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Equity-accounted investees | 12 Months Ended
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Dec. 31, 2024
Equity-accounted investees [Abstract] |
Equity-accounted investees | 12. Equity-accounted investees 2024 2023 Interest in Westinghouse $ 2,931,746 $ 2,899,379 Interest in JV Inkai 286,710 273,806 Interest in Global Laser Enrichment LLC (GLE) - - $ 3,218,456 $ 3,173,185 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 %). Prior period comprehensive loss is for the period commencing November 7, 2023: 2024 2023 Revenue from products and services $ 5,902,993 $ 1,063,417 Cost of products and services sold (2,075,469) (408,745) Depreciation and amortization (728,294) (124,012) Marketing, administrative and general expenses (2,980,932) (498,775) Finance income 8,941 3,846 Finance costs (459,567) (59,414) Other expense (238,158) (39,641) Income tax recovery 124,717 13,555 Net loss (445,769) (49,769) Other comprehensive income 42,506 13,933 Total comprehensive loss $ (403,263) $ (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: 2024 2023 Cash and cash equivalents $ 255,589 $ 265,146 Other current assets 2,737,164 2,364,602 Intangible assets 7,821,802 7,655,386 Goodwill 1,698,174 1,534,947 Non-current assets 3,113,031 3,102,566 Current portion of long-term debt (44,576) (208,959) Other current liabilities (2,751,396) (2,255,099) Long-term debt (4,924,398) (4,554,227) Other non-current liabilities (2,078,688) (2,130,446) Net assets $ 5,826,702 5,773,916 Net assets attributable to non-controlling interest (25,127) (24,036) Net assets attributable to shareholders $ 5,801,575 $ 5,749,880 Cameco's share of net assets attributable to shareholders ( 49 %) 2,842,772 2,817,441 Acquisition costs (a) 83,896 83,916 Impact of foreign exchange on acquisition costs 5,078 (1,978) Carrying amount of interest in Westinghouse $ 2,931,746 2,899,379 (a) Cameco incurred $ 83,896,000 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 income of JV Inkai ( 100 %): 2024 2023 Revenue from products and services $ 934,759 $ 708,679 Cost of products and services sold (147,103) (99,160) Depreciation and amortization (57,739) (35,187) Finance income 3,010 1,343 Finance costs (704) (1,069) Other expense (13,453) (34,738) Income tax expense (143,974) (106,419) Net earnings 574,796 433,449 Other comprehensive income - - Total comprehensive income $ 574,796 $ 433,449 The following table summarizes the financial information of JV Inkai ( 100 %) and reconciles it to the carrying amount of Cameco’s interest: 2024 2023 Cash and cash equivalents $ 47,282 $ 24,074 Other current assets 694,041 551,917 Non-current assets 307,801 332,655 Current liabilities (42,368) (40,985) Non-current liabilities (27,802) (30,211) Net assets 978,954 837,450 Cameco's share of net assets ( 40 %) 391,582 334,980 Consolidating adjustments (a) (93,365) (74,223) Fair value increment (b) 77,992 81,090 Dividends declared but not received 9,760 5,952 Dividends in excess of ownership percentage (c) (107,179) (74,843) Impact of foreign exchange 7,920 850 Carrying amount of interest in JV Inkai $ 286,710 $ 273,806 (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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