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<SEC-DOCUMENT>0001130319-04-000140.txt : 20040309
<SEC-HEADER>0001130319-04-000140.hdr.sgml : 20040309
<ACCEPTANCE-DATETIME>20040309113224
ACCESSION NUMBER:		0001130319-04-000140
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040301
FILED AS OF DATE:		20040309

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:		04656450

	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>o12216e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<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&nbsp;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 March, 2004
</FONT>

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

<P align="center"><FONT size="6"><B>Cameco Corporation</B>
</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="40%" 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%">
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        <TD width="49%">&nbsp;</TD>
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<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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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>
<!-- /TOC -->
<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><U>Exhibit&nbsp;Index</U></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
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        <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="center"><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">
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        <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 March&nbsp;5, 2004
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">3 - 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><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">
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</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date: March 8, 2004</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 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><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="70%" 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="right"><FONT size="2">Page 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">March&nbsp;1, 2004.
</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 and
U.S. Timely Disclosure Pack on March&nbsp;1, 2004.
</FONT>
<P><FONT size="2"><B>Item&nbsp;4 &#150; Summary of Material Change</B>
</FONT>
<P><FONT size="2">Cameco announced that one of its wholly owned US subsidiaries has signed an
agreement to purchase a 25.2% interest in assets comprising the South Texas
Project (STP)&nbsp;from a wholly owned subsidiary of American Electric Power (AEP)
for $333&nbsp;million (US). Included in the purchase price is $54&nbsp;million (US)&nbsp;for
fuel and non-fuel inventory. STP consists of two 1,250 megawatt (MW)&nbsp;nuclear
units located in Texas. The net generating capacity from the 25.2% interest in
STP is 630 MW. Each owner takes in kind and markets its pro-rata share of
electricity generated by STP.
</FONT>
<P><FONT size="2">The balance of STP is held by Texas Genco (30.8%), San Antonio City Public
Service Board (28%) and Austin Energy (16%). The interest being purchased by
Cameco is subject to a right of first refusal in favour of these owners for a
period of 90&nbsp;days. The agreement is also subject to regulatory approval and
other closing conditions, and the final purchase price is subject to closing
adjustments. The transaction is expected to close in the second half of 2004.
</FONT>
<P align="right"><FONT size="2">Page 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">Cameco announced that one of its wholly owned US subsidiaries has signed an
agreement to purchase a 25.2% interest in assets comprising the South Texas
Project (STP)&nbsp;from a wholly owned subsidiary of American Electric Power (AEP)
for $333&nbsp;million (US). Included in the purchase price is $54&nbsp;million (US)&nbsp;for
fuel and non-fuel inventory. STP consists of two 1,250 megawatt (MW)&nbsp;nuclear
units located in Texas. The net generating capacity from the 25.2% interest in
STP is 630 MW. Each owner takes in kind and markets its pro-rata share of
electricity generated by STP.
</FONT>
<P><FONT size="2">The balance of STP is held by Texas Genco (30.8%), San Antonio City Public
Service Board (28%) and Austin Energy (16%). The interest being purchased by
Cameco is subject to a right of first refusal in favour of these owners for a
period of 90&nbsp;days.
</FONT>
<P><FONT size="2">The agreement is also subject to regulatory approval and other closing
conditions, and the final purchase price is subject to closing adjustments.
The transaction is expected to close in the second half of 2004.
</FONT>
<P><FONT size="2">Cameco has been advised by AEP that it is selling all of the generation assets
owned by AEP Texas Central Company (TCC)&nbsp;to recover stranded costs under Texas
electricity deregulation legislation. Texas Senate Bill 7 on restructuring of
the electricity market provides for recovery of stranded costs as part of the
transition to the competitive retail market.
</FONT>
<P><FONT size="2"><U>STP Operations</U>
</FONT>
<P><FONT size="2">STP is located on an 11,000 acre site approximately 90 miles southwest of
Houston. The two units began production in 1988 and 1989 and their operating
licenses expire in 2027 and 2028, with the expectation that they will be
extended. The operator of STP is STP Nuclear Operating Company, a non-profit
company with about 1,200 full time employees. The average capacity factor for
the units was 84% over the last five years. The STP units are operated on an
18-month refuelling and outage maintenance cycle, with a typical refuelling
outage of less than a month.
</FONT>
<P><FONT size="2"><U>STP Electricity Market</U>
</FONT>
<P><FONT size="2">STP is located within the Electricity Reliability Council of Texas (ERCOT)
market that comprises about 85% of Texas electricity demand and does not extend
beyond the state of Texas. ERCOT is also the independent system operator
responsible for maintaining reliable operations of the bulk electric power
supply system and balancing the supply and demand of electricity. The ERCOT
market is deregulated and almost all power is sold under bilateral contracts
between buyers and sellers. Commercial reporting services use their market
intelligence to publish prices for bilateral electricity contracts. There is a
small balancing market that accounts for less than 3% of the market. Prices in
this small market may not reflect bilateral contract prices.
</FONT>
<P><FONT size="2">Electricity demand in Texas is almost equally from residential, commercial and
industrial users. While ERCOT has a limited ability to import electricity,
there is capacity in the market to meet the total demand as well as peak
requirements, however, this capacity includes older generators that are
expensive to operate. Natural gas plants are the primary driver for
electricity prices.
</FONT>
<P align="right"><FONT size="2">Page 4</FONT>
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<P><FONT size="2">As a result of the acquisition, Cameco would market its entire electricity
share unencumbered by any previous contract commitments from AEP. The company
has negotiated an interim marketing arrangement with AEP.
</FONT>
<P><FONT size="2"><U>STP Decommissioning</U>
</FONT>
<P><FONT size="2">At the end of the operating lives of the STP reactors, the owners, through STP
Nuclear Operating Company, are responsible for decommissioning the facilities,
with funding provided by the Texas ratepayers. Approximately $125&nbsp;million (US)
has been collected for decommissioning the share of STP that Cameco has agreed
to purchase.
</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><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 5th day of March, 2004.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2"><I>&#147;Gary M.S. Chad"</I>
</FONT><HR size="1" width="65%" align="left" noshade>
<FONT size="2">Gary M.S. Chad<BR>
Senior Vice-President, Law, Regulatory<BR>
Affairs and Corporate Secretary</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">Page 5</FONT>




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