🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

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
-

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.