Cameco starts shutdown of McArthur River, Key Lake uranium operations


Cameco (CCJ -2.3%) says it has started shutting down operations at its McArthur River uranium mine and Key Lake mill in Saskatchewan after the union representing workers at those operations issued a strike notice.

The United Steelworkers union advised CCJ of its intention to begin strike action on Aug. 30, and CCJ says it then issued a lockout notice to ensure a safe and orderly shutdown of its facilities.

CCJ does not expect any labor disruption to its 2014 uranium delivery commitments, but says it may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.

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Comments (7)
  • Muggins
    , contributor
    Comments (15) | Send Message
     
    Perfect, what a great way to decrease operating expenses when demand for uranium is low. This should help increase the spot price of uranium. Good decision on Cameco's behalf and not a good decision on the unions part. Who threatens strike action when spot prices are low and present demand is weak. Willing to bet that they come to an agreement that is hopefully in Cameco's favour and if not a lock out would be a great lesson.
    27 Aug 2014, 12:06 PM Reply Like
  • jmjjmj1
    , contributor
    Comments (183) | Send Message
     
    ...they should just be happy the have a job
    27 Aug 2014, 12:31 PM Reply Like
  • westewart
    , contributor
    Comments (117) | Send Message
     
    i thought the same thing muggins.... margins are razor thin at this spot price for cameco, where is the logic in striking for more pay/benefits??? it baffles me. is the union just missing the bigger picture?
    27 Aug 2014, 12:45 PM Reply Like
  • john001
    , contributor
    Comments (1167) | Send Message
     
    the "stupid bastards". I bet they thought Cameco would give in to their demands. Not the brightest bunnies in the cabbage patch.
    27 Aug 2014, 01:28 PM Reply Like
  • Chemist_2175
    , contributor
    Comments (20) | Send Message
     
    They are miners not financial analysts... but I guess you'd like to think that someone in charge has their ear to the ground. What are we potentially missing here?
    27 Aug 2014, 03:01 PM Reply Like
  • dacama1
    , contributor
    Comments (221) | Send Message
     
    Hey its Canada.
    27 Aug 2014, 04:11 PM Reply Like
  • ButscherDoug
    , contributor
    Comments (136) | Send Message
     
    Can't wait to see the lights go out!
    27 Aug 2014, 05:55 PM Reply Like
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