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Cameco employees in panic mode after massive layoff

Mining News - Published on Tue, 31 Jul 2018

Image Source: ctvnews.ca
CTV News reported that Cameco’s move to permanently lay off 700 employees has many in “panic mode. The company announced it’s shutting down production at the McArthur River and Key Lake mines permanently laying off 550 workers. In addition, Cameco is terminating 150 corporate positions. Mr Denis O’Hara, president of the United Steelworkers Local 8914, said that “A lot of union members have called me concerned, wanting to know if it’s correct and what options are available. At this point, it’s in panic mode.”

Mr O’Hara said many of the permanent layoffs included employees who were temporarily laid off in January, but expected to go back to work in the fall.

The Saskatoon-based company announced the layoffs in its second quarter results, which reported a net loss of USD 76 million compared to a loss of USD 2 million for the same period last year.

Mr Tim Gitzel, Cameco’s president and CEO, said the layoffs were a “difficult decision. It’s necessary to sustain the viability of the company long-term. I know it’s tough times for their families, and I regret that very much. But I can tell you I’m optimistic about the future. I’ve seen these cycles come and go, and it will come back.”

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Posted By : Rabi Wangkhem on Tue, 31 Jul 2018
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