Rio Algom
| Company type | Subsidiary |
|---|---|
| Industry | Mining |
| Founded | 1960 |
| Founder | Rio Tinto |
| Fate | Acquired by Billiton plc in 2000; merged with BHP in 2001 |
| Headquarters | Canada |
Area served | Canada, United States |
| Products | Uranium |
| Parent | BHP |
Rio Algom Limited is a Canadian mining enterprise founded in 1960 by Rio Tinto through the consolidation of four Canadian uranium mining companies: Algom Uranium Mines Limited, Milliken Lake Uranium Mines Limited, Northspan Uranium Mines Limited, and Pronto Uranium Mines Limited. In October 2000, Billiton plc, based in London, acquired Rio Algom, which then merged with Broken Hill Proprietary Company (BHP) in 2001. Since that merger, Rio Algom has functioned as a fully owned subsidiary of BHP.
Uranium
In the Elliot Lake area of Ontario, Rio Algom managed several uranium mining and milling operations, including the Lacnor, Nordic, Panel, Pronto, Quirke, Milliken, Stanleigh, and Spanish-American sites. These mines operated from the 1950s until the 1990s.
Rio Algom broadened its uranium interests in 1989 by acquiring Quivira Mining Corporation from Kerr-McGee, which included a uranium mill located in Ambrosia Lake, New Mexico. Although this mill was operational between 1958 and 1985, Rio Algom extracted uranium from treated mine water at this facility from 1989 to 2002.
According to the Canadian Nuclear Safety Commission, Rio Algom’s oversight of nine decommissioned Elliot Lake uranium mines fell short of standards in 2017. Elevated radium discharges at the Stanleigh effluent treatment plant exceeded regulatory thresholds, leading to engineering modifications and enhanced monitoring efforts by the company.
Mergers and acquisitions
A significant transaction for Rio Algom was the 1989 acquisition of Quivira Mining Corporation from Kerr-McGee. Later, Billiton’s purchase of Rio Algom in 2000, followed by its merger with BHP in 2001, integrated Rio Algom into one of the globe’s largest mining corporations.