March 8, 2016 / 5:33 PM / 3 years ago

Areva focused on cutting costs in weak uranium market

TORONTO (Reuters) - France’s state-owned Areva SA AREVA.PA will focus on cost-cutting in a prolonged uranium slump, trimming 100 to 200 more jobs this year and staying out of the hunt for new mine exploration projects, a senior company official said on Tuesday.

A logo is seen on the Areva Tower (R), the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, March 8, 2016. REUTERS/Christian Hartmann

“We are very focused to reduce our cost and to reduce our investment, to be able to manage this period of low price,” said Jacques Peythieu, Areva’s senior executive vice-president of the mining business line, in an interview from Paris.

The company is scheduled to present on Wednesday in Toronto during the annual Prospectors & Developers Association of Canada (PDAC) convention.

A new Cigar Lake, Saskatchewan mine operated by Cameco Corp (CCO.TO), in which Areva has a minority interest, is expected to reach full production next year. The mine’s ore is processed at the McClean Lake mill, owned by Areva. Peythieu said Areva should complete the mill’s expansion and receive approval by the Canadian Nuclear Safety Commission this year.

Reporting by Rod Nickel in Toronto; Editing by Chris Reese

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