Word: ambrosia
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With their production of concentrate limited, even the big integrated producers were planning to cut back the costly ore search. Anaconda Copper Mining Co., which operates the richest U.S. mine near New Mexico's Ambrosia Lake region (TIME, Sept. 30), set a course that probably will be followed by other industry leaders. Said President Clyde Weed: "We will keep on exploring, but at a slower rate. We will spend less money on development. If we find good deposits, we will sit on them until the demand picks...
Last week Ambrosia Lake got another big lift. Phillips Petroleum Co., which is sinking two mines there, contracted with the Atomic Energy Commission to build a $9,500,000 mill to process 1,725 tons of ore a day into uranium concentrate. Like many another oil producer, Phillips is hedging its bets against the day that uranium becomes a major source of the world's energy...
Dividends. For the prospectors who uncovered its wealth, Ambrosia Lake has already started to issue dividends. Lou Lothmann sold out his original interest in the Dysart land to Rio de Oro Uranium Mines, Inc. for $200,000 in stock. Stella Dysart sold part of her share to Rio de Oro for $300,000 in stock, still holds a 12?% royalty interest...
They-and most other prospectors who followed them in staking claims-sold out because Ambrosia Lake's uranium is down too deep (350 ft. to 1,500 ft.) for their own limited resources. They had no trouble finding big-company buyers...
Search. Altogether, one mine is producing, one is near completion, nine more are being dug and four processing plants are going up. Companies are spending $75 million to burrow, build, and explore in this area. Within a year, Ambrosia Lake will have 7,275 tons of uranium mill capacity a day-about half the U.S. total. But Ambrosia Lake's mining men are plowing up surrounding areas in search of more ore. Floyd Odium's Lisbon Uranium Corp. is prospecting around nearby San Mateo Dome, and Superior Oil Co. (California), has struck ore 30 miles west...