New Mexico Town Prepares to Embrace Returning Uranium Miners
Below is a MRR and PLR article in category Finance -> subcategory Investing.
New Mexico Town Ready to Welcome Returning Uranium Miners
Summary:
Grants, New Mexico, once the world’s largest uranium producer, saw its industry collapse with plummeting uranium prices. Now, as prices rise again, miners are returning. Is Grants prepared to embrace this change?
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Grants: A Town with a Rich Uranium Legacy
Grants, New Mexico, was once proudly known as the heart of the uranium mining world. However, the industry faced a steep decline in the 1980s when uranium prices fell drastically, leading to the loss of 5,000 jobs and a community in search of a new economic foundation. "Uranium companies built our hospital, school, and infrastructure," says Star Gonzales, Cibola County's head of economic development. "We are a mining community; it benefits us."
Situated north of Interstate 40, Grants is a small town with fewer than 10,000 residents, about an hour’s drive west of Albuquerque. We recently visited the town’s Mining Museum, which proudly claims to have the only underground uranium mining museum. Currently, Grants operates much of the state's prison system rather than its mines. However, with uranium prices now soaring to $45.50 per pound, the revival of uranium mining seems inevitable, and several companies have already expressed interest in Cibola County.
A New Era for Uranium Mining in Grants?
Curious about the community's attitude towards renewed uranium mining, we reached out to local, county, and state representatives. "Grants is openly inviting uranium mining companies," exclaimed Star Gonzales. "We’re very mining-friendly here." This sentiment is echoed by the town’s Mayor, Joe Murrietta, who returned from Vietnam with a Purple Heart and began working at Anaconda’s uranium mill. Having experienced the previous boom firsthand, Murrietta is confident the community will welcome miners back with open arms.
Grants City Manager Bob Horacek, who worked in a uranium mill during his college years, recalls it as a valuable source of income. "We need jobs," he said. "Higher-paying jobs from mining would be great for us." When asked about a company planning to build a mill in Cibola County, Horacek responded enthusiastically, expressing interest in discussions. Similarly, State Senator Joseph A. Fidel sees mining’s return as economically beneficial, stating, "I’d be happy to have mining come back."
Community Support Amid Environmental Concerns
While environmental activism is a concern, Senator Fidel believes protests would likely come from outside the local community. Gonzales agrees, asserting that local sentiments remain supportive of mining. "The mining spirit is alive here," she affirms. These views align with remarks from other state officials, who also note that external activists often lead protests.
The politicians we spoke with are cautious but optimistic about the future. Grants was significantly impacted by the downturn, and local leaders are eager to hear from uranium companies directly. "Are they serious?" asks Fidel, reflecting on the county’s potential with its vast uranium deposits. With over 340 million pounds of uranium previously produced, and more possibly awaiting discovery, Senator Fidel is hopeful: "The county has great potential."
As the world looks to diversify energy sources, Grants, New Mexico, stands on the brink of a new chapter, ready to embrace its uranium mining heritage once more.
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