Provisions

12 Months Ended

Dec. 31, 2023

Provisions [Abstract]

Provisions

16. Provisions

Reclamation

Waste disposal

Total

Beginning of year

$

1,061,096

$

9,934

$

1,071,030

Changes in estimates and discount rates [note 9]

Capitalized in property, plant and equipment

2,166

-

2,166

Recognized in earnings [note 9]

(7,509)

2,148

(5,361)

Provisions used during the period

(37,194)

(1,788)

(38,982)

Unwinding of discount [note 20]

39,096

523

39,619

Effect of movements in exchange rates

(6,488)

-

(6,488)

End of period

$

1,051,167

$

10,817

$

1,061,984

Current

$

35,356

$

3,757

$

39,113

Non-current

1,015,811

7,060

1,022,871

$

1,051,167

$

10,817

$

1,061,984

A. Reclamation provision

Cameco's estimates of future decommissioning obligations are based on reclamation standards that satisfy regulatory

requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements,

decommissioning and reclamation alternatives and amounts to be recovered from other parties.

Cameco estimates total undiscounted future decommissioning and reclamation costs for its existing operating assets to be

$

1,356,018,000

 (2022 - $

1,356,092,000

). The expected timing of these outflows is based on life-of-mine plans with the

majority of expenditures expected to occur after

2027

. These estimates are reviewed by Cameco technical personnel as

required by regulatory agencies or more frequently as circumstances warrant. In connection with future decommissioning and

reclamation costs, Cameco has provided financial assurances of $

1,060,769,000

 (2022 - $

1,035,348,000

) in the form of letters

of credit to satisfy current regulatory requirements.

The reclamation provision relates to the following segments:

2023

2022

Uranium

$

874,773

$

870,877

Fuel services

176,394

190,219

Total

$

1,051,167

$

1,061,096

B. Waste disposal

The fuel services segment consists of the Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing

Inc.. The refining, conversion and manufacturing processes generate certain uranium contaminated waste. These include

contaminated combustible material (paper, rags, gloves, etc.) and contaminated non-combustible material (metal parts, soil

from excavations, building and roofing materials, spent uranium concentrate drums, etc.). These materials can in some

instances be recycled or reprocessed. A provision for waste disposal costs in respect of these materials is recognized when

they are generated.

Cameco estimates total undiscounted future costs related to existing waste disposal to be $

9,681,000

 (2022 - $

8,919,000

).

The majority of these expenditures are expected to occur within the next

three years

.