Jay Allen Sanford 1 p.m., May 24
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.
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