By Heather McLean, 4 April 2002 17:05
NEWS US satellite phone firm Iridium has pleased investors with an upturn in its fortunes following a successful relaunch. One investor, mineral exploration firm Quadrant Australia, has said it is seeing a positive performance from its 18 per cent stake in the US-based satellite company. Iridium was a Motorola venture which became crippled by heavy losses after it launched 66 satellites in 1998. It subsequently struggled to recoup costs by signing up users as its charges, like its satellites, were astronomically high. Iridium launched a further five satellites last February following a $25m rescue buyout by a new band of investors in December 2000. The company now claims it has gained market share in the satellite phone market from its main rival, Inmarsat. Speaking last November, satellite expert at Schema, Roger Runswick, said: "The Iridium satellite system is next generation compared to the widely used Inmarsat satellites. "Iridium is more like a cell phone network than the Inmarsat phones - you don't need to point it at a satellite dish."
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