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Show Mks looks ti the Mwe h Beprf to Stockholders Atlas Corp., in its annual an-nual report published on Sept. 27, states that the long-range future of its Atlas Minerals Division is most promising. The current closedown close-down of the Moab mill is considered necessary by the company for accumulation ac-cumulation of non-vanadium bearing uranium ores for processing at an economic rate in the current mill circuit; and to allow dismantling and removal of certain parts of the facility to be replaced re-placed by new equipment equip-ment for the new uranium-vanadium recovery process. The report projects start-up again around April 1, 1974, and a second se-cond shut-down in the fall of 1974 lasting into in-to spring of 1975, to complete com-plete the installation of the new uranium-vanadium recovery process. pro-cess. Substantial operating oper-ating losses are projected project-ed for bolh fiscal 1974 and 1975 because of the shut-downs. However, a large capital investment will be made at the Moab mill for the conversion. New properties dis-tovr-red or acquired by Anna during 1973 include three ore bodies containing contain-ing uranium - vanadium ore with total estimated estimat-ed market value, after development, mining and processing of up to $115 million, and probably more, according to the report to stockholders. These properties include in-clude a discovery in the Sage Plains, Utah, area; acquisition of the American Amer-ican Metal Climax, Inc. properties in the Ura-van Ura-van Minerals Belt of Utah and Colorado; and acquisition acqui-sition from Homestake Mining Co. and a West German firm of properties proper-ties in San Juan County. The report states, "The finding and acquisition of these new reserves should contribute substantially sub-stantially to the future of the Moab mill and its longevity." The decision to reinstall rein-stall a vanadium recovery recov-ery circuit at the mill was based on the acquisition acqui-sition of the new ore bodies, in order to allow al-low economical processing proces-sing of these new ores and other comparable ores. The long-term market for uranium has improved improv-ed dramatically during the last four months, according to the report. The price for vanadium which is used mainly as an alloy with steel to increase hardness, is projected to increase at an annual rate of about 4 for the indefinite future. fu-ture. Another area being explored ex-plored by Atlas is the apparent discovery of a commercial copper ore body in an area contiguous contig-uous to other company properties, containing uranium-vanadium ore. The report notes that this discovery could be important for Atlas not only because the Moab plant has had in operation opera-tion a small copper recovery re-covery circuit for some years, which could be used toprocess such ore, but also because the sinking of a single shaft would permit the mining min-ing of both ore bodies. During fiscal 1973 At-i At-i las Corp. contracted tc sell approximately $2E r million worth ofuraniurr r to be delivered betweer 1974 and 1980 to Bostoi I Edison Co., Iowa Electric Elec-tric Light and Power Co. and an undisclosed purchaser representing two Eastern utility companies. com-panies. An inventory sufficient suf-ficient to fulfill the fiscal fis-cal 1974 contracts was on hand before the current shut-down. |