18 Jan (NucNet): Cameco plans to continue its cost-cutting programme by eliminating about 120 jobs from its McArthur River, Cigar Lake and Key Lake operations in northern Saskatchewan.
The Canada-based uranium miner said the changes represent about 10% of the workforce at its three major facilities in the province, and that the layoffs will be complete by the end of May.
“These are necessary actions to take in a uranium market that has remained weak and oversupplied for more than five years,” Cameco president and chief executive officer Tim Gitzel said in a statement on 17 January 2017.
In April 2016 Cameco unveiled plans to cut costs by suspending production at its Rabbit Lake mine.
In an unusual move, the company said yesterday that it expects to report a net loss for 2016, following adjustments, including impairment charges, of between CAD $180m (€128m, $137m) and CAD $220m.
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two fuel manufacturers in Canada for Candu nuclear reactors.
