January 17, 2017 / 11:25 PM / 2 years ago

CORRECTED-BRIEF-Cameco says to cut 10 pct workforce at three operations

(Corrects to add dropped words “at three operations” in headline. Also changes date to Jan 17 from Jan 18)

Jan 17 (Reuters) - Cameco Corp -

* Do not currently expect that any changes to financial outlook for 2016 will have a material impact on actual 2016 earnings

* “Expect our adjusted net earnings for 2016 will be significantly lower than analysts’ earnings estimate”

* Reduction in workforce is planned to be conducted in stages and expected to be completed by end of may 2017

* Recorded an impairment charge for rabbit lake mine and mill in conjunction with suspension of production

* Says Cameco delivered 31.5 million pounds of uranium at an average realized price of $54.46 per pound in 2016

* Workforce at Mcarthur river, key lake and cigar lake operations is expected to be reduced by approximately 10% or 120 employees in total

* Workforce reduction, changes to air commuter service, work schedules at saskatchewan operations are not expected to impact 2017 production

* Cameco expects Inkai to produce almost 10% less in 2017 with cameco’s share being 3.1 million pounds

* Plans to implement changes to air commuter service in Northern Saskatchewan and is expected to be completed during 2018

* Expect to make total adjustments to net earnings between approximately $180 million and $220 million after-tax for 2016

* “Expect to report an IFRS net loss for 2016 due in part to asset impairments resulting from fair market value assessments at year end” Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below