Article content

WINNIPEG, Manitoba — Canadian uranium miner Cameco Corp said on Wednesday that it would shut down the world’s biggest uranium mine at McArthur River, Saskatchewan, as well as the Key Lake mill after the United Steelworkers union said workers planned to strike starting Saturday.

In response, Cameco issued a lockout notice effective at 12:01 a.m. on Saturday to assure an orderly shutdown of the facilities.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Cameco Corp to shut world’s largest uranium mine in labour dispute Back to video

Cameco shares were down about 2% in morning trading in Toronto and New York.

The work stoppage involves 535 unionized workers at the two sites. The previous contract expired on Dec. 31, 2013.

The shutdown comes with uranium spot prices at a nine-year low, as Japan, previously a major producer of nuclear-fuelled electricity, has been slow to approve reactor re-starts after an earthquake and tsunami destroyed the Fukushima Daiichi nuclear power station in 2011.

Cameco said a labor disruption would not affect the company’s 2014 uranium delivery commitments, as it can draw on a variety of supply sources.

Cameco said it was continuing to meet with the union.

© Thomson Reuters 2014