Newspaper article THE JOURNAL RECORD

Kerr-Mcgee Sells Quivira Mining Co

Newspaper article THE JOURNAL RECORD

Kerr-Mcgee Sells Quivira Mining Co

Article excerpt

The sale of the Quivira Mining Co. subsidiary of Kerr-McGee Corp. to a subsidiary of Rio Algom Ltd. has been completed, Oklahoma City-based Kerr-McGee said Wednesday.

The sale completes the withdrawal by Kerr-McGee from the uranium business, according to a statement by the company.

The sale includes the common stock of Quivira Mining and all of the Kerr-McGee uranium properties and related assets in New Mexico and Wyoming.

The transfer of ownership was approved Jan. 12 by the Nuclear Regulatory Commission. The definitive agreement was announced Dec. 19.

For the first nine months of 1988, sales from Kerr-McGee uranium operations totaled $53.8 million, or about 2.6 percent of total sales of $2 billion, according to the company's report for the third quarter. Uranium operations resulted in income of $7.69 million for the first nine months of 1988. Kerr-McGee reported net income of $76.6 million for the first nine months of 1988.

In November, Kerr-McGee completed the sale of Sequoyah Fuels Corp. to General Atomics of San Diego. The sole facility involved in that sale was the uranium processing plant at Gore.

Rio Algom is a major natural resources and industrial organization based in Toronto. The company, which has operations in Canada, the United States, Australia and New Zealand, is a subsidiary of RTZ Corp., a mining group headquartered in London.

Kerr-McGee officials said in 1987 that the uranium operations were not part of the long-run plan for the company, which would prefer to concentrate on its core businesses of oil, natural gas and coal exploration and production, chemicals and refining and marketing. …

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