Workers at the Elliot Lake mine of Denison Mines (TSE) in northern Ontario will not lose their jobs at the end of June.
Denison reported reaching an agreement with Ontario Hydro, a major buyer of the company’s uranium output, to maintain current levels of production until the mine closes during the second quarter of 1992.
President Bill James said Hydro has agreed to advance its delivery schedule to maintain the mine’s production rate. The layoffs and extended shutdown announced in March by Denison have been cancelled.
Creditors have also agreed to restructure $148.5 million in debt originally due in January, 1991, but extended several times since.
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