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Be the first with the news that moves the market- Cameco (TSX:CCO) is restarting operations at its Port Hope Plant and Blind River Refinery in Ontario
- The company placed both sites on temporary suspension in early April, due to COVID-19 concerns
- With the region’s coronavirus cases improving, both sites will recommence operations next week, resuming regular production levels the next week
- However, operations at Cameco’s Cigar Lake uranium mine in Saskatchewan remain suspended until further notice
- Cameco (CCO) is down 0.27 per cent, with shares trading for C$14.93 and a $5.91 billion market cap
Cameco (TSX:CCO) is restarting operations at its Port Hope Plant and Blind River Refinery in Ontario, after temporarily suspending them.
The company has scheduled both sites to recommence next week, and expects to resume regular production levels in the following week.
The company initially announced that it was placing the sites on temporary shutdown on April 8, due to COVID-19 concerns. The suspension was initially set to last just four weeks.
At the time, Cameco stated new personnel regulations were causing operational challenges.
The refinery was suspended in tandem, as it received the majority of its supply from the plant.
Cameco stated that it has settled its personnel issues, and believes that current staffing levels could safely run the plant.
While the two sites begin operations, Cameco’s Cigar Lake uranium mine in Saskatchewan remains suspended. COVID-19 numbers in the region are still posing an operational challenge for the company.
Consequently, the site is still on care and maintenance while Cameco continues to monitor the pandemic’s development in the region.
Despite restarting the two sites, the company has not provided an updated guidance. The company withdrew its guidance days after announcing the suspension.
Cameco’s President and CEO, Tim Gitzel appears cautiously optimistic about the developments in Ontario.
“The provinces and communities where we operate are certainly not out of the woods when it comes to this global pandemic, and we must remain vigilant in how we manage our activities during these challenging times.
“However, we are confident that we can maintain the required roster of qualified operators to run the plant going forward, enabling us to carefully bring the plant and the refinery back into production,” he said.
Cameco (CCO) is down 0.27 per cent, with shares trading for $14.93 at 10:23am EDT.
