Word: pronto
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...only a fraction of Rio Tinto's eventual production. The company's three Northspan mines ($275 million in government contracts) are set to start producing before the end of 1957; its Milliken Lake mine ($94 million in contracts) by March 1958. Rio Tinto's smaller Pronto mine (1,250 tons of ore daily) was opened in 1955 but ran into production troubles, now being taken care of in an enlargement of capacity to 1,500 tons...
...biggest in the country's history, will throw together Uranium King Joseph Hirshhorn's properties (TIME, Feb. 21, 1955) with Britain's big Rio Tinto mine interests. For $34 million in stocks and bonds, Hirshhorn has sold his holdings in the Blind River area (Pronto Uranium, Pater, Plum...
...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...
...began building bachelor dormitories for its construction workers, can convert them later into apartments for families. "If uranium proves to be a long-range proposition," said one of Elliot Lake's planners, "we see no reason why this town shouldn't grow to 20,000." For Pronto's executive and professional staff Hirshhorn put up a community of ultramodern ranch houses along the shore of Lake Lauzon...
...long enough to do a fast business, and moved on before we got to them." Busiest of the boom enterprises is a broker's office (a branch of a Toronto firm), where residents have begun dab bling with growing enthusiasm in the stock market. One staff geologist at Pronto has made $100,000 tax-free in two months investing in uranium stock, and the town is full of taxi drivers, store clerks, and even high-school students who have parlayed modest stakes into four-and five-figure bankrolls. One of the brokerage offices' steadiest customers, Joe Hagger, sold...