Word: algom
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...pell-mell drive to get them out of the ground. Geologists have declared that there may be uranium ore reserves of at least 150 million tons in the 900 square miles. Already the shafts are being sunk and mills built for four huge mines. One of them alone, Algom, will be capable of producing more uranium than all of the 600-plus uranium mines...
...Algom Uranium, another Hirshhorn company, which will top Pronto when it starts producing in 1956 at the rate of 3,000 tons of ore a day from each of its two mines, one at Quirke Lake and the other at Nordic Lake. With ore reserves reckoned by some geologists at 75-100 million tons,* enough for 34 years at the planned rate of production, Algom has contracted to sell five years' output to the government company for $207 million...
...Consolidated Denison, south of Quirke Lake, which has a 6 square-mile claim, and indicated ore reserves comparable to those of Algom's Quirke Lake and Nordic Lake combined. Its contract with the government may well rival Algom...
...acres, and set off a rush that brought 8,000 claims from other prospectors. To develop the claims on the south end of their property. Hirshhorn & Co. set up Pronto Uranium Mines, and landed a $55 million government contract. To develop the northern claims, they set up Algom, of which Hirshhorn owns a million shares (36%), Preston East Dome 1,250,000 (45%), Hirshhorn's friends another 100,000. and the public only 400,000 shares. Last week, with Algom stock selling at around $16, Hirsh horn's direct and indirect holdings were worth about $20 million...
Hirshhorn's new $207 million deal with the Canadian government amounts to a cost-plus contract. Unlike most other producing uranium properties in Canada, which are so remote that supplies must be flown in at tremendous cost, the Algom property has access to good transportation. Miners guess it will cost Hirshhorn less than $10 a ton to get the Algom ore out, and the government is reported to be paying between $18 and $20 a ton for it. Estimated profit to Algom under the contract: $100 million. And that, says Hirshhorn, is only the beginning: "We're thinking...