Cameco Earnings Call Insights: Environmental Assessments and Uranium Forecast in Kazakhstan

Cameco Corp (NYSE:CCJ) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.

Environmental Assessments

Ralph Profiti – Credit Suisse: I have two questions, firstly the environmental assessments and approval that McArthur River seems to have changed in terms of procedures within the Canadian Nuclear Safety Council. Is this indeed a procedural change or is there something that has changed within the scope of that expansion plans that are result of this new agency approving it?

Tim S. Gitzel – President and CEO: Ralph, it is Tim. I don’t think there has been any change to the scope of what we’ve proposed there, certainly at the federal level. Over the course of 2012, the federal government has been very active in, I would say, streamlining the environmental assessment rules and regulations in Canada, they put forward new legislation making the process more certain and predictable with timelines more certain. So, those pieces have changed. But with respect to our proposal that remains the same.

Ralph Profiti – Credit Suisse: My follow-up question is on 2007 tax reassessment. I just want to clarify that the $54 million in tax assessments under dispute is after tax loss carryforwards are taken into account. And if you can also give some clarity on where you are in that litigation process that would be very useful?

Tim S. Gitzel – President and CEO: Ralph, I am going to turn you over to Grant Isaac to answer the first part of the question. I’ll just say on the second part as to where we are on the litigation. The lawyers continue to work on the file removing into. I think the discovery phase of the file which would probably take most of this year to do and then I think we are probably looking at – hopefully going to court some time in 2014, but we just don’t know that, that as you know is driven by the lawyers. So, in the discovery phase this year and we will see what happens going forward. But I’ll turn it over to Grant to give you a little bit more information.