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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001130319-03-000751.txt : 20031001
<SEC-HEADER>0001130319-03-000751.hdr.sgml : 20031001
<ACCEPTANCE-DATETIME>20031001162843
ACCESSION NUMBER:		0001130319-03-000751
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031001
FILED AS OF DATE:		20031001

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:		03921005

	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>o10858e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<HEAD>
<TITLE>Form 6-K</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
</FONT><FONT size="3"><B>Washington, DC 20549</B>
</FONT>
<P align="center"><FONT size="5"><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 October, 2003
</FONT>
<P align="center"><FONT size="6"><B>Cameco Corporation</B>
</FONT>

<P align="center"><FONT size="2">(Commission file No.&nbsp;1-14228)
</FONT>

<CENTER>
<P align="center"><FONT size="2"><B>2121 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B>
<HR align="center" size="1" width="50%" noshade>
<I>(Address of Principal Executive Offices)</I>
</FONT>
</CENTER>
<P><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="70%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings" size="3">&#111;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD align="center" valign="top"><FONT size="2">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings" size="3">&#254;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><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>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="70%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Yes&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings" size="3">&#111;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD align="center" valign="top"><FONT size="2">No&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings" size="3">&#254;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><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): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>
<P>
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<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>

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</TR>
<TR><TD colspan="9"><A HREF="#000">EXHIBIT 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</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 INDEX" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Exhibit&nbsp;Index</B>
</FONT>

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        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
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<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="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>
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        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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<TR valign="bottom">
        <TD align="center" valign="top"><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 October&nbsp;1, 2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3</FONT></TD>
        <TD valign="top"><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><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="49%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
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        <TD width="1%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date: October 1, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left" valign="top"><FONT size="2">Cameco Corporation</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><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">
By:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><I>&#147;Gary M.S. Chad&#148;</I>
</FONT><HR size="1" align="left" width="60%" noshade><FONT size="2">
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">2</FONT>
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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 "MATERIAL CHANGE REPORT" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>Form&nbsp;25 (Saskatchewan)<BR>
Form&nbsp;26 (Newfoundland)<BR>
Form&nbsp;27 (British Columbia, Alberta, Ontario &#038; Nova Scotia)<BR>
Material Change Report Pursuant to</B>
</FONT>
<P align="center"><FONT size="2">Clause 84(1)(b) of <I>The Securities Act, 1988, </I>S.S. 1988 c. S-42.2<BR>
Subsection 67(2) of the <I>Securities Act</I>, S.B.C. 1985 c.83<BR>
Subsection 118(1) of the <I>Securities Act, </I>R.S.A. 1981 c.S-6.1<BR>
Subsection 75(2) of the <I>Securities Act</I>, R.S.O. 1980 c.466<BR>
Subsection 73 of the <I>Securities Act, </I>R.S.Q. c. V-1-1.1<BR>
Subsection 81(2) of the <I>Securities Act</I>, R.S.N.S. 1989 c. 418<BR>
Subsection 76(2) of the <I>Securities Act</I>,<I>1990 </I>S. Nfld. C. 48
</FONT>
<P><FONT size="2"><B>Item&nbsp;1 &#150; Reporting Issuer</B>
</FONT>
<P><FONT size="2">Cameco Corporation (&#147;Cameco&#148;).
</FONT>
<P><FONT size="2">The registered and principal office of Cameco is 2121 &#150; 11th Street West,
Saskatoon, Saskatchewan, S7M 1J3.
</FONT>
<P><FONT size="2"><B>Item&nbsp;2 &#150; Date of Material Change</B>
</FONT>
<P><FONT size="2">September&nbsp;25, 2003.
</FONT>
<P><FONT size="2"><B>Item&nbsp;3 &#150; Press Release</B>
</FONT>
<P><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 wire service through their Canadian Timely Disclosure Pack on
September&nbsp;25, 2003.
</FONT>
<P><FONT size="2"><B>Item&nbsp;4 &#150; Summary of Material Change</B>
</FONT>
<P><FONT size="2">On September&nbsp;25, 2003, Cameco announced that it closed its offering of 5%
convertible subordinated debentures (the &#147;Convertible Debentures&#148;) for
aggregate gross proceeds of $230&nbsp;million. The Convertible Debentures, with a
face value of $1,000 per debenture, have a coupon of 5%, mature on October&nbsp;1,
2013 and are convertible into common shares of Cameco at a price of $65.00 per
share, subject to adjustment.
</FONT>
<P><FONT size="2">Cameco will use the net proceeds of approximately $222.6&nbsp;million to repay
outstanding short-term, commercial paper debt related to the company&#146;s past
acquisition of a further 16.6% interest in Bruce Power LP, which closed in
February 2003.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Item&nbsp;5 &#150; Full Description of Material Change</B>
</FONT>
<P><FONT size="2">On September&nbsp;25, 2003, Cameco closed its recently announced offering of 5%
Convertible Debentures for aggregate gross proceeds of $230&nbsp;million. The
syndicate was co-led by RBC Dominion Securities Inc. and Scotia Capital Inc.
and included CIBC World Markets Inc. and HSBC Securities (Canada) Inc.
</FONT>
<P><FONT size="2">Cameco will use the net proceeds of approximately $222.6&nbsp;million to repay
outstanding short-term, commercial-paper debt related to the company&#146;s past
acquisition of a further 16.6% interest in Bruce Power LP, which closed in
February 2003. In accordance with Canadian generally accepted accounting
principles, the Convertible Debentures will be reflected as equity on Cameco&#146;s
balance sheet.
</FONT>
<P><FONT size="2">The Convertible Debentures mature on October&nbsp;1, 2013 and bear interest from the
date of issue at 5% per annum, which will be payable semi-annually in arrears
on April 1 and October 1 in each year, commencing on April&nbsp;1, 2004. The
Convertible Debentures can be converted at the option of the holders into
Cameco common shares at any time on or prior to the maturity date based on a
conversion price of $65.00 per share, representing a conversion ratio of
approximately 15.3846 shares per $1,000 of Convertible Debentures.
</FONT>
<P><FONT size="2">The company may not redeem the Convertible Debentures prior to October&nbsp;1, 2008.
Thereafter, the company may redeem the Convertible Debentures in whole or in
part at a redemption price equal to par plus accrued and unpaid interest,
provided that the holders will be able to convert the Convertible Debentures
into Cameco common shares at any time up to one business day prior to the
redemption date.
</FONT>
<P><FONT size="2">The Convertible Debentures and the common shares issuable on the conversion
thereof will not be and have not been registered under the United States
Securities Act of 1933, as amended (US Securities Act) and may not be offered
or sold in the United States absent registration or an applicable exemption
from registration requirements.
</FONT>
<P><FONT size="2"><B>Item&nbsp;6 &#150; Reliance on subsection 84(2) (SK), subsection 67(2)(BC), subsection
118(4)(AB), subsection 75(3) (ON), section 74 (PQ), subsection 81(3) (NS)&nbsp;and
subsection 76(3)(NF)</B>
</FONT>
<P><FONT size="2">Not applicable
</FONT>
<P><FONT size="2"><B>Item&nbsp;7 &#150; Omitted Information</B>
</FONT>
<P><FONT size="2">Not applicable
</FONT>
<P><FONT size="2"><B>Item&nbsp;8 &#150; Senior Officer</B>
</FONT>
<P><FONT size="2">A senior officer who is knowledgeable about the material change is Gary M.S.
Chad, Senior Vice-President, Law, Regulatory Affairs and Corporate Secretary of
Cameco. He may be contacted at telephone number (306)&nbsp;956-6303.
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P><FONT size="2"><B>Item&nbsp;9 &#150; Statement of Senior Officer</B>
</FONT>
<P><FONT size="2">The foregoing accurately discloses the material change referred to herein.
</FONT>
<P><FONT size="2">DATED at Saskatoon, Saskatchewan, the 1st day of October, 2003.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="46%"><FONT size="2"><I>&#147;Gary M.S. Chad"</I><BR>
<HR align="left" size="1" width="60%" noshade>
Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory<BR>
Affairs and Corporate Secretary</FONT></TD>
</TR>
</TABLE>

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




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