-->Aus dem Quartalsbericht der Gesellschaft Cameco

Uranium Spot Market

The industry average spot price on June 30, 2003 was $10.90 (US) per pound U3O8, compared to $10.10 (US) at March 31, 2003, an increase of 8%. This compares to a spot price of $9.90 (US) at the end of the second quarter of 2002.

The spot market volume to June 30, 2003 was almost 10 million pounds U3O8, lower than the 12 million pounds of spot market volume at the end of the second quarter 2002.

Spot demand was stronger in the second quarter compared to 2002. This resulted in price increases early in the quarter. Industry analysts are predicting that spot demand for the year will be similar to the 19 million pounds traded in 2002.

Uranium Long-term Market

The long-term market is expected to be as active in 2003 as it was in 2002; with long-term contracting forecast in the order of 70 million pounds U3O8.

The long-term price indicator, published by TradeTech, was at $11.75 (US) per pound U3O8 at June 30, 2003, up 11% from $10.60 (US) at the beginning of the quarter.

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Update on Uranium Market Trends and Developments

Nuclear Power Generation Increases

According to the International Atomic Energy Agency, world nuclear power generation increased by 30 TWh to 2,574 TWh in 2002. Total generating capacity also increased to 359,000 megawatts (MW) from about 355,000 MW. Six new reactors began operations during the year and there were four closures, resulting in 441 nuclear power reactors in operation at the end of 2002.

Dutch Reactor to Operate Until 2013

The Netherlands government has confirmed that it will allow the single Dutch reactor to operate until 2013, the end of its design lifetime and 10 years longer than previously anticipated. The reactor had been operating under threat of shutdown since November 1994 when the parliament voted to close the reactor at the end of 2003, after 30 years of operation.

Swiss Public Supports Nuclear Operations

Swiss voters, in a May referendum, rejected two antinuclear proposals. Sixty-six percent of voters rejected a proposal which called for shutting down all of the nation's reactors by 2014, and 58% of voters rejected a proposal which would have capped output at existing reactors and extended a moratorium on the construction of new reactors for another 10 years.

Three Tepco Units Return to Service

The Japanese utility Tepco, as of July 24, had restarted four of the 17 reactors closed for safety checks, and is considering more restarts to avoid shortages of electricity this summer.