CCJ Cameco Corporation

 

 

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 May, 2015

 

 

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.

Form 20-F  ¨            Form 40-F  x

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.

Yes  ¨            No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):            

 

 

 

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Exhibit Index

 

Exhibit No.		Description		Page No.
1.		Press Release dated May 22, 2015
2.		Cameco Corporation Annual Meeting – May 22, 2015 – Report of Voting Results

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: May 26, 2015				Cameco Corporation
				By:
				“Sean A. Quinn”
				Sean A. Quinn
				Senior Vice-President, Chief Legal Officer and Corporate Secretary

 

Page 2

TSX: CCO NYSE: CCJ				website: cameco.com currency: Cdn (unless noted)

 

		2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada Tel: (306) 956-6200 Fax: (306) 956-6201

Cameco Announces Election of Directors and Achievement of Commercial Production at Cigar Lake at Annual General Meeting

Saskatoon, Saskatchewan, Canada, May 22, 2015    .    .    .    .    .    .    .    .    .     .    .    .    .

Cameco (TSX: CCO; NYSE: CCJ) announced election of directors and the start of commercial production at the Cigar Lake operation at its annual general meeting today.

Commercial production signals a transition in the accounting treatment for costs incurred at the mine. During May, Cameco met all of the criteria for commercial production, including cycle time and process specifications. Therefore, effective May 1, 2015, all production costs, including depreciation, will be charged to inventory and subsequently recognized in cost of sales as the product is sold as disclosed in our first quarter management discussion and analysis.

Mining at Cigar Lake began in March 2014, with the first packaged uranium concentrate available in October 2014. The operation remains on track to achieve in 2015 the annual production target of 6 million to 8 million packaged pounds (100% basis). Cameco expects Cigar Lake to ramp up to its full annual production rate of 18 million pounds (100% basis) by 2018 (Cameco’s share 9 million pounds). The mine employs more than 600 highly-skilled workers, with the majority being residents of Saskatchewan’s north.

The Cigar Lake operation is owned by Cameco (50.025%), AREVA Resources Canada Inc. (AREVA) (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco.

Also at the meeting held on May 22, 2015, 11 board members were elected. Shareholders elected board members Ian Bruce, Daniel Camus, John Clappison, James Curtiss, Donald Deranger, Catherine Gignac, Tim Gitzel, James Gowans, Nancy Hopkins, Anne McLellan, and Neil McMillan. (Voting results are available below)

Voting Results for Cameco Directors

 

Nominee		Votes For				% Votes For				Withheld				% Votes Withheld
Ian Bruce			137,549,160				90.13	%			15,054,747				9.87	%
Daniel Camus			136,693,554				89.57	%			15,910,352				10.43	%
John Clappison			151,031,875				98.97	%			1,571,367				1.03	%
James Curtiss			137,061,991				89.82	%			15,541,916				10.18	%
Donald Deranger			149,853,275				98.20	%			2,750,631				1.80	%
Catherine Gignac			151,311,771				99.15	%			1,292,135				0.85	%
Tim Gitzel			150,647,345				98.72	%			1,956,562				1.28	%
James Gowans			151,291,693				99.14	%			1,312,213				0.86	%
Nancy Hopkins			150,464,812				98.60	%			2,139,094				1.40	%
Anne McLellan			137,844,507				90.33	%			14,759,399				9.67	%
Neil McMillan			150,618,597				98.70	%			1,985,310				1.30	%

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Profile

Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Caution Regarding Forward-Looking Information and Statements

Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” within the meaning of Canadian and U.S. securities laws. These include statements that: We look forward to Cigar Lake contributing to our growth as it ramps up to full production capacity; the operation remains on track to achieve in 2015 the annual production target of 6 million to 8 million packaged pounds (100% basis); and Cameco expects Cigar Lake to ramp up to its full annual production rate of 18 million pounds (100% basis) by 2018. This information is based upon a number of assumptions that, while considered reasonable by management, are subject to significant uncertainties and contingencies. We have assumed that: our Cigar Lake development, mining and production plans succeed; there is no material delay or disruption in our plans as a result of ground movements, cave-ins, additional water inflows, a failure of seals or plugs used for previous water inflows, natural phenomena, delay in acquiring critical equipment, equipment failure or other causes; there are no labour disputes or shortages; our bulk ground freezing program progresses fast enough to deliver sufficient frozen ore to meet production targets; our expectation that the jet boring mining method will be successful; our expectation that the third jet boring system machine goes into operation on schedule in 2015 and operates as expected; we and AREVA obtain contractors, equipment, operating parts, supplies, regulatory permits and approvals when needed; modification and expansion of the McClean Lake mill are completed as planned, the mill is able to process Cigar Lake ore as expected and sufficient tailings capacity is available; and our mineral reserves estimate and the assumptions it is based on are reliable. This forward-looking information also involves known and unknown risks, uncertainties, and other factors that may cause actual results and developments to differ materially from those expressed or implied. They include risks: that an unexpected geological, hydrological or underground condition or an additional water inflow, further delays our progress; of ground movements and cave-ins; that we or AREVA cannot obtain or maintain the necessary regulatory permits or approvals; of natural phenomena, labour disputes, equipment failure, delay in obtaining the required contractors, equipment, operating parts and supplies or other reasons cause a material delay or disruption in our plans; that sufficient tailings facility capacity is not available; that our mineral reserves estimate is not reliable; that our development, mining or production plans for Cigar Lake are delayed or do not succeed for any reason, including as a result of any difficulties with the jet boring mining method or freezing the deposit to meet production targets, the third jet boring machine does not go into operation on schedule in 2015 or operate as expected, or any difficulties with the McClean Lake mill modifications or expansion or milling Cigar Lake ore. Please also see our most recent annual information form, annual MD&A and quarterly MD&A for other risks and assumptions relevant to the forward-looking information in this news release. We are providing this forward-looking information to help you understand management’s views regarding Cigar Lake uranium production and it may not be appropriate for other purposes. Cameco does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.

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Qualified Person

The above scientific and technical information related to the Cigar Lake mining operation was approved by Les Yesnik, general manager, Cigar Lake, who is a qualified person for the purpose of National Instrument 43-101.

- End -

 

Investor inquiries:		Rachelle Girard		(306) 956-6403
Media inquiries:		Gord Struthers		(306) 956-6593

 

- 3 -

Exhibit 2

 

 

May 22, 2015

Canadian Securities Administrators

Cameco Corporation

Annual Meeting May 22, 2015

Report of Voting Results

Under National Instrument 51-102

In accordance with Section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, we advise of the results of the voting on the matters submitted to the annual meeting (the Meeting) of the shareholders (the Shareholders) of Cameco Corporation (the Corporation) held on May 22, 2015. Each of the matters set forth below is described in greater detail in the Notice for the Meeting and Management Proxy Circular mailed to Shareholders prior to the Meeting.

The matters voted upon at the Meeting and the results of the voting were as follows:

Item 1: Election of Directors

The following directors were elected to hold office for the ensuing year or until their successors are elected or appointed:

 

Ian Bruce		Catherine Gignac
Daniel Camus		Tim Gitzel
John Clappison		James Gowans
James Curtiss		Nancy Hopkins
Donald Deranger		Anne McLellan
		Neil McMillan

 

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Canadian Securities Administrators

May 22, 2015

Page 2

 

 

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for the election of directors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

 

Nominee		Votes For				% Votes For				Withheld				% Votes Withheld
Ian Bruce			201,330,350				92.97	%			15,223,644				7.03	%
Daniel Camus			199,422,514				92.09	%			17,131,480				7.91	%
John Clappison			214,802,171				99.19	%			1,749,166				0.81	%
James Curtiss			200,659,627				92.66	%			15,894,367				7.34	%
Donald Deranger			212,708,555				98.22	%			3,845,439				1.78	%
Catherine Gignac			215,072,291				99.32	%			1,481,703				0.68	%
Tim Gitzel			214,409,252				99.01	%			2,144,742				0.99	%
James Gowans			215,046,421				99.30	%			1,507,573				0.70	%
Nancy Hopkins			214,043,945				98.84	%			2,510,049				1.16	%
Anne McLellan			201,597,890				93.09	%			14,956,104				6.91	%
Neil McMillan			214,384,061				99.00	%			2,169,933				1.00	%

Vote Results After Reduction of Non-resident Vote to 25%:

 

Nominee		Votes For				% Votes For				Withheld				% Votes Withheld
Ian Bruce			137,549,160				90.13	%			15,054,747				9.87	%
Daniel Camus			136,693,554				89.57	%			15,910,352				10.43	%
John Clappison			151,031,875				98.97	%			1,571,367				1.03	%
James Curtiss			137,061,991				89.82	%			15,541,916				10.18	%
Donald Deranger			149,853,275				98.20	%			2,750,631				1.80	%
Catherine Gignac			151,311,771				99.15	%			1,292,135				0.85	%
Tim Gitzel			150,647,345				98.72	%			1,956,562				1.28	%
James Gowans			151,291,693				99.14	%			1,312,213				0.86	%
Nancy Hopkins			150,464,812				98.60	%			2,139,094				1.40	%
Anne McLellan			137,844,507				90.33	%			14,759,399				9.67	%
Neil McMillan			150,618,597				98.70	%			1,985,310				1.30	%

Item 2: Appointment of Auditors

By a vote by way of show of hands, KPMG LLP was appointed auditors of the Corporation to hold office until the next annual meeting of Shareholders, or until their successors are appointed.

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for appointment of auditors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

 

Votes For		% Votes For		Votes Withheld		% Votes Withheld
236,876,044		98.18%		4,379,745		1.82%

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Canadian Securities Administrators

May 22, 2015

Page 3

 

 

Vote Results After Reduction of Non-resident Vote to 25%:

 

Votes For		% Votes For		Votes Withheld		% Votes Withheld
154,917,359		97.57%		3,861,996		2.43%

Item 3: Executive Compensation

On a vote by ballot, an advisory resolution was passed accepting the approach to executive compensation disclosed in Cameco’s Management Proxy Circular delivered in advance of this meeting.

The outcome of the ballot vote, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, was as follows:

Vote Results Before Reduction of Non-resident Vote:

 

Votes For		% Votes For		Votes Against		% Votes Against
196,810,197		90.88%		19,742,292		9.12%

Vote Results After Reduction of Non-resident Vote to 25%:

 

Votes For		% Votes For		Votes Against		% Votes Against
134,530,917		88.16%		18,074,956		11.84%

 

Cameco Corporation
By:		“Sean A. Quinn”
		Sean A. Quinn
		Senior Vice-President, Chief Legal Officer
		and Corporate Secretary