Strategy

Our sustainable development strategy considers three key things: the industry landscape, the risks and opportunities sustainability presents for our business, and our four measures of success.

Industry landscape

Cameco's operations span two highly regulated industries: mining and nuclear fuel services.

Everywhere we operate, we are held to rigorous performance standards for occupational health and safety, public safety and environmental protection and restoration. We must meet or exceed regulatory requirements as a condition of our licences and we must demonstrate our compliance when we are audited.

Our business also depends on support for our operations – from local communities, governments, industry peers and society in general.

Being able to confidently state that we are compliant is not just a preference. It's essential to meeting our commitments and continuing to operate.

This is especially true in the wake of the events in Japan in 2011 – an experience that has affected perceptions of the nuclear industry and its suppliers, including Cameco.

We continue to see a significant increase in stakeholder expectations and we believe that now, more than ever, our ability to advance our sustainable development priorities and objectives will influence Cameco's success. We are committed to meeting and, where possible, exceeding these expectations (taking financial and practical considerations into account), so that we will continue to earn the trust and support of our stakeholders.

The business case for sustainable development

We believe sustainable development makes good business sense and we aim to integrate sustainable principles and practices at every level of our operations.

For us, sustainable development is a management philosophy and process that helps us:

• build trust, credibility and corporate reputation
• gain and protect community support to operate and grow
• attract and retain employees
• manage risk
• drive innovation and continual improvement to build competitive advantage.

Does this mean we're sustainable?

We see our sustainable development programs and reporting as a work in progress. The needs of our stakeholders will continue to evolve, as will our own awareness of them and the possible strategies for action.

Our commitment is to continue to engage and work with our stakeholders to make sure we stay abreast of evolving sustainable development issues, innovations, concerns, and challenges.

Our four measures of success

Four measures of success form the foundation for all that we do at Cameco, including how we manage our safety, environmental and social responsibilities:

• a safe, healthy and rewarding workplace
• a clean environment
• supportive communities
• outstanding financial performance and governance

We believe that each is essential to our success, and that together they add value to our business and ensure our long-term sustainability.

We have organized this sustainable development report using our four measures of success, categorizing our GRI indicators using both the standard GRI framework and our four measures.

Our detailed discussions of each success measure explain how we manage our sustainable development responsibilities and how we've been doing in each area since we last reported.