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Cameco Management Discusses Q3 2011 Results - Earnings Call Transcript

Today's conference call is open to all members of the investment community, including the media. During the Q&A session, please limit yourself to 2 questions and then return to the queue. Please note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially. Please refer to our annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

With that, I'll turn it over to Tim.

Timothy S. Gitzel

Thank you, Bob, and thanks to everyone for joining us on our third quarter call today. We're going to start with an overview of our significant developments this quarter. As you may know, we recently signed a nonbinding memorandum of understanding with our Cigar Lake partners, which will significantly improve the economics of the Cigar Lake project and sustain our status as a low-cost producer. The agreement will see all of the Cigar Lake ore processed at the McClean Lake mill, resulting in a significantly lower operating cost for the Cigar Lake partners, dropping from the expected $23.14 per pound to about $18.60 per pound. The impact of this agreement and other changes to the project will be detailed in the next Cigar Lake technical report, which will be available in February of 2012.

We also signed a memorandum of agreement with our partner, Kazatomprom, which is an important step toward increasing production from Blocks 1 and 2 at our Inkai project to 5.2 million pounds. The agreement is indicative of our strong relationship with Kazatomprom and is another step toward our Double U strategy. Looking beyond Double U, we also made an offer for Hathor Exploration, which has been extended to November 14 in order to preserve our options in relation to this potential transaction. Today, there's nothing new to report on this. We will let you know when any decisions have been made.

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