Cameco has reduced its production forecast for the upcoming year because of the recent labour disruption at McArthur River and Key Lake.

According to the company’s third quarter financial report, production for the last quarter was 18 per cent lower than the same period last year.

Cameco says this drop was partially due to the labour dispute, which accounted for a reduction of 300,000 pounds.

The company says it has decreased its uranium production outlook to between 22.6 million and 22.8 million pounds from a forecast earlier this year.

McArthur River and Key Lake employees accepted a four-year contract on October 6th after an 18-day shutdown due to the labour disruption.

Cameco posted a $146-million net loss in the third quarter as revenue fell 57 per cent from a year earlier.

The Saskatoon-based company’s adjusted profit was $93 million.

However, revenue for the world’s largest uranium producer was down two per cent from a year earlier to $587 million, well below the general estimate of $628 million.