30. Capital management

Cameco’s capital structure reflects our vision and the environment in which we operate. We seek growth through development and expansion of existing assets and by acquisition. Our capital resources are managed to support achievement of our goals. The overall objectives for managing capital remained unchanged in 2012 from the prior comparative period.

Cameco’s management considers its capital structure to consist of long-term debt, finance lease obligation, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity.

The capital structure at December 31 was as follows:

	2012	2011
Long-term debt	$1,292,440	$795,145
Finance lease obligation	131,013	145,834
Short-term debt	106,590	97,830
Cash and cash equivalents	(749,824)	(398,084)
Short-term investments	(49,535)	(804,141)
Net debt	730,684	(163,416)
Non-controlling interest	580	3,543
Shareholders' equity	4,943,687	4,919,593
Total equity	4,944,267	4,923,136
Total capital	$5,674,951	$4,759,720

Cameco is bound by certain covenants in its general credit facilities. These covenants place restrictions on total debt, including guarantees, and set minimum levels for net worth. As of December 31, 2012, Cameco met these requirements.