Cameco will be letting go of about 10 per cent of the workers at three of its Saskatchewan mining and milling operations.
120 employees spread across the company’s McArthur River, Key Lake and Cigar Lake facilities will be laid off, according to a release issued by the company.
The company stated the layoffs would happen in stages, to be completed by the end of May 2017.
The layoffs were announced alongside an earnings estimate projecting a loss of between $180 million and $220 million for 2016.
Earnings were so far below what analysts were expecting that the company felt compelled to issue its estimates early. Normally, those numbers wouldn’t have been released until the company posts its full annual results for 2016 in February.
Along with the layoffs, Cameco’s statement noted that the company will continue looking to trim costs.
Beginning in April 2017, the company said it will make changes to the air commuter service it uses to bring employees to its sites. Employee scheduling will also be changed with an eye to reducing costs. Those changes are expected to be complete sometime in 2018.
The company stated that it remains confident in its long-term prospects, despite uranium prices that have remained low since demand plummeted following the Fukushima Daichii disaster in 2011.