In a move that will throw 845 people out of work, Cameco is stopping production at its McArthur River mine and Key Lake mill.
The company says the move is because of “unsustainably” low prices and will last at least 10 months.
- Shares in Cameco plunging; more job losses coming
- Cameco cautiously optimistic on possible future production
Cameco has been facing a struggle since 2011 when demand for reactor fuel was reduced sending prices from over US$70 per pound to near $20US
Last month, the company announced third quarter losses of $124 million, one year after turning a profit of $142 million in the same timespan.