Cameco Corp. had to lay off hundreds of employees at two uranium mining operations and its head office because the market remains oversupplied and prices are too low to restart idled production, Cameco chief executive Tim Gitzel told analysts Thursday.
The Saskatoon-based company said last November that temporary closures at its McArthur River and Key Lake processing operations were expected to last 10 months, putting 845 people temporarily out of work.
But Cameco announced Wednesday that the shut-down would be extended indefinitely and about 550 employees at the two operations will be laid off permanently, while 200 will remain on board for care and maintenance.
Canadian Press – July 26, 2018.
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