CAMECO CORPORATION 2023 SUSTAINABILITY REPORT
Energizing a clean-air world
Contents
Letter from our CEO
2023 sustainability highlights
Providing the uranium fuel the world needs
About Cameco
Our sustainability targets
About this report
Scope of this report
Supporting global climate action
Our approach to climate disclosures
I. Governance
-
Risk management III. Strategy
IV. Metrics and targets
- Demonstrating environmental
- stewardship
Water
7 Tailings and mining waste management Non-mineral waste
- GHG emissions and energy use
- Land and biodiversity
- Air quality
- Decommissioning and closure
18 Building a strong workforce
20 and resilient communities
- Relationships with Indigenous Peoples and local communities
- Occupational safety and health
23 | Nuclear safeguards |
36 Product and transportation safety
Public safety and emergency preparedness Inclusion and diversity
Employee development Health and wellness Unions
38 | Leading with our values | 79 |
Corporate governance | 81 | |
40 | Governance for sustainability matters | 84 |
43 | Business ethics and integrity | 88 |
49 | Tax transparency | 91 |
50 | Cybersecurity | 92 |
55 | Responsible supply chain | 93 |
57 | ||
58 | Appendices | 95 |
59 | Performance table | 96 |
SASB index | 107 | |
61 | Mine tailings disclosure table | 109 |
Limited assurance report | 110 | |
65 | Forward-looking statements | 113 |
70 | ||
71 | ||
73 | ||
74 | ||
77 | ||
78 |
78 | Nuclear energy around the world |
At Cameco, we believe that nuclear energy must be part of the | |
solution to meet global climate goals. Throughout the report, we | |
are highlighting countries that already produce a high proportion of | |
their electricity from nuclear power to showcase what is possible. | |
This data was sourced from the World Nuclear Association. | |
We are advocating, along with others in the Net Zero Nuclear | |
Initiative, to triple global nuclear capacity by 2050. |
Letter from our CEO
3
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
I am pleased to share our 2023 Sustainability Report during an exciting time for our company and the nuclear industry. Each year, we take the opportunity to reflect on our activities and communicate our forward-looking targets.
I hope you learn more about Cameco and our people as you read these pages.
Looking back, the defining theme of the year 2023 was momentum. The combination of societal commitments around climate change and energy security concerns driven by geopolitics created a resurgence of positive support for nuclear energy as zero-carbon baseload power. Twenty-two countries committed to tripling their nuclear energy capacity by 2050 during the United Nations Climate Change Conference (COP28) as part of their plans to decarbonize their economies. Today, there are more than 30 countries committed to tripling nuclear energy and about 60 reactors are being constructed across the world, with a further 110 planned. At Cameco, we firmly believe nuclear energy must be part of the solution to meet growing energy demand while achieving climate and energy security goals. To show our strong support,
we joined others in the Net Zero Nuclear initiative to advocate for the critical role nuclear must play in achieving net zero.
As part of our efforts to capitalize on this positive momentum, we continue to explore new opportunities to expand our presence and increase our uranium production. In November 2023, we completed the acquisition of Westinghouse, a global provider of specialized technologies, products, and services across most phases of the nuclear power sector. We now own a 49% interest in Westinghouse and Brookfield owns the remaining 51%, which augments our core business and expands our reach across the nuclear fuel cycle. Since first announcing this deal over a year ago, I believe the prospects for Westinghouse have significantly improved.
We also continued to ramp up production at our McArthur River mine and Key Lake mill and we aim to produce 18 million pounds in 2024. Finally, among several long-term uranium contracts, I am proud to share that we signed a deal to supply Ukraine with uranium for nuclear fuel until 2035. For Ukraine, this contract will help them gain energy independence in extraordinarily challenging times, and for us, it has the potential to be the single largest supply contract in Cameco's history. These announcements position us as a major player in our industry as the global demand for nuclear energy and the fuel products and services needed to operate reactors increases.
As the world seeks to decarbonize, we also want to do our part and be an active partner in the fight against climate change. We have set a target to reduce our Scope 1 and 2 GHG emissions by 30 per cent by 2030, compared to our 2015 baseline.
At Cameco, we know it's not enough to set a target: we need an actionable plan to achieve our goal. This year we completed tailored decarbonization pathways for all operationally controlled sites. To develop those pathways, we reviewed more than
160 decarbonization project ideas from employees. This is a sample of the talent and engagement we have across our company.
LETTER FROM OUR CEO
OVERVIEW
OUR SUSTAINABILITY TARGETS
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
Cameco President and CEO Tim Gitzel and Energoatom President Petro Kotin during a tour of Kyiv, Ukraine in October 2023.
We continue to foster talent and build connections outside of our company as well. Having worked at Cameco for almost 20 years, I am humbled by the community support and positive relationships we have built with Indigenous and local communities. We have been able to maintain these relationships through challenging and prosperous times. Our focus has always been in creating opportunities and building capacity in Indigenous and local communities.
At the end of 2023, in our northern Saskatchewan operations, 50% of our workforce were Indigenous individuals, and 74% of services were procured from northern-owned local businesses. To help create capacity, we provided 18 three-month paid work experience placements for Indigenous individuals (13 were women). Additionally, to provide cultural supports while employees are working in our mines and away from home, we renewed our Elder Advisor/Knowledge Keeper program. I am proud of the steps we have taken to make our workplace more supportive and reflective of the communities where we live and work.
Just as we reflect on the year's highlights, I believe we need to take stock and share with you the areas where we fell short of our own expectations. In 2023, we missed our total recordable injury rate safety target for a second year in a row. I am deeply disappointed by this result. Since nearly half of all injuries were related to sprains and strains, we hired an expert to conduct 100 ergonomic assessments to identify ergonomic risks and potential workplace improvements to reduce injuries. We also recognize that front-line supervisors play a key role in verifying that new or experienced workers are working safely, so we required supervisors to perform job task observations. At the end of the year, they had completed more than 4,600 observations. I know we need to do more, so in late 2023, we developed a safety improvement plan focused on training and coaching for supervisors and developed a safety campaign that we have rolled out in 2024.
Looking forward, I am highly optimistic because I know Cameco is well-positioned to supply the nuclear fuel the world needs. I am excited about the momentum lifting the whole nuclear industry, and looking forward to seeing even more global cooperation and technology developments that will make meeting the goals of the Paris Agreement possible. In closing, I want to thank our employees, who have been with us through ups and downs.
In addition, more than 200 new employees opted to join us in 2023, and I want to extend a heartfelt welcome to these new additions to our team. I'm grateful for their choice to grow their careers at Cameco. I am also appreciative of the support of my fellow executives as we make decisions for the future of the company and for the benefit of our stakeholders. Finally, I want to thank Catherine Gignac who was appointed chair of our board in late 2023, and the entire board, as well as welcome our two new directors. I am more confident than ever about our ability to work together towards our vision of energizing a clean-air world.
Tim Gitzel
President and Chief Executive Officer
4
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
OUR SUSTAINABILITY TARGETS
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
2023
Sustainability highlights
50%
of our workforce at our northern Saskatchewan operations were Indigenous
5
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
OUR SUSTAINABILITY TARGETS
CLIMATE
7
climate risk assessments were completed for seven northern Saskatchewan and Ontario operations over the last two years
74%
of services at our northern Saskatchewan operations were procured from northern-owned local businesses
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
16% 100
reduction in water | ergonomic assessments |
withdrawals, compared | completed in 2023 |
to 2022 |
SPOTLIGHT
Nuclear power - a central part of the clean energy transition
Cameco has been in the business of providing uranium fuel for 35 years and is poised to be an important part of the energy transition. Backed by decades of safe performance, we continue to operate under stringent regulatory standards.
6
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
At Cameco, we believe our tier-one reserves and fuel services business can safely provide the uranium fuel the world needs to generate zero-carbon nuclear power. We are committed to reducing our own low GHG emissions in our ambition to reach net-zero.
Nuclear power provides about 10% of global electricity generation¹. We believe nuclear energy must continue to be a central part of the solution to the world's shift to a low-carbon, climate resilient economy. It is an option that can provide the necessary power in a reliable and affordable manner, and in a way that could help avoid some of the worst consequences of climate change. A few of the benefits that make nuclear energy an important element of the energy transition are:
OVERVIEW
OUR SUSTAINABILITY TARGETS
CLIMATE
EXPORTABLE
Uranium can be exported from supplying countries to countries with lower access to energy resources. Not all forms of energy can be moved, and some are dependent on nature.
ZERO CARBON
DURING GENERATION
Nuclear reactors emit no GHGs or other air pollutants during operation.
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
FROM THE MINE | STABLE BASELOAD | |
TO FINAL USE | Nuclear power has the added advantage | |
On a lifecycle basis, nuclear power emits | of providing reliable baseload power. | |
just a few grams² of CO₂ equivalents per | ||
kWh of electricity produced, similar to | ||
solar and wind power. | ||
INTERNATIONAL OVERSIGHT | SMALL AMOUNT OF WASTE | |
Nuclear power is the only energy technology for which there is | The volume of high-level radioactive waste produced by the civil nuclear industry is small. | |
international oversight at the United Nations (by the International | The IAEA estimates that the disposal volume of the current solid high level radioactive waste | |
Atomic Energy Agency). The stringent monitoring and regulation | inventory is approximately 29,000 m³. For context, this is a volume roughly equivalent to a | |
at the national level, along with international oversight, make | three metre tall building covering an area the size of a soccer pitch³. | |
nuclear power generation one of the safest energy technologies. | ||
¹ https://www.iea.org/reports/nuclear-electricity | ³ https://world-nuclear.org/information-library/nuclear-fuel-cycle/nuclear-waste/radioactive-waste-management#References |
- United Nations Economic Commission for Europe (2021). Lifecycle Assessment of Electricity Generating Options.Document
OVERVIEW
Providing the uranium fuel the world needs
13%
of Canada's electricity came from nuclear power in 2022
7
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
About Cameco
Our sustainability targets
About this report
Scope of this report
OUR SUSTAINABILITY TARGETS
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
Toronto, Canada
43.6532° N, 79.3832° W
2023
Overview highlights
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Backed by decades of safe performance, we continue to operate under stringent regulatory standards.
$2.59billion
in 2023 revenue
8
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
About Cameco
Our sustainability targets
About this report
Scope of this report
OUR SUSTAINABILITY TARGETS
~32 million pounds/year
our potential share of tier- one uranium supply if we took advantage of all expansion opportunities
2,638
employees
13
countries acquired uranium or fuel for power generation from Cameco
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
About Cameco
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-airworld. If we took advantage of all the tier-one expansion opportunities, our annual share⁴
of tier-one supply could be about 32 million pounds of uranium concentrates, backed by 485 million pounds of proven and probable mineral reserves (our share⁵). See Cameco's Proven and Probable Reserves webpagefor more information about reserves and resources. We are also a leading supplier of uranium refining, UO₂ and UF₆ conversion services, and CANDU fuel manufacturing for heavy water reactors.
Our competitive position is based on our controlling ownership of the world's largest high-grade uranium reserves and low-cost mining operations. Utilities around the world rely on our nuclear fuel products to generate safe, reliable, zero-carbon nuclear power. Together, we are meeting the ever-increasing demand for clean, baseload electricity while delivering safe, reliable solutions to today's clean-air crisis. Our shares trade on the Toronto Stock Exchange (TSX: CCO) and on the New York Stock Exchange (NYSE: CCJ). Our head office is located in Saskatoon, Saskatchewan.
Vision
Energizing a clean-air world.
Values
At Cameco, we are guided by four key values that establish a framework for everything we do:
> Safety and Environment > People
As the foundation of our culture, these values, and their aligning value statements, define who we are as a company and are at the core of everything we do, helping to embed sustainability principles and practices as we execute on our strategy in pursuit of our vision. We strive to create an environment where our employees live our values every day.
Significant changes to our company or operations
On November 7, 2023, Cameco completed the acquisition of Westinghouse Electric Company (Westinghouse) in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and its institutional partners. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, a global provider of specialized technologies, products and services across most phases of the nuclear power sector. Read more on page 12.
Cameco's corporate headquarters in
Saskatoon, Saskatchewan.
- More than 55 million pounds on 100% basis. ⁵ 851.5 million pounds on 100% basis.
9
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
-
About Cameco
Our sustainability targets About this report Scope of this report
OUR SUSTAINABILITY TARGETS
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
Operations within the nuclear fuel cycle
Our operations range from exploration and uranium mining to the manufacture of nuclear fuel. Utilities around the world rely on our nuclear fuel products to generate power in reliable nuclear reactors.
OPERATED CAMECO ASSETS
NON- OPERATED CAMECO ASSETS
NON- CAMECO ACTIVITIES | Light water reactors | |||||||
ENRICHMENT | CONVERSION | FUEL | LIGHT WATER | SPENT FUEL | ||||
OF UF₆ | OF ENRICHED | FABRICATION | REACTORS | STORAGE | ||||
UF₆ INTO UO₂ | ||||||||
49% interest of Global | ||||||||
Conversion | Laser Enrichment (GLE) | 49% interest of Westinghouse | ||||||
of UO₃ to UF₆ | (in development) | |||||||
EXPLORATION | MINING AND | REFINED TO UO₃ | CONVERSION | ENERGY GRID | ||||
MILLING U₃O₈ | Blind River | Port Hope | Energy that powers homes, | |||||
refining facility | conversion facility | hospitals, and businesses | ||||||
Cameco has exploration, | World's largest commercial | Canada's only uranium | ||||||
mining, and milling assets | uranium refinery | conversion facility | ||||||
both operated and non-operated, in Saskatchewan, | Conversion | |||||||
the US, Australia, and Kazakhstan | ||||||||
of UO₃ to UO₂ | ||||||||
Heavy water reactors (CANDU)
FUEL FABRICATION | CANDU | SPENT FUEL |
Port Hope and Cobourg fuel | REACTORS | STORAGE |
manufacturing facilities |
10
CAMECO CORPORATION
2023 SUSTAINABILITY REPORT
LETTER FROM OUR CEO
OVERVIEW
-
About Cameco
Our sustainability targets About this report Scope of this report
OUR SUSTAINABILITY TARGETS
CLIMATE
ENVIRONMENT
SOCIAL
GOVERNANCE
APPENDICES
Manufacturers reactor components and fuel bundles for CANDU reactors
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Cameco Corporation published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 17:01:24 UTC.
