As part of a plan to further downsize and streamline its Ontario fuel services division, Cameco is laying off 58 employees this summer at its Blind River and Port Hope operations. The downsizing will affect 11 employees at the Blind River refinery and another 47 at its Port Hope conversion plant where production is being reduced. The majority of the staff reductions will take place on May 31, and the remainder on Aug. 2. Terminated staff are being offered career counselling and severance packages.
Cameco said the downsizing measures were necessary because of continuing weakness in the worldwide uranium conversion market which has caused contract commitments and demand to lag behind the company’s production capabilities. Weakness in the world uranium market has also delayed plans for the privatization of Cameco.
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