Cameco Temporarily Suspends UF6 Production in Port Hope
Market Wire, November, 2008
ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED)
Cameco Corporation (TSX: CCO) (NYSE: CCJ) announced today it is suspending uranium hexafluoride (UF6) production at the company's Port Hope plant.
As previously announced, a contract dispute between Cameco and its sole supplier of hydrofluoric acid (HF) has resulted in unreliable and expensive deliveries of this material necessary for the production of UF6. The dispute remains unresolved and Cameco has exhausted the inventory of HF it had purchased on a spot basis.
Cameco is in discussions to broaden its sources of HF while at the same time seeking to resolve the dispute with the current supplier. Given the uncertainty, Cameco has decided to suspend UF6 production until the second half of 2009.
Cameco anticipates meeting UF6 deliveries to customers in the first half of 2009.
Cameco expects the process of suspending UF6 production in a safe manner will take several weeks. During that time, the company will finalize its review of staffing levels and, regrettably, layoffs will result. The exact number and type of positions that will be affected have not been determined, but the company expects the number will be less than 100. Cameco employs approximately 440 people at the conversion facility. The company's other plant at the conversion facility that produces uranium dioxide (UO2) is not impacted.
Cameco plans to carry out a number of projects at the UF6 plant including refurbishing fluorine cells and doing general work that would establish conditions intended to assure a safe and efficient operation when the plant restarts.
Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world's largest uranium producers. The company's uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.
Contacts: Cameco Corporation Investor inquiries Bob Lillie (306) 956-6639 Media inquiries Lyle Krahn (306) 956-6316 Website: www.cameco.com
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Most Recent Business Articles
- Psyadon Pharmaceuticals, Inc. Announces Regulatory Milestones and the Initiation of a Clinical Trial of Ecopipam in Lesch-Nyhan Disease
- Emergence of “Femtomedicine” - New Frontier of Biomed Sciences - Reported at First Global Congress on Nano Medicine
- Research and Markets: Ethiopia Power Market Outlook to 2020
- Research and Markets: Orphan Drugs in Asia-Pacific: from Designation to Pricing, Funding & Market Access
- Research and Markets: Now You See It - TV Program Sponsorship & Product Placement in China
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FHM Features Anna Benson, Baseball's Hottest Wife
- Building a DNA database: the federal government has just enacted two bills related to DNA. The first would drive the collection of DNA from all infants. The second would attempt to prevent the DNA that is collected from being misused
- America's most wanted j-o-b-s - 10 hottest employment opportunities
- Developmental sequence in small groups


