Economy

Cameco workers receive temporary layoff notices

Cameco workers receive temporary layoff notices”

Cameco is temporarily shutting down production at two of its Saskatchewan uranium sites, potentially putting 845 people out of work for nearly an entire year, the company said Wednesday.

In a move that will throw 845 people out of work, Cameco is stopping production at its McArthur River mine and Key Lake mill.

The company also will cut its annual dividend to $0.08/share in 2018, saying it is now paying dividends out of proportion with its earnings.

The company said about 210 workers would be kept on at the facilities to ensure they maintained a safe shutdown mode.

Cameco says the duration of the suspension and temporary layoff should last 10 months.

The company is also looking into temporary workforce reductions at corporate office.

It plans to meet its commitments to customers from inventory during the suspension.

They noted prices have fallen over 70 per cent since an natural disaster and tsunami in Fukushima, Japan devastated a nuclear facility in 2011.

Cameco, which has been struggling amid an extremely weak uranium market since the 2011 Fukushima Daiichi nuclear disaster radically curbed demand, said in the memo that the decision was made due to ongoing oversupply in the market. "We can't control the market so our focus is on positioning the company to weather the continued low uranium prices and have uncommitted, low-cost supply to deliver into a strengthening market".

The McArthur River site mines uranium ore and sends it to Key Lake for processing. There's no word when the workers will return to McArthur River and Key Lake.



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