Word: algom
(lookup in dictionary)
(lookup stats)
Dates: during 1955-1955
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...
Earl of Bessborough, onetime Governor General of Canada), will put up $57.6 million through stock purchases and loans. With the money Algom will build two uranium processing mills at Quirke Lake and Nordic Lake by 1956, each with a capacity of 3,000 tons...
...Algom's production will go to the Canadian government. Last week the company announced that it had won a contract to sell $207 million worth of uranium to the government by Dec. 31, 1961, almost three times the amount of the contract given Gunnar Gold Mines, the biggest current potential producer...
...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...