Cameco settles contracts at McArthur River, Key Lake

Cameco (CCO-T, CCJ-N) has settled contract negotiations with about 400 unionized employees at its McArthur River and Key Lake uranium operations in northern Saskatchewan.

The workers, represented by the United Steelworkers Local 8914, voted in favour of a new four-year contract that provides a healthy 21.5% wage increase over the period, plus further wage increases for journeypersons and enhanced benefits.

“This contract rewards our workers and their families for their good work and positions us to attract and retain the skilled people we need for continued growth,” said Cameco president and CEO Jerry Grandey. “It also provides an extended period of stability for our customers and investors.”

The previous three-year contract has expired at the end of last year. In July, the company and union jointly applied for conciliation under the Canada Labour Code, resulting in a tentative agreement in early October.

The Key Lake operation mills uranium ore mined at McArthur River. Together, the operations produce 18.7 million lbs. of uranium concentrate annually.

Cameco suffered a major setback in late October with the flooding of its 50%-owned Cigar Lake uranium project, also in Saskatchewan.