Boston, MA 10/08/2014 (wallstreetpr) – Cameco Corporation (USA) (NYSE:CCJ) disclosed that its employees belonging to the Key Lake Mill and McArthur River mine have voted to accept the fresh collective agreement. This meant that there would not be any issue from the workers on the question of wages in the next four years.
Voted In Favor
The company stated that about 535 employees, who were accredited to the United Steelworkers Local 8914, preferred the new contract envisaging a 12% increase in wages during the agreement terms. The earlier four-year contract came to an end in December last year. Therefore, the fresh contract would expire in December end 2017.
Negotiations
Cameco Corporation (USA) (NYSE:CCJ) said that negotiations started in November 2013, just ahead of the contract expiry in December, and was going on for several months. The negotiations failed to yield the expected results. It said that under the Labor Code of Canada, the company and the union have jointly applied for conciliation in July.
As a result, its production in both the facilities was suspended citing labor dispute. The union has given its notice of strike to the company on August 26 indicating that it would commence strike from August 30. The company responded by issuing a lockout notice to ensure orderly and safe shutdown of its facilities and environment protection.
Though Cameco Corporation (USA) (NYSE:CCJ) provided its final offer to the bargaining committee of the union on August 28, it was flatly rejected by the union and told the company that they would not present it for a vote. As a result, the company started flying its unionized employees to their home on August 29. The facilities remained in shut down thereafter.
Tentative Deal
On September 12, Cameco Corporation (USA) (NYSE:CCJ) disclosed that it struck a tentative collective agreement with Key Lake and McArthur River employees belonging to the union. The company also said that the agreement enabled both the company and the union to withdraw the strike, as well as, lockout notices. The company indicated that preparations were underway to resume production.
