Antinuclear

Energy Resources of Australia (ERA) reports a loss – AGAIN!

ERA posts $127m loss in tough conditions, Trading Room,  PERTH, July 31 AAP  Energy Resources of Australia (ERA) has reported a first half net loss as the uranium price hovers around nine year lows amid weak demand.
The uranium miner reported a $127 million loss in the six months to June 30 after posting a $53.5 million loss a year earlier.

The company did not produce any uranium oxide during the period…………..ERA said in the short term, the uranium oxide market remained challenging for producers.

“All Japanese reactors remain offline three years after the Fukushima accident and the market continues to be oversupplied,” the company said in its half year results.

“The spot price for uranium oxide has now fallen below $US30 per pound, the lowest level since 2005.”
ERA only restarted the Ranger uranium mine in the Northern Territory last month after a toxic leak forced it to close in December.

The company said production in the first half was adversely impacted by the suspension of processing operations…….ERA is no longer mining new ore at its open pit and is exploring underground to see whether there is enough uranium to justify a new mine at the site, which is surrounded by the Kakadu National Park……..ERA shares fell 0.5 cents, or 1.5 per cent, to $1.34 on Thursday. http://www.tradingroom.com.au/apps/view_breaking_news_article.ac?page=/data/news_research/published/2014/7/212/catf_140731_165300_4700.html

August 1, 2014 - Posted by Christina Macpherson | business, Northern Territory, uranium