<SEC-DOCUMENT>0001193125-17-232790.txt : 20170920
<SEC-HEADER>0001193125-17-232790.hdr.sgml : 20170920
<ACCEPTANCE-DATETIME>20170721151355
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-232790
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170721

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:		CORRESP

	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>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July&nbsp;21, 2017</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">FILED VIA EDGAR</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mr.&nbsp;Craig Arakawa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Office of Beverages, Apparel, and Mining
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Mr.&nbsp;Arakawa: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Cameco Corporation (&#147;Cameco&#148;): Form 40-F for the Year Ended December&nbsp;31, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Filed March&nbsp;23, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>File No.&nbsp;001-14228
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Reference is made to the comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with
respect to the above-referenced filing of Form 40-F (the &#147;Form 40-F&#148;) in the letter dated July&nbsp;10, 2017 (the &#147;Comment Letter&#148;) addressed to Grant Isaac. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We are writing to respond to comments contained in the Comment Letter. Our response has been reviewed by KPMG LLP, Cameco&#146;s external auditors. The
numbered paragraphs and headings below correspond to the headings and numbers set forth in the Comment Letter, the text of which is copied below in italics for your reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Form 40-F for the Year Ended December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Exhibit 99.2 &#150; Consolidated Audited Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>2. Significant accounting policies </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>G. Property, plant
and equipment </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>ii. Mineral properties and mine development costs, page 12 </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><B></B><I>We note your disclosure indicates that you expense costs of any additional work on the related property once you enter the production stage except for large development programs, which are
deferred and depreciated over the remaining life of the related assets. Please clarify the characteristics of a &#147;large development program&#148;, describe the nature of the costs and why you believe these costs can be capitalized during the
production stage. Please also tell us the amounts that have been capitalized and ending balance for each period.</I><B> </B></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Mr. Craig Arakawa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">July 21, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Form 40-F for the Year Ended December 31, 2016, File
No. 001-14228 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"> Page
 2
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Large development programs are development programs undertaken at operating mines where the initial mine development does not give us access to the entire ore
body. We capitalize mine development when it is part of the long term infrastructure of the mine that is used to provide access to additional mining areas not provided through the original development. This includes underground mine development,
ground freezing infrastructure and wellfield development for our in-situ leach operations. The additional mining areas are considered to be commercially viable, and add to the overall life of the mine. Underground mine development directly related
to extraction of the ore is expensed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Costs that are capitalized are those directly attributable to creation of the infrastructure, and include labour
and related transportation and lodging, materials and costs to operate equipment costs used in construction. The amounts related to large development programs that have been capitalized as land development costs and the ending balance for each
period are as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Thousand $</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>2016</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$99,630</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$145,335</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Ending balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" ALIGN="right">$2,385,623</TD>
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<TD VALIGN="bottom" ALIGN="right">$2,513,150</TD>
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The ending balances relate to development costs at our McArthur River and Cigar Lake mines since commercial development and
wellfield development at our in-situ leach operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>19. Other income, page 34 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>We note you recorded a $59.0 million gain on settlement as a result of the termination of long-term supply arrangements with two of your customers. Please
describe the nature of these settlement arrangements and how the gain was measured. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">These settlement arrangements were a result of two customers&#146; requests to cancel long-term supply contracts. The settlement amounts were negotiated and
agreed to by all parties through consideration of the terms of the noted supply contracts. The gain was measured based on the cash settlement amounts received. Cameco has no further obligations with respect to these customer contracts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>20. Income taxes, page 35 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Please provide further
detail regarding your assessment that realization of your deferred tax assets is probable in light of the current low pricing environment, the potential termination of the TEPCO agreement and the fact that you have experienced three consecutive
years of </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Mr. Craig Arakawa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">July 21, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Form 40-F for the Year Ended December 31, 2016, File
No. 001-14228 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"> Page
 3
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>
losses before taxes. Please tell us how you considered these factors in your assessment and clarify the nature of the convincing evidence that supports your recognition of these deferred assets
in accordance with paragraphs 34 through 37 of IAS12. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Response: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">As at December&nbsp;31, 2016 Cameco has recorded $854 million of deferred tax assets related to the Canadian jurisdiction. These deferred tax assets relate
mainly to provision for reclamation and operating loss carry forwards that are available until 2036. Cameco has recorded deferred tax liabilities related to the Canadian jurisdiction in the amount of $20 million. These deferred tax liabilities
relate mainly to property, plant and equipment. The net deferred tax asset recorded for the Canadian jurisdiction is $834 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In the fourth quarter
of 2016, we prepared an analysis of the projected future earnings in the Canadian jurisdiction to assess whether there continues to be sufficient taxable profit which will be available to realize all of the Canadian tax assets recorded in the
financial statements as at December&nbsp;31, 2016. The analysis combined projected profit and loss information sourced from our most recent long range projections for production, sales, exploration, research and development, financing and
administration. The projected accounting earnings were then adjusted for permanent differences to calculate projected taxable income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We compared the
total amount of projected taxable income to the total amount of tax assets and concluded that there will be sufficient taxable income in Canada in the foreseeable future to fully utilize the recorded tax assets. It was determined that this was
sufficient evidence to record the deferred tax assets at December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The following criteria were part of our assessment in concluding that
our future projections represent &#147;convincing evidence&#148; to overcome the history of tax losses we have incurred: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">The historic tax losses in Canada have arisen in part due to intercompany purchase and sales agreements between Cameco, the Canadian parent mining company and its marketing subsidiary located in another country. The
contracts reflected market conditions at the time of their execution (1999 to 2004). Most of the historic intercompany contracts have now expired, and have been replaced with contracts that reflect uranium market conditions over the last few years,
and include price floors. Based on current price forecasts from third party industry participants and analysts, including Ux Consulting and Trade Tech, the prices realized under the new intercompany contracts will generate sufficient taxable income
to utilize the taxes losses in Canada. With the implementation of these new contracts, we expect to begin using the deferred tax asset beginning in 2018 and will be able to realize the benefit of the deferred tax assets recorded in Canada by 2028,
well before the expiry date of the tax deductions that make up the deferred tax asset. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Consolidated losses before income taxes over the last three years have been mainly driven by asset impairments that have been recognized both in Canadian and foreign jurisdictions, including Australia and the US.
Deferred tax assets have not been recognized for those foreign jurisdictions where impairment losses have been recorded. The impairments in the Canadian jurisdiction relate to our Rabbit Lake mine, which was only projected to produce uranium for a
limited period of time. The Rabbit Lake mine made up a small portion of the projections of future earnings and did not significantly impact the timing of the expected utilization of the Canadian deferred tax asset. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Mr. Craig Arakawa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">July 21, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Form 40-F for the Year Ended December 31, 2016, File
No. 001-14228 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"> Page
 4
 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top">Future profitability in the Canadian jurisdiction is probable as our Canadian production is expected to continue at our Cigar Lake mine until approximately 2028, and our McArthur River mine until 2036.
</TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">We considered the potential termination of the TEPCO agreement when assessing the recoverability of the deferred tax asset as at December&nbsp;31, 2016. It was determined that the termination of this agreement would
have little impact on the profitability of the Canadian jurisdiction given the contracting parties were not Canadian entities. The TEPCO agreement was signed with our U.S. marketing arm in a back-to-back agreement with our Swiss inventory
aggregator. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">In addition to the factors listed above, the Company has identified and evaluated available tax planning opportunities as defined under IAS 12 that would allow us to utilize the Canadian jurisdiction losses or unused
tax credits prior to their expiry. The planning opportunities are feasible and under management&#146;s control. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Please contact the
undersigned at (306)&nbsp;956-6200 to discuss any questions you may have regarding our response. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Yours truly, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">CAMECO CORPORATION </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>&#147;Grant E. Isaac&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Grant E. Isaac </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Vice-President and Chief Financial
Officer </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
