Antinuclear

Arms maker behind uranium mine settled fraudulent pricing case

THE arms manufacturer that received approval through an Australian subsidiary for a new uranium mine in central Australia this month was sued for fraudulently hiking uranium prices and manipulating costs at a neighbouring mine.

Neal Blue, owner and chairman of General Atomics, was accused in the proceedings of instructing executives at his Australian subsidiary, Heathgate Resources, to prepare false reports for customers, telling them costs at Heathgate’s Beverley uranium mine were higher than anticipated, and production lower……………………….

The Illinois District Court case was settled last year. One of General Atomics’s customers, Exelon, received $US41 million from the company. It is estimated Mr Blue made $US200 million by breaking the contracts and selling uranium on the spot market…………………………………

Four Mile mine will be owned by a General Atomics subsidiary, Quasar Resources, and an Australian-owned minerals explorer, Alliance Resources.