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Cameco suspends production at its Rabbit Lake operations, cuts 500 jobs

Published 2016-04-21, 08:24 p/m
© Reuters. Cameco suspends production at its Rabbit Lake operations, cuts 500 jobs
CCJ
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April 21 (Reuters) - Canadian uranium producer Cameco Corp
CCO.TO said it is suspending production at its Rabbit Lake
operation in northern Saskatchewan, while also reducing
production across Cameco Resources' U.S. operations.
The company said the changes are expected to reduce about
500 positions at Rabbit Lake, and around 85 at the U.S.
operations.
The uranium producer cited continued depressed market
conditions that cannot support the operating and capital costs
needed to sustain production at Rabbit Lake and the U.S.
operations.
The reduction in headcount will affect long-term
contractors, as well as employees, Cameco reported on Thursday.
"These measures will allow us to continue delivering value to
Cameco's many stakeholders and support the long-term health of
our company. We will provide assistance to those affected by
these decisions", said Cameco President and CEO Tim Gitzel.

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