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<SEC-DOCUMENT>0001130319-03-000581.txt : 20030707
<SEC-HEADER>0001130319-03-000581.hdr.sgml : 20030704
<ACCEPTANCE-DATETIME>20030707155433
ACCESSION NUMBER:		0001130319-03-000581
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030707
FILED AS OF DATE:		20030707

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:		03777033

	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>o10267e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K - Material Change Report Dated July 7, 03</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="3"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B>
</FONT>
<P align="center"><FONT size="5"><B>FORM 6-K</B>
</FONT>
<P align="center"><FONT size="3"><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 July, 2003
</FONT>
<P align="center"><FONT size="5"><B>Cameco Corporation</B></FONT>
<DIV align="center"><FONT size="2">(Commission file
No.&nbsp;1-14228)</FONT></DIV>
<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>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
</CENTER>
<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>
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    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Yes&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
No&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
</CENTER>
<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">&nbsp;</FONT>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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</TR>
<TR><TD colspan="9"><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="#002">Material Change Report Dated July 7, 2003</A></TD></TR>
</TABLE>
</CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "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="8%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Page No.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><HR size="1" noshade width="25%"></TD>
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    <TD nowrap align="center"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">1.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Material Change Report
dated July&nbsp;7, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">3 &#150; 5</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="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</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>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: July&nbsp;7, 2003</FONT></TD>
    <TD align="left" valign="top" colspan="2"><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>
</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>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By:</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&#150; s &#150;<I>&#147;Gary M.S. Chad&#148;</I><BR>
<HR size="1" noshade>
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and
Corporate Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Material Change Report Dated July 7, 2003" -->
<DIV align="left"><A NAME="002"></A></DIV>
<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 - 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 align="left"><FONT size="2"><B>ITEM 1 &#151; Reporting Issuer:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corporation (&#147;Cameco&#148;)
</FONT>
<P align="left"><FONT size="2"><B>ITEM 2 &#151; Date of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July&nbsp;2, 2003
</FONT>
<P align="left"><FONT size="2"><B>ITEM 3 &#151; Press Release:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 July&nbsp;2, 2003.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 4 &#151; Summary of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco announced on July&nbsp;2, 2003 that the McArthur River mine was
back in production approximately one month earlier than previously
anticipated. Production has been suspended since April&nbsp;6, 2003
when additional water began to flow into the mine.
</FONT>
<P align="left"><FONT size="2"><B>ITEM 5 &#151; Full Description of Material Change:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco announced on July&nbsp;2, 2003 that the McArthur River mine was
back in production approximately one month earlier than previously
anticipated. Production has been suspended since April&nbsp;6, 2003
when additional water began to flow into the mine.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McArthur River personnel began mining underground with two
raise-bore
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<P align="left"><FONT size="2"> machines on June&nbsp;30 and expect to have a third unit functioning in
early July, bringing mining operations up to full capacity.
McArthur River ore is processed at the Key Lake mill, which
restarted on Canada Day, July 1. The restart of mining operations
was conditional on a number of regulatory items including increased
monitoring and providing more information about returning to normal
operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The additional water inflow at the McArthur River mine is stable
and being drained through a series of pipes from the affected area
to an inactive part of the mine before being pumped to surface. The
water continues to be treated and monitored to ensure good quality.
The area where the water entered the mine has been filled with
concrete and work is continuing to permanently seal it off by
mid-August.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco expects the McArthur River/Key Lake operations will produce
approximately 12 to 13&nbsp;million pounds of uranium in 2003 (Cameco&#146;s
share about 8 to 9&nbsp;million pounds) compared to the annual licensed
capacity of 18.7&nbsp;million pounds. Cameco&#146;s share of production from
all its uranium operations will be about 16 to 17&nbsp;million pounds
this year. While mining was suspended, the company met all sales
contracts with existing inventory and other supply sources.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco avoided layoffs of McArthur River and Key Lake employees by
scheduling additional maintenance, training and by using vacation
time.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco confirms that the 2003 net earnings have declined by about
$4 to $5&nbsp;million for every month that McArthur River was unable to
produce.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco owns 70% of the McArthur River mine located in northern
Saskatchewan about 620 kilometres north of Saskatoon.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements contained in this material change report which are not
historical facts are forward-looking statements that involve risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following,
include: volatility and sensitivity to market prices for uranium,
electricity in Ontario and gold; the impact of the sales volume of
uranium, conversion services, electricity generated and gold;
competition; the impact of change in foreign currency exchange
rates and interest rates; imprecision in reserve estimates;
environmental and safety risks including increased regulatory
burdens; unexpected geological or hydrological conditions;
political risks arising from operating in certain developing
countries; a possible deterioration in political support for
nuclear energy; changes in government regulations and policies,
including trade laws and policies; demand for nuclear power;
replacement of production and failure to obtain necessary permits
and approvals from government authorities; legislative and
regulatory initiatives
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P align="left"><FONT size="2"> regarding deregulation, regulation or restructuring of the electric
utility industry in Ontario; Ontario electricity rate regulations;
weather and other natural phenomena; ability to maintain and
further improve positive labour relations; operating performance of
the facilities; success of planned development projects; and other
development and operating risks.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 press release upon which this material change report is
based. Cameco disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
</FONT>
<P align="left"><FONT size="2"><B>ITEM&nbsp;6 &#151; Reliance on Subsection&nbsp;84(2)&nbsp;(SK), Subsection&nbsp;67(2)&nbsp;(BC), Subsection&nbsp;118(4)&nbsp;(AB), Subsection&nbsp;75(3)&nbsp;(ON),
Section&nbsp;74&nbsp;(PQ), Subsection&nbsp;81(3)&nbsp;(NS), and Subsection&nbsp;76(3)&nbsp;(NF):</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None Applicable
</FONT>
<P align="left"><FONT size="2"><B>ITEM 7 &#151; Omitted Information:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None Applicable
</FONT>
<P align="left"><FONT size="2"><B>ITEM 8 &#151; Senior Officer:</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="97%"><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>
</TABLE>
<P align="left"><FONT size="2"><B>ITEM 9 &#151; Statement of Senior Officer:</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing accurately discloses the material change referred to
herein.
</FONT>
<P align="left"><FONT size="2">DATED at Saskatoon, Saskatchewan the 7<SUP>th</SUP> day of July, 2003.
</FONT>
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    <TD width="50%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
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    <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>
</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">&#150; s &#150; <I>&#147;Gary M.S. Chad"</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"><HR size="1" noshade></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">Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and Corporate
Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">5</FONT>



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