Word: eldorado
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...Toronto, two obscure companies* sued to block a Government investigation into the affairs of the famed Eldorado uranium mine, Canada's great source of the raw material of atomic energy. The suit dragged out a closely guarded Government secret; Canadians had not known that Eldorado was under investigation- or why. Now they heard a story that might resound for months...
Sales & Cartels. When Canada's Government expropriated the Eldorado mine in January 1944 (TIME, Aug. 20), its prime (but secret) purpose was to insure an adequate supply of uranium for U.S., British and Canadian atom-bomb experimenters. Canadians found out last week that there was another reason too: in the operation of Eldorado, before expropriation and just after, the Government had detected something that looked suspect...
...Charles built a refinery at Port Hope, Ont., hired scientists to do the technical work, and began producing radium (sale price: $25,000 a gram). It meant little to them that one of the by-products was uranium oxide. Had it not been for World War II, their prosperous Eldorado Mining & Refining Co., Ltd., which netted $280,000 in 1942, might still be producing dividends for shareholders scattered all over the U.S. and Canada...
Cries from Stockholders. On Jan. 28, 1944, Eldorado was expropriated by the Canadian Government - in perpetuity. La Bine and his associates were kept on as hired hands, but the company's share holders, irked and mystified, were paid off - $1.35 per share (total cost to the Government: more than...
...miles north and west of Ottawa, a 10,000-acre tract had been expropriated, and for more than a year 1,300 men had been working behind barbed wire and under armed guard, clearing land and building an atomic bomb "pilot plant." As for the Government's Eldorado seizure: in Great Bear Lake's deposits of pitchblende, Canada possesses one of the world's greatest stores of uranium-bearing ore - the ore from which the atomic energy is derived. Said the Government: it was necessary to seize it "to guarantee a Government supply...