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March 31, 2014
05:35 EDTCCJCameco ends toll-conversion agreement with Springfields Fuels
Cameco announced that it will end its toll-conversion agreement with Springfields Fuels, or SFL, effective December 31. In 2005, Cameco signed a 10-year toll-conversion agreement to process up to 5 million kilograms of uranium annually at the Springfields conversion facility in Lancashire, United Kingdom. The Springfields facility receives uranium trioxide, or UO3, from Cameco's Blind River uranium refinery and converts it to uranium hexafluoride, or UF6, which is required to produce fuel for light water reactors. Cameco delivers the UF6 to its own customers around the world. The toll-conversion agreement was set to expire in 2016. Cameco has agreed to pay $18M to SFL to permit early termination of the agreement. Production for Cameco at the Springfields facility will cease by August 31. Cameco expects to receive a maximum of 3,731 tonnes of uranium as UF6 from Springfields in 2014.
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August 31, 2014
14:36 EDTCCJCameco says labor dispute impacts operations in northern Saskatchewan
Cameco announced that production continues to be suspended at the McArthur River mine and Key Lake mill operations in northern Saskatchewan due to a labor dispute. The United Steelworkers Local 8914 advised Cameco on Tuesday, August 26 of its intention to commence strike action at 12:01 a.m. on August 30. In response to the strike notice, Cameco issued a lockout notice to assure a safe and orderly shutdown of its facilities and continued protection of the environment. Cameco presented its final offer to the union bargaining committee on Thursday, August 28 and requested that it be submitted to the union membership for a vote. The union bargaining committee rejected the offer and advised Cameco that it would not present it to the membership for a vote. In order to assure safe and orderly departure of unionized employees from the remote northern sites, Cameco began flying unionized workers to their home communities at 7 p.m. on Friday, August 29. The work stoppage involves approximately 535 unionized employees at the two operations. Contract negotiations began in November 2013. The previous four-year contract expired December 31, 2013. In July, the company and union jointly applied for conciliation under the Canada Labor Code. The work stoppage is not expected to affect the company's 2014 uranium delivery commitments to customers.
August 27, 2014
09:14 EDTCCJCameco reports strike notice prompts shutdown of McArthur River, Key Lake
Cameco announced that, in response to receiving strike notice from the United Steelworkers Local 8914, the company initiated a shutdown of its McArthur River mine and Key Lake mill operations and will cease production at those sites. The union has advised Cameco of its intention to commence strike action, effective 12:01 a.m. on August 30. In response to the strike notice, Cameco issued a lockout notice effective 12:01 a.m. on August 30 to assure a safe and orderly shutdown of its facilities. Cameco is continuing to meet with the union during the 72-hour notice period. The work stoppage involves approximately 535 unionized employees at the two operations. Contract negotiations began in November 2013. The previous four-year contract expired December 31, 2013. In July, the company and union jointly applied for conciliation under the Canada Labour Code. A labour disruption is not expected to affect the company's 2014 uranium delivery commitments to customers. Cameco may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.
August 21, 2014
10:14 EDTCCJOn The Fly: Analyst Downgrade Summary
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08:02 EDTCCJCameco downgraded at Cowen
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06:17 EDTCCJCameco downgraded to Market Perform from Outperform at Cowen
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