Annual report, 1982

In 1982 Eldorado Nuclear Ltd. acquired important new sources of uranium in the Wollaston Lake area of northern Saskatchewan by purchasing the shares of Gulf Minerals Canada Ltd. and Uranerz Canada Ltd. Eldorado Nuclear Ltd. is now sole owner of the Rabbit Lake properties, consisting of more than 30 million kg of U3O8 and a mill with a capacity of 2.5 million kg annually. Production records were set at the Port Hope, Ontario, uranium processing plant, and processing capacity continued to expand there and at the new Blind River, Ontario, refinery. The uneconomic Beaverlodge mine in northern Saskatchewan was closed as scheduled. The company participated in the development of the Key Lake project in northern Saskatchewan. This high-grade, open pit mine has reserves containing more than 80 million kg of U3O8, and will have a production capacity of 5.4 million kg annually when production begins in 1983. Company assets were increased from $618.4 million in 1981 to $875.6 million in 1982; and corporate structure was re-organized to integrate newly-acquired operations. Earnings for 1982 were $4 million