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Bad Credit Car Loans Elliot Lake
Until the 1870s an Ojibwa village existed near the present hospital site on the lake's shoreline.The city was established as a planned community for the mining industry in 1955 after the discovery of uranium in the area, and named after the small lake on its northern edge. It was originally incorporated as an improvement district. Geologist Franc Joubin and American financier Joseph Hirshhorn were instrumental in its founding. The principal mining companies were Denison Mines and Rio Algom. The population has varied with several boom-and-bust cycles from the 1950s to the 1990s, from a high of over 26,000 to a low of about 6,600.
In 1959, the United States declared that it would buy no more uranium from Canada after 1962. During the 1970s, federal plans for CANDU Reactors and Ontario Hydro's interest in atomic energy led the town, anticipating a population of 30,000, to expand again. However, by the early 1990s depleted reserves and low prices caused the last mines in the area to close.
Elliot Lake was incorporated as a city in 1990. In the years since, the city looked elsewhere for its survival, finding some success promoting itself as a retirement community and tourist destination. In the late 2000s, mineral exploration has begun taking place in the area, with at least one major new mining facility being developed by Pele Mountain Resources.
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