Cameco cuts 585 jobs at Rabbit Lake, two US mines

Cameco (TSX:CCO; NYSE:CCJ) is suspending uranium production at its Rabbit Lake mine in northern Saskatchewan and its two in situ recovery (ISR) operations in the United States in response to the weakening uranium market, where spot prices have collapsed to new 11-year lows. The uranium major will cut 500 jobs at Rabbit Lake and another 85 positions at Crow Butte in Nebraska and Smith Ranch-Highland in Wyoming. The reductions will affect both employees and long term contractors. The company’s president and CEO Tim Gitzel said he regrets the layoffs, explaining the “depressed market conditions” do not support these operations. Raymond James analyst David Sadowski comments, “The move is a sign of the times – spot prices recently set new 11-year lows and show no signs of significant strengthening due to a glut of supply.” Read the entire story at www.NorthernMiner.com/news/cameco-cuts