Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cameco to Shut Down Top Uranium Mine After Talks With Union Fail

Aug. 29 (Bloomberg) -- Cameco Corp. said it failed to reach an agreement with unionized workers to avoid the shutdown of its McArthur River uranium mine in western Canada, the world’s largest.

The Saskatoon, Saskatchewan-based uranium producer said in a statement it presented a final offer to the union bargaining committee yesterday and requested it be voted on. The committee rejected the request, Cameco said.

Cameco and the United Steelworkers union held talks this week after the union issued a notice to begin a strike at the mine tomorrow. The company responded with plans to lock out the workers and conduct a “safe and orderly” shutdown of the unit and the nearby Key Lake uranium mill in northern Saskatchewan.

McArthur River has the capacity to produce 18 million pounds of uranium a year, or about 10 percent of global demand, Edward Sterck, a London-based analyst at Bank of Montreal, said this week in a note to clients. The mine was the world’s largest by production last year, according to the World Nuclear Association.

Uranium is the raw material for nuclear reactor fuel.

The previous four-year labor contract at McArthur River expired Dec. 31, according to Cameco. Nine months of negotiations included more than 28 face-to-face meetings between the company and the union, Mike Pulak, a USW spokesman, said Aug. 27 in an e-mail.

Cameco is the largest uranium producer after Kazakhstan’s KazAtomProm, according to the World Nuclear Association.

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net Sylvia Wier, Peter Brennan

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.