The owner of Moab uranium mill tailing site, Atlas Corp. announced that it will seek protection under Chapter 11 bankruptcy with the United States Bankruptcy Court in Colorado.
The company intends to continue to operate its business as a debtor-in-possession pursuant to the bankruptcy code. Subsidiaries of Atlas include Arisur Inc. and Cornerstone Industrial Minerals Corp.A motion has been filed with the court for approval of financing through the divestiture of Cornerstone. The company also hopes to become profitable by developing the Andacaba Mine operated by Arisur Inc., a wholly owned subsidiary of Atlas that is producing lead, zinc and silver in Bolivia. The company also says it intends to complete an agreement that will lead to the closure and final reclamation of the Moab uranium mill site.