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Cameco Management Presents At Bank Of America Merrill Lynch 2012 Global Metals, Mining & Steel Conference (Transcript)

I am now -- at this point, I must pass along a – of course, you have seen this on every presentation, our friendly reminder that information in this presentation will be forward-looking, some of it. It’s based on a number of assumptions, and that actual results could differ materially. Please refer to our annual information form and the MD&A for factors that could cause these different results and the assumptions that we have made.

Before I get into the specifics of Cameco, I’d like to start by looking at the uranium market and the energy market which drives our business. It’s -- I know, as Oscar said top-of-mind for you, given the changes in the market in the past -- the last few years or so.

I think it’s important to start by looking at the big picture for nuclear. And the big picture for nuclear is that it’s a very long-term picture. This is a long-term industry, and the fundamentals that drive it have not changed that much over the years. Some 50 years ago, to provide some background, utilities started to use nuclear reactors to power their grids because they needed safe, clean, reliable, and affordable energy, and they needed more of it. That need has not diminished over the years, and has in fact increased in recent years as more focus has been put on reducing greenhouse gas emissions and ensuring energy security.

An even bigger contributor to this need is the world demand for energy in general. Since the 1980s, global electricity consumption has tripled, and it is forecast to almost double again over the next two decades. Understandably, the largest growth is coming from countries with rapidly expanding economies. And to put this into perspective, some – there’s seven billion people on the planet roughly. Of that two billion do not have access to electricity, and more who have access to only a fraction of the electricity that we use here in the western world, and they are demanding more.

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