Everything about The Eldorado Mining And Refining Limited totally explained
The
Eldorado Mining and Refining Limited company was originally organized in
1927 as Eldorado Gold Mines Limited to develop a
gold mine in
Manitoba. Its president
Gilbert LaBine later found
radioactive deposits at
Great Bear Lake,
Northwest Territories in 1930, which led to the development of the
Eldorado Mine at
Port Radium. They built a state-of-the-art refinery in
Port Hope,
Ontario in
1933.
Radium production took place between
1933 and
1940 when
World War II closed European markets for radium material. The other byproduct of the company was
silver,
copper, and
uranium salts. Uranium was useless until scientists realized the enormous energy potential of the uranium atom. The company reopened the mine at Port Radium in
1942 to supply the
United States military with uranium products. The
Canadian Government took over the company by purchasing share control in
1943, and in early
1944 the name was changed to Eldorado Mining and Refining Limited.
The crown corporation held a monopoly on uranium prospecting and development in
Canada until
1948. Together with the Port Radium deposits, the Eldorado company discovered the Beaverlodge Mine at
Uranium City,
Saskatchewan. It entered production in
1953. In the 1960s the nature of sales changed when the United States military ceased purchasing of Canadian uranium ores for the purpose of atomic weapons, and from then on uranium was produced for power plants. During this period the name of the company was changed to Eldorado Nuclear Limited. The crown corporation was dismantled in 1988 and merged with assets of the
Saskatchewan Mining Development Corporation(SMDC) to become
Cameco Corporation. The old records of the company are housed in the
National Archives of Canada.
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