Matt Potter 12:30 p.m., March 5
Plunge in uranium prices hits General Atomics
Affiliate has lost $60 million in last two years
According to Australian mining media, Heathgate Resources, owned by General Atomics, lost $34.5 million last year on revenue of only $59 million. The previous year, Heathgate lost $25.6 million on $84.6 million in revenue.
Uranium prices plunged 50% after the meltdown at the Fukushima nuclear plant in March of 2011.
Nonetheless, Quasar Resources, another General Atomics affiliate, has received approval from government authorities to go ahead with a new $110 million uranium mine in South Australia.
More like this:
- General Atomics opens big mine with big losses — July 11, 2014
- General Atomics Subsidiary Cotter Corp. Keeps Making Messes — Oct. 6, 2011
- General Atomics Faces Yet Another Uranium Cleanup Fight — Aug. 22, 2011
- Hey, Come Back and Clean This Up — June 16, 2010
- Blue atoms — April 29, 2009