34. Jointly controlled assets

Cameco conducts a portion of its exploration, development, mining and milling activities through joint ventures. Cameco’s significant uranium joint venture interests are McArthur River, Key Lake and Cigar Lake. Uranium joint ventures allocate uranium production to each joint venture participant and the joint venture participant derives revenue directly from the sale of such product. Mining and milling expenses incurred by the joint venture are included in the cost of inventory.

Cameco reflects its proportionate interest in these assets and liabilities as follows:

	Ownership	2012	2011
Total Assets
McArthur River	69.81%	$1,018,089	$972,184
Key Lake	83.33%	618,821	523,690
Cigar Lake	50.03%	1,086,565	889,140
		$2,723,475	$2,385,014
Total Liabilities
McArthur River	69.81%	$55,517	$45,753
Key Lake	83.33%	156,400	105,033
Cigar Lake	50.03%	55,673	45,270
		$267,590	$196,056