of 6.45% for a mere $56 million, as well as obtaining the Uranerz interests in Rabbit Lake and Key Lake, northern Saskatchewan.
The big project of SMDC, the Key Lake mine has seen one of the biggest uranium mine disasters - 100 MILLION litres of radioactive wastewater leaked into the adjacent lake. Unfortuntely, large accidents and spills appear common place at Key Lake.
Cameco are currently an active explorer in Arnhem Land, NT, along with fellow uranium multinationals PNC (Japan) and Cogema (French). This was in place by the end of 1995, before the rise of the Coalition, and they have recently announced JV’s with Queensland Mines’ exploration tenements over the area. The prospects include Deaf Adder (98%), Arnhem Land West (50%), Tin Camp Creek (49%) and Black Rock. Cameco also list exploration in WA around the Kintyre province, although no names or details are provided. Cameco see Australia as a key place for further uranium mines, and are therefore building an extensive exploration program.
They announced on March 30, 1999, that they have allocated $4 million in funding for their exploration program in Arnhem Land (and WA). This is generally an indication they want to find something desperately, or they already have and are drilling and exploring it in detail.
Well, more likely to be the latter - Cameco have apparently found a substantial new uranium deposit on their Deaf Adder prospect. Those Canucks have for some reason beyond comprehension nicknamed the deposit "SnowDrop" - in the middle of the Wet-Dry Tropics !!!
Don't hold your breath though - the 1999 Annual Report from Cameco says "No economic uranium occurrences were found in 1999."
| Manager : | James Marlatt |
| Contacts : | 66 Winnellie Rd, Darwin, NT 0820 P.O. Box 35,921 Darwin, NT 0820 Ph (08) 8947 3477 - Fax (08) 8947 3488 |
| Email : | cameco@ozemail.com.au |
| State/Country : | Saskatchewan, Canada |
| ACN : | 001-513-088 |
| Other Websites : |
Australian Uranium Deposits and Prospects
| PNC Exploration (50%). | ||
| Private Interests (2% - unknown). | ||
| Cogema Australia (49%, through Afmeco Mining and Exploration Pty Ltd), West Arnhem Corporation (2%). | ||
| Exploration began in 1997 and was continuing in 1998. | ||
| Exploration program completed in 1997, although no uranium deposits were found and the program terminated. |
Cameco Australia Exploration Projects (1)
Cameco Corporation
| Directors : | Bernard Michel (Chair, President and Chief Executive Officer), John R McCraig, Robert T F Reid, George S Dembroski, Harry D Cook, Justus Dornier, James R Curtiss, Robert W Peterson, Kim Thorson, Allan E Blakeney, Nancy E Hopkins, Richard B Baltzan |
| Officers : | |
| Contacts : | 2121 11th Street West, Saskatoon, SK S7M 1J3 Canada Ph +1 306 956 6200 - Fax +1 306 956 6201 |
| Website : | http://www.cameco.com/ |
| Annual Reports : | Request via the Cameco website. |
| Share Codes : | CCO (Home Exchange - Toronto, ON, Canada), New York - CCJ |
| State/Country : | Saskatchewan, Canada |
| Other Websites : | |
| Uranium Interests : | See the WISE Uranium Project - Cameco page. |
Some Shareholders
| Company or Entity | |
|---|---|
| Saskatchewan Government | |
| Public Shareholdings |
Directors Interests
- Richard B Baltzan - Physician, President Elect of the Royal College of Physicians and Surgeons of Canada.
- Allan E Blakeney - Former Premier of Saskatchewan.
- Harry D Cook - Chief Lac La Ronge Indian Band, President Kitsaki Development Corporation.
- James R Curtis - Lawyer, Partner of Winston & Strawn.
- George S Dembroski - Corporate Director.
- Justus Dornier - Nuclear Physicist, Chair of Trans-Finanz Holdings Ltd.
- Nancy E Hopkins - Lawyer, Partner of Gauley & Co.
- John R McCraig - Chair of Trimac Corporation.
- Robert W Peterson - President and Chief Executive Officer of Denro Holdings Ltd.
- Robert T F Reid - President and Chief Executive Officer of Union Gas Ltd.
- Kim Thorson - Lawyer, Partner, Thorson & Horner.
Click on image for larger resolution version.
References - Cameco Annual Reports 1997 to 1999, and Mudd (1998).
Last updated July 22, 2000.
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