Cameco Closing Mine, Cutting 585 Jobs Amid Uranium Rout

(RTTNews) - Weak uranium prices have forced Cameco Corp. to shut down its Rabbit Lake operation in Saskatchewan, resulting in 585 job cuts.

The company also said it will scale down production at Cameco Resource's U.S. operations, costing 85 jobs.

According to Cameco Rabbit Lake mine is the second largest uranium mill in the world and the longest running mine in North America

Uranium is at its worst position for the last one decade. Since the start of the year, Uranium market has been bearish and touched its lowest price in April. Uranium prices plunged in last five years to $26 from $72. A supply glut tanked the market.

There has been a sharp decline in installation of new nuclear power stations, since the Fukushima disaster in Japan. The last nuclear power station in U.S was launched two decades ago.