Natural Resources and a Booming and Diverse Economy
In 1942 the Canadian government purchased Eldorado and made it a Crown corporation without arousing much attention. This area mined radium and was purchased by the government so Canada could access radium’s by-product, uranium. At this time the U.S. was racing to develop an atomic bomb, and it’s “fuel” was uranium, and Canada continued to supply this uranium to the U.S military. This small town soon became the marketing agent for all uranium mined in Canada. Then in the year of 1953, prospectors came across granite with a very high percentage of uranium oxide in northern Ontario. 12 mines were soon sent into full operation with the help of the federal government who were also planning on a new town to service these 12 sites; the town of Elliot Lake, the “uranium capital of the world.” With this, Canada soon became the largest supplier of uranium in the world with uranium being Canada’s fourth-largest major export by value in the year of 1959.
As the war ended, there was an increase in population, economy, and also a higher demand of Canada’s oil, gas, minerals, lumber, wheat, fish, and manufactured products. The money from these revenues was used for more major projects, and to keep the employment rate up, and overall strengthen Canada’s economy.
As the war ended, there was an increase in population, economy, and also a higher demand of Canada’s oil, gas, minerals, lumber, wheat, fish, and manufactured products. The money from these revenues was used for more major projects, and to keep the employment rate up, and overall strengthen Canada’s economy.