Uranium One cutting 26 staff

Michael Allan McCrae | June 15, 2013 | 7:22 pm Energy Uranium

Bowing to miserable prices for its product, Uranium One (TSE:UUU) is letting go of 26 employees.

The company’s Willow Creek Mine will see 16 people cut. The Casper operation will lose the other 10.

Donna Wicher, the company’s senior vice president of Americas, told the Wyoming Staff Tribune that the company is adjusting to the market.

“The price is so low that we have to sell our uranium at these low prices, and that’s not good,” said Wichers.

“We need higher prices in order to make a profit that we need to develop new well fields.”

Uranium One operates in situ recovery at its Willow Creek Mine in Wyoming. It also has additional exploration projects in Arizona, Colorado, and Utah.

Uranium is in the dog house after the spot price hit a seven-year low last week.

In January Uranium One’s board approved a deal to be taken private by the the Russian firm JSC Atomredmetzoloto (ARMZ) for C$1.3 billion, a move that was opposed by some shareholders for being too low.