Stephen B. Roman led Denison Mines from 8.5 cents to $87 per share in 13 years, tussled with prime ministers, and dominated the INSANE 20th century uranium business. This is his story.
Rage filled Stephen Roman’s stout frame as he stormed Canadian prime minister Lester Pearson’s office in 1965. Exploding over a ruined $700 million uranium contract, Roman hurled “son of a bitch” at Pearson, who would later quip that Roman was a relic, lagging “fifty years behind the apes.”
It wouldn’t be Roman’s last battle with a prime minister. His improbable rise from tomato picker to mining king is a tale of grit and the dramatic turns in 20th century uranium mining. Pope John Paul II even blessed Roman’s sprawling Toronto estate. Merging business, politics, and the biggest uranium mine, this is how Stephen Roman built an empire.
$30 Billion Uranium Strike
In the cold wilderness of 1953 Northern Ontario, a 90 mile uranium trend was discovered near Elliot Lake. In secrecy, over 100 men staked claims to the area in what became known as the “Back Door Staking Bee”. They worked on behalf of mining legends Joe Hirshhorn and Frank Joubin. The area became America’s major Cold War uranium source. The first of 12 mines opened just 2 years later. By the 1980s, an estimated $30 billion was contributed to Canada’s economy as a result of these finds.
Sensing something was happening, three prospectors led by Art Stollery interrupted the six week Staking Bee. They plied a pilot with whiskey, heard whispers of Quirke Lake action. By dawn, they hit the bush, bumping into Hirshhorn’s squad. Stollery bluffed: “We’ve staked this already.” Confused, Hirshhorn’s crew retreated. Stollery snagged 83 claims in 48 hours. Just a sliver of a 90-mile, 1500 claim expanse. But fate smiled. Little did they know, they stood atop the world’s richest uranium deposit.
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