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<SEC-DOCUMENT>0001130319-02-001623.txt : 20021224
<SEC-HEADER>0001130319-02-001623.hdr.sgml : 20021224
<ACCEPTANCE-DATETIME>20021224105656
ACCESSION NUMBER:		0001130319-02-001623
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20021224
FILED AS OF DATE:		20021224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		02868164

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o08612e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B>
</FONT>
<P align="center"><FONT size="3"><B>FORM 6-K</B>
</FONT>
<P align="center"><FONT size="2"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>
</FONT>
<P align="center"><FONT size="2">For the month of December, 2002
</FONT>
<P align="center"><FONT size="3"><B>Cameco Corporation</B></FONT><BR>
<FONT size="2">(Commission file No.&nbsp;1-14228)
</FONT>
<P align="center"><FONT size="2"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)
</FONT>
<P align="left"><FONT size="2">Indicate by check mark whether the registrant files or will file annual reports
under cover Form&nbsp;20-F or Form&nbsp;40-F.
</FONT>
<P align="center"><FONT size="2">Form&nbsp;20-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Form&nbsp;40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;Y&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>
<P align="left"><FONT size="2">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&nbsp;12g3-2(b) under the Securities Exchange Act of
1934.
</FONT>
<P align="center"><FONT size="2">Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> No <U>&nbsp;&nbsp;&nbsp;&nbsp;Y&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>
<P align="left"><FONT size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
in connection with Rule&nbsp;12g3-2(b):
</FONT>
<P align="center"><FONT size="2">Page 1</FONT>
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<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o08612exv1.htm">Material Change Report Dated December 23, 2002</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Exhibit&nbsp;Index</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page No.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">1.</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Material Change Report dated December&nbsp;23, 2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">3 - 7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURE</B>
</FONT>

<P align="left"><FONT size="2">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.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
December&nbsp;23, 2002
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Cameco Corporation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By: <I>&#147;Gary M.S. Chad&#148;</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><HR width="50%" size="1">
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and<BR>
Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Page 2</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>o08612exv1.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED DECEMBER 23, 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Material Change Report Dated December 23, 2002</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>FORM 25 (Saskatchewan)<BR>
FORM 26 (Newfoundland)<BR>
FORM 27 (British Columbia, Alberta, Ontario &#038; Nova Scotia)</B>
</FONT>
<P align="center"><FONT size="2"><B>Material Change Report Pursuant To</B>
</FONT>
<P align="center"><FONT size="2">Clause 84(1)(b) of the Securities Act, 1988, S.S. 1988 c. S-42.2<BR>
Subsection 67(1) of the Securities Act, S.B.C. 1985 c. 83<BR>
Subsection 118(1) of the Securities Act, R.S.A. 1981 c. S-6.1<BR>
Subsection 75(2) of the Securities Act, R.S.O. 1980 c. 466<BR>
Subsection 73 of the Securities Act, R.S.Q. c.V-1 &#151; 1.1<BR>
Subsection 81(2) of the Securities Act, R.S.N.S. 1989 c. 418<BR>
Subsection 76(2) of the Securities Act, 1990 S. Nfld. c. 48
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 1 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Reporting Issuer:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Cameco Corporation (&#147;Cameco&#148;)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 2 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Date of Material Change:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">December&nbsp;23, 2002</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 3 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Press Release:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The English version and the French translation version of the press
release relating to this material change were distributed and filed
by Canadian Corporate News through their Canadian Timely Disclosure
Pack and U.S. Timely Disclosure Pack on December&nbsp;23, 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 4 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Summary of Material Change:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Cameco announced on December&nbsp;23, 2002 that it has signed a binding
heads of agreement (agreement)&nbsp;along with two Canadian partners,
TransCanada PipeLines Limited (TransCanada) and BPC Generation
Infrastructure Trust (BPC), a trust established by Ontario
Municipal Employees Retirement System (OMERS), to purchase 79.8% of
Bruce Power Limited Partnership (Bruce Power) from British Energy
plc (BE), which currently holds an 82.4% interest. The Power
Workers&#146; Union and The Society of Energy Professionals (unions)
will obtain the remaining 2.6%. In addition, the consortium of
Cameco, TransCanada and OMERS will acquire the 50% interest that BE
holds in Huron Wind, Ontario&#146;s first commercial wind farm.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The agreement commits Cameco to purchase, for approximately $198
million (subject to minor closing adjustments), an additional 16.6%
interest in Bruce Power, bringing its total interest to 31.6%. The
agreement protects Cameco&#146;s rights with respect to its existing 15%
interest, including limits on future capital and financial
assurance requirements. Cameco also confirms its fuel supply
management responsibility to Bruce Power has been retained.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 3</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Cameco will also provide $75&nbsp;million representing its one-third
share of $225&nbsp;million in deferred rent payments to Ontario Power
Generation Inc. (OPG)&nbsp;to be paid concurrent with the closing of the
acquisition.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Upon closing, Cameco&#146;s total commitment in financial assurances is
estimated to be approximately $200&nbsp;million, related to its share of
the operating license from the Canadian Nuclear Safety Commission
(CNSC), the lease with OPG and the power purchase agreements (PPAs)
with large industrial customers.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Depending on wholesale electricity prices in the Ontario market,
Cameco anticipates after tax earnings from its total 31.6% share of
Bruce Power to be in the $0.90 to $1.00 per share range in 2003.
This forward-looking estimate is conditional on the following
material assumptions:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="1%"></TD>
    <TD width="5%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establishing the effective date of the acquisition as January&nbsp;1, 2003</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restarting two Bruce A units on schedule (April and June)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;achieving a combined forecasted capacity factor of 87%</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Other nuclear generation risks that could impact this estimate are
described at the end of this material change report.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Closing is expected by February&nbsp;14, 2003, subject to a number of
conditions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 5 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Full Description of Material Change:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Cameco announced on December&nbsp;23, 2002 that it has signed a binding
heads of agreement (agreement)&nbsp;along with two Canadian partners,
TransCanada PipeLines Limited (TransCanada) and BPC Generation
Infrastructure Trust (BPC), a trust established by Ontario
Municipal Employees Retirement System (OMERS), to purchase 79.8% of
Bruce Power Limited Partnership (Bruce Power) from British Energy
plc (BE), which currently holds an 82.4% interest. The Power
Workers&#146; Union and The Society of Energy Professionals (unions)
will obtain the remaining 2.6%. In addition, the consortium of
Cameco, TransCanada and OMERS will acquire the 50% interest that BE
holds in Huron Wind, Ontario&#146;s first commercial wind farm.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The agreement commits Cameco to purchase, for approximately $198
million (subject to minor closing adjustments), an additional 16.6%
interest in Bruce Power, bringing its total interest to 31.6%. The
agreement protects Cameco&#146;s rights with respect to its existing
15%, including limits on future capital and financial assurance
requirements. Cameco also confirms its fuel supply management
responsibility to Bruce Power has been retained.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Cameco will also provide $75&nbsp;million representing its one-third
share of $225&nbsp;million in deferred rent payments to Ontario Power
Generation Inc. (OPG)&nbsp;to be paid concurrent with the closing of the
acquisition.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 4</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Upon closing, Cameco&#146;s total commitment in financial assurances is
estimated to be approximately $200&nbsp;million, related to its share of
the operating license from the Canadian Nuclear Safety Commission
(CNSC), the lease with OPG and the power purchase agreements (PPAs)
with large industrial customers. This commitment is subject to
adjustment as the actual amounts of financial assurances in support
of PPAs fluctuate in response to wholesale electricity market
changes.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Cameco will fund the acquisition and the OPG deferred rent payments
from cash and existing credit facilities. As a result, Cameco&#146;s net
debt to capitalization ratio will increase to about 20% upon
closing.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The transaction meets Cameco&#146;s investment return requirements and
is expected to be accretive to Cameco&#146;s earnings and cash flow upon
closing. Depending on wholesale electricity prices in the Ontario
market, Cameco anticipates after tax earnings from its total 31.6%
share of Bruce Power to be in the $0.90 to $1.00 per share range in
2003. This forward-looking estimate is conditional on the following
material assumptions:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establishing the effective date of the acquisition as January&nbsp;1, 2003</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restarting two Bruce A units on schedule (April and June)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;achieving a combined forecasted capacity factor of 87%</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Other nuclear generation risks that could impact this estimate are
described at the end of this material change report.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Closing is expected by February&nbsp;14<B>, </B>2003, subject to a number of
conditions, including the approval of BE&#146;s shareholders, the
consent of CNSC, receipt of favourable Canadian tax rulings and
clearance under the Canadian Competition Act.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">It is a further condition of closing that certain senior employees
of Bruce Power not leave the employment of Bruce Power or announce
their intention to do so.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">TransCanada and BPC will each acquire a 31.6% interest in Bruce
Power. The unions own a 2.6% interest in Bruce Power and will
obtain an additional 2.6% at closing.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The resulting ownership of Bruce Power will therefore be as
follows:</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%">
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31.6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TransCanada</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31.6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">BPC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31.6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.2</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Subject to regulatory approvals, the anticipated restart of Bruce A
reactors remains on schedule to meet Ontario&#146;s peak summer demand
and is estimated to cost about $400&nbsp;million.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">TransCanada is a leading North American energy company focused on
natural gas transmission and power services. Upon closing, it will own, control
or have under construction 4,150 megawatts of power generation
capacity.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">BPC, based in Toronto, Ontario, is owned by OMERS, one of Canada&#146;s
largest pension funds with $34&nbsp;billion in assets under management.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Cameco, with its head office in Saskatoon, Saskatchewan, is the
world&#146;s largest uranium supplier. The company&#146;s uranium products are
used to generate electricity in nuclear energy plants around the
world, providing one of the cleanest sources of energy available
today. Cameco&#146;s shares trade on the Toronto and New York stock
exchanges.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Certain statements contained in this material change report
relating to the December&nbsp;23, 2002 press release are forward looking
and reflect Cameco&#146;s views with respect to the future. Since
forward-looking statements address future events and conditions, by
their nature they involve inherent risks and uncertainties and are
not guarantees of Cameco&#146;s future performance or results. They are
subject to various factors and assumptions which may cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, including, but not limited to,
wholesale electricity prices in Ontario; Ontario electricity rate
regulations; the impact of the sales volume of electricity
generated from the Bruce nuclear units; regulatory initiatives
regarding deregulation, re-regulation or restructuring of the
electric utility industry in Ontario; changes in government
regulations and policies; effects of weather and other natural
phenomena; failure to obtain necessary permits and approvals from
government authorities, including an operating license from the
CNSC for the Bruce A units; operating performance of the Bruce
nuclear facilities, including the impact thereon of mechanical,
equipment or structural problems; loss of revenue and increase in
costs due to unexpected outages or longer than planned scheduled
outages of any of the Bruce units; nuclear waste management and
decommissioning; success of the planned restart of the Bruce A
units and Bruce Power capacity factor improvement projects; and
environmental, safety and operating risks associated with nuclear
power. Some of these and other factors are discussed in greater
detail in Cameco&#146;s annual information form on file with the US
Securities and Exchange Commission and Canadian securities
regulatory authorities. Although Cameco believes that the
assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of the December&nbsp;23,
2002 press release. Cameco is not obligated to update or revise
any forward-looking statements, whether as the result of new
information, future developments or otherwise.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">Page 6</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 6 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Reliance on Subsection 84(2) (SK), Subsection 67(2) (BC), Subsection 118(4) (AB), Subsection 75(3) (ON), Section&nbsp;74
(PQ), Subsection 81(3) (NS), and Subsection 76(3) (NF):</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">None Applicable</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 7 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Omitted Information:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">None Applicable</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 8 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Senior Officer:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><B>ITEM 9 &#151;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B>Statement of Senior Officer:</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The foregoing accurately discloses the material change referred to
herein.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">DATED at Saskatoon, Saskatchewan the 23rd day of December, 2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and Corporate<BR>
Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">Page 7</FONT>



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