Greed driv­ing ura­nium busi­ness

The Southwest Booster - - LETTERS TO THE EDITOR -

Ed­i­tor: On the is­sue in the Ura­nium De­vel­op­ment Part­ner­ship Re­port of mak­ing more com­pet­i­tive Royalty ar­range­ments for the Ura­nium In­dus­try, I would like to re­fer to the Cameco Man­ageme Proxy Cir­cu­lar April 10,2007 that you can find on the In­ter­net ti­tled Driven to Suc­ceed. It lists the salaries and bonuses of five of their top 20 of­fi­cials for 2007.

Ger­ald Grandey’s salary was $950,000 with bonuses amount­ing to $2,781,058. O. Kim Go­heen’s salary was $440,000 with bonuses amount­ing to $1,226,029. Ge­orge Assie had a salary of $530,000 with bonuses of $1,505,477. Ti­mothy S. Gitzel’s salary was $440,000 with bonuses of $900,000. Gary S. Chad’s salary was $415,000 and bonuses of $1,063,819.

At the peo­ple.forbes.com site you can get sim­i­lar in­for­ma­tion on the top 20 ex­ec­u­tives for Cameco. I did a spread sheet us­ing both sources and found that Cameco paid out over $8,000,000 in bonuses to their top 20 ex­ec­u­tives. It must also be re­mem­bered that some of the 20 in­di­vid­u­als are also ex­ec­u­tives with other big cor­po­ra­tions such as Nexen Inc., Agrium Inc. Sun Life Fi­nan­cial, Mur­phy Oil, Con­stel­la­tion En­ergy, Roger’s Com­mu­ni­ca­tions, Helca Min­ing.

The Cameco motto “Driven to Suc­ceed” is a mis­nomer. I be­lieve that it is driven by the greed of a hand­ful of in­di­vid­u­als. They are not sat­is­fied with be­ing mil­lion­aires. They want to be bil­lion­aires.

In The Van­cou­ver Sun on Fe­bru­ary 19, 2009 ar­ti­cle “Cameco ura­nium war chest at $700 mil­lion”, Ger­ald Grandey the Pres­i­dent of Cameco claims to have a “war chest” of $700 mil­lion to buy out com­peti­tors who are suf­fer­ing from the down turn in the econ­omy. They are looking at UEX a smaller com­pany ac­tive in North­ern Saskatchew­an and a Namibia ura­nium mine owned by Rio Tinto Ltd-a com­pany ex­pe­ri­enc­ing fi­nan­cial dif­fi­culty. William Gibbs - Swift Cur­rent The full let­ter ap­pears at sw­booster.com.

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