Cameco shutting down production at two Saskatchewan Websites for 10 months

Employees at two uranium facilities in northern Saskatchewan are facing tough times after Cameco announced Wednesday it was shutting down productions in the sites.

Cameco stated 845 jobs will be “temporarily” lost at the end of January because of the shutdowns in Key Lake and McArthur River.

The McArthur River site mines uranium ore and sends it to Key Lake for processing.

The business said about 210 employees would be held on in the facilities to make sure they kept a safe shutdown mode.

The suspension is expected to last 10 months, but more details should be supplied when fourth quarter results are released in February.

Cameco cited market oversupply and low uranium prices as grounds for the manufacturing suspension.

They noted prices have dropped over 70 percent because an earthquake and tsunami in Fukushima, Japan devastated a nuclear facility in 2011.

Operations in Rabbit Lake were suspended in April 2016, leading to 500 job losses.

The business declared third-quarter reductions of $124-million on Oct. 27, 1 year later turning a profit of $142-million at exactly the exact same time span.

(CKOM)

Courtesy: The Globe And Mail

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