Cameco suspends Rabbit Lake mine production and cuts 500 jobs

SASKATOON – Roughly 500 people will be out of work as Cameco Corporation suspended production at its Rabbit Lake operation in northern Saskatchewan due to depressed market conditions, according to its president and CEO.

“We regret the impact these decisions will have on many of the talented and dedicated people working at these operations and on their home communities,” said Tim Gitzel, the president and CEO of Saskatoon-based Cameco, in a press release.

Tweet This Click to share quote on Twitter: "We regret the impact these decisions will have on many of the talented and dedicated people working at these operations and on their home communities," said Tim Gitzel, the president and CEO of Saskatoon-based Cameco, in a press release.

“These measures will allow us to continue delivering value to Cameco’s many stakeholders and support the long-term health of our company.”

The Rabbit Lake operation “will be placed in a safe care and maintenance state,” which allows the company to resume production if the market improves, according to the press release.

READ MORE: Unemployment claims rise steadily in Saskatchewan, Alberta

The mine opened in 1975 and is the longest running uranium production facility in North America, according to Cameco.

Cameco is also reducing 85 positions at its U.S. operations. The company states it will help those affected by the decisions; some will be offered exit packages, others will be relocated to other Cameco facilities.