Cameco Corp. says it plans to continue its cost-cutting program by eliminating a total of about 120 jobs from its McArthur River, Cigar Lake and Key Lake operations in northern Saskatchewan.
The Saskatoon-based uranium miner said the changes represent about 10 per cent of the workforce at its three major facilities in the province, and that the layoffs will be complete by the end of May.
Cameco’s announcement comes less than two months after it unveiled plans to save some cash by temporarily halting production at its northern mines and mill for four weeks over the summer.
“These are necessary actions to take in a uranium market that has remained weak and oversupplied for more than five years,” Cameco president and CEO Tim Gitzel said in a statement Tuesday afternoon.
“These operational changes are part of our strategy to help us effectively manage the company through these low times and remain competitive, while positioning the company to benefit as the market improves.”
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