Cameco indefinitely extends mine, mill shut down, hundreds face layoff
Closures were to last 10 months, but uranium market has not improved enough to restart the sites.
SASKATOON — Uranium miner Cameco Corp. says it has indefinitely extended production suspensions at its McArthur River and Key Lake operations, and will lay off hundreds of employees.
The company said last November that the closures were expected to last 10 months, but now says the uranium market has not improved enough to restart the sites.
The closure in January of the McArthur River mine and Key Lake processing plant put 845 people temporarily out of work.
Cameco says the indefinite extension of the shut-down means it will permanently lay off about 550 employees, while 200 will remain on board for care and maintenance.
The company says it will also cut about 150 positions at its corporate office, including employees and vacancies, to further cut costs.
News of the job cuts comes as the company reports a net loss of $76 million for the second quarter, compared to a net loss of $2 million for the same period last year.