Word: uranium
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Atoms & Responsibilities. In 1955 the Government loosened its tight hold on the development of nuclear energy. Encouraged to go it alone, power companies poured $150 million into half a dozen nuclear power plants with up to 250,000 kw. capacity. On the Colorado Plateau alone, the new demand for uranium built the fledgling industry into a $100 million mining complex. Yet for all the expansion and new-found reserves, the uranium deposits uncovered so far, estimated the Atomic Energy Commission, will last the U.S. only until...
...Exports increased 12%, even though wheat, a major export in past years, was hard to sell in 1955. Such new export items as uranium, iron ore and oil more than made up for the grain decline...
FLOYD ODLUM'S ATLAS Corp., already one of the biggest uranium miners, is growing still bigger. For $7,250,000 Atlas bought more than 50% of the Almar uranium mine through purchase of Almar Minerals Inc., which owns about 15,000 acres with at least 600,000 tons of ore in the Big Indian area of Utah. Total Atlas uranium investment: $37 million...
Meanwhile, the uranium boom arrived...
Kayser grew worried about his men hunting gas on the Colorado Plateau while everyone else was panting after uranium. '' "If you didn't want them to get the fever," says Kayser, "you inoculated them with a little of it." The inoculation consisted, of forming a new company, Rare Metals Corp. of America, 55% owned by El Paso, 18% by Western Natural Gas Co. (an I affiliate) and 27% by officers and employees of the companies. Rare Metals opened a mercury plant in Idaho this fall and will have a reduction mill finished in Arizona late next spring...