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Show New Uranium Sales Contract Signed by Atlas Corporation At the annual shareholders' meeting of Atlas Corporation, held in New York, it was announced Tuesday that a 2-year contract has been signed to supply Houston Lighting and Power Co. with 1.25 million pounds of uranium uran-ium concentrate. Revenues from the contract, depending on fluctuation in the market price of uranium were estimated by industry observers at about $35 million. Edward R. Farley, Jr., chairman chair-man and president, said that Atlas Corp. earned a net income in fiscal 1975 of $3 million on revenues of $51.7 million. He also predicted that Atlas should have "another good year" in fiscal 1976. Farley reported that the construction of the new uranium-vanadium processing circuit at its Moab plant is nearing completion, and will allow the recovery of vanadium vanad-ium as well as uranium from ores processed. Previous inter-veiws inter-veiws with Atlas spokesmen indicated that, at least for the immediate forseeable future, tailings stockpiled at the plant will not be processed to recover the vanadium they contain. Atlas has signed an agreement agree-ment to sell to the Philipp Brothers division of Engelhard Minerals and Chemical Corp., New York, all the vanadium produced by the Moab mill through 1980. It is expected that about 15 million pounds valued at about $30 million will be produced during that period. Atlas is also in the process of renegotiating uranium contracts con-tracts with Boston Edison Co. and Iowa Electric Power and Light Co., which call for what Mr. Farley termed "somewhat higher" prices to reflect higher costs. The Moab mill currently employs about 230 workers, including 61 construction workers, wor-kers, who will be phased out by spring. However, it appears at present that the permanent work force at the mill will be between 180 and 190 by next summer, a reflection of increased in-creased production capabilities capabilit-ies at the plant. |