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Equity-accounted investees | 12 Months Ended
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Dec. 31, 2023
Equity-accounted investees [Abstract] |
Equity-accounted investees | 12. Equity-accounted investees 2023 2022 Interest in Westinghouse $ 2,899,379 $ - Interest in JV Inkai 273,806 210,972 Interest in Global Laser Enrichment LLC (GLE) - - $ 3,173,185 $ 210,972 A. Joint ventures i. Westinghouse Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. Effective November 7, 2023, Cameco holds a 49 % interest and Brookfield holds 51 %. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco accounts for Westinghouse on an equity basis. Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures equipment for the build of new nuclear reactor plants. The following table summarizes the total comprehensive loss of Westinghouse ( 100 %) for the period commencing November 7, 2023: 2023 Revenue from products and services $ 1,063,417 Cost of products and services sold (408,745) Depreciation and amortization (124,012) Marketing, administrative and general expenses (498,775) Finance income 3,846 Finance costs (59,414) Other expense (39,641) Income tax recovery 13,555 Net loss (49,769) Other comprehensive income 13,933 Total comprehensive loss $ (35,836) The following table summarizes the financial information of Westinghouse ( 100 %) for the year ending December 31 and reconciles it to the carrying amount of Cameco’s interest: 2023 Cash and cash equivalents $ 265,146 Other current assets 2,364,602 Intangible assets 7,655,386 Goodwill 1,534,947 Non-current assets 3,102,566 Current liabilities (2,464,058) Non-current liabilities (6,684,673) Net assets $ 5,773,916 Net assets attributable to non-controlling interest (24,036) Net assets attributable to shareholders $ 5,749,880 Cameco's share of net assets attributable to shareholders ( 49 %) 2,817,441 Acquisition costs (a) 83,916 Impact of foreign exchange (1,978) Carrying amount of interest in Westinghouse $ 2,899,379 (a) Cameco incurred $ 84 million of acquisition costs that were included in the cost of the investment. ii. Global Laser Enrichment LLC (GLE) GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment technology, a third-generation uranium enrichment technology. Cameco owns a 49 % interest in GLE with an option to attain a majority interest of up to 75 % ownership. Cameco has joint control with SILEX over the strategic operating, investing and financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its full carrying value of $ 183,615,000 . Following the impairment, under the equity method of accounting, Cameco discontinued recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development. B. Associate i. JV Inkai 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 table summarizes the total comprehensive earnings of JV Inkai ( 100 %): 2023 2022 Revenue from products and services $ 708,679 $ 476,354 Cost of products and services sold (99,160) (66,119) Depreciation and amortization (35,187) (24,749) Finance income 1,343 1,341 Finance costs (1,069) (2,635) Other expense (34,738) (30,770) Income tax expense (106,419) (74,763) Net earnings 433,449 278,659 Total comprehensive income $ 433,449 $ 278,659 The following table summarizes the financial information of JV Inkai ( 100 %) and reconciles it to the carrying amount of Cameco’s interest: 2023 2022 Cash and cash equivalents $ 24,074 $ 14,950 Other current assets 551,917 373,868 Non-current assets 332,655 334,954 Current liabilities (40,985) (34,606) Non-current liabilities (30,211) (37,644) Net assets 837,450 651,522 Cameco's share of net assets ( 40 %) 334,980 260,609 Consolidating adjustments (a) (74,223) (82,275) Fair value increment (b) 81,090 83,675 Dividends declared but not received 5,952 - Dividends in excess of ownership percentage (c) (74,843) (48,641) Impact of foreign exchange 850 (2,396) Carrying amount of interest in JV Inkai $ 273,806 $ 210,972 (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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