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Equity-accounted investee | 12 Months Ended
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Dec. 31, 2022
Investments accounted for using equity method [Abstract] |
Equity-accounted investee | 12. Equity-accounted investee JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40 % interest and Kazatomprom holds a 60 % interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts for JV Inkai on an equity basis. JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third- party customers. The following tables summarize the financial information of JV Inkai (100%): 2022 2021 Cash and cash equivalents $ 14,950 $ 12,893 Other current assets 373,868 301,589 Non-current assets 334,954 328,469 Current liabilities (34,606) (32,774) Non-current liabilities (37,644) (38,635) Net assets $ 651,522 $ 571,542 2022 2021 Revenue from products and services $ 476,354 $ 387,319 Cost of products and services sold (66,119) (55,397) Depreciation and amortization (24,749) (25,300) Finance income 1,341 349 Finance costs (2,635) (796) Other expense (30,770) (16,636) Income tax expense (74,763) (60,357) Net earnings 278,659 229,182 Total comprehensive income $ 278,659 $ 229,182 The following table reconciles the summarized financial information to the carrying amount of Cameco’s interest in JV Inkai: 2022 2021 Opening net assets $ 571,542 $ 440,565 Total comprehensive income 278,659 229,182 Dividends declared (195,865) (85,198) Impact of foreign exchange (2,814) (13,007) Closing net assets 651,522 571,542 Cameco's share of net assets 260,609 228,617 Consolidating adjustments (a) (82,275) (60,348) Fair value increment (b) 83,675 85,976 Dividends in excess of ownership percentage (c) (48,641) (22,085) Impact of foreign exchange (2,396) 1,080 Carrying amount in the statement of financial position $ 210,972 $ 233,240 (a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. This amount is amortized to earnings over units of production. (b) Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production. (c) Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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