nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

Australian uranium company ERA closed its only mine, made big loss

Australia uranium miner ERA books steep 2012 loss http://www.marketwatch.com/story/australia-uranium-miner-era-books-steep-2012-loss-2013-01-31 By Ross Kelly SYDNEY–-Energy Resource of Australia Ltd. said Thursday annual losses deepened to 218.8 million Australian dollars (US$227.4 million) due to weak uranium prices, a high Australian dollar and the cost of rehabilitating a recently-depleted mine bordering Kakadu National Park.

The company, which counts Rio Tinto Ltd. as its largest shareholder, said the net loss for the year to Dec.31 compared to a A$153.6 hole in 2011.

ERA stopped mining at its only producing pit, Ranger, in November and will process stockpiled ore while it decides whether to build a new underground mine there. The company produced 3,710 metric tons of uranium oxide in 2012 and forecast production sourced from stockpiles in 2013 of between 2,700 and 3,300 tons.

ERA also announced that its chairman, David Klinger, would retire next month and be replaced by current non-executive director Peter McMahon.

February 1, 2013 Posted by | AUSTRALIA, business and costs | Leave a comment

    Next Entries »