April 22, 2016 / 12:32 AM / 3 years ago

Cameco suspends production at its Rabbit Lake operations, cuts 500 jobs

(Reuters) - Canadian uranium producer Cameco Corp 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.

Reporting by Sneha Teresa Johny in Bengaluru; Editing by Sandra Maler

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