Inventories

12 Months Ended

Dec. 31, 2017

7. Inventories


		2017		2016


Uranium
	Concentrate	$	820,426	$	989,202
	Broken ore		47,083		45,581
			867,509		1,034,783

NUKEM			13,801		141,040

Fuel services			68,456		112,116


Total		$	949,766	$	1,287,939

Cameco expensed $1,654,000,000 of inventory as cost of sales during 2017 (2016 - $1,752,000,000). Included in cost of sales is an $8,662,000 net write-down to reflect net realizable value (2016 - $18,054,000 net write-down).

In the past, NUKEM has entered into financing arrangements where future receivables arising from certain sales contracts were sold to financial institutions in exchange for cash. These arrangements required NUKEM to satisfy its delivery obligations under the sales contracts, which were recognized as deferred sales (note 13). In addition, NUKEM was required to pledge the underlying inventory as security against these performance obligations. There was no inventory pledged at December 31, 2017. As of December 31, 2016, NUKEM had $4,884,000 ($3,637,000 (US)) of inventory pledged as security under financing arrangements.