Uranium miner Energy Resources of Australia tight-lipped about its Ranger mine’s gloomy financial situation
ERA keeps its Ranger delay very hush-hush BY CRAIG DUNLOP NT NEWS FEBRUARY 11, 2015 ENERGY Resources Australia has quietly delayed the expansion of the Ranger uranium mine, with work now set to commence at an unspecified date in 2016, rather than its original target date of late 2015.
The company, 68 per cent owned by mining giant Rio Tinto, made the announcement to the Australian Stock Exchange late on Friday.
“Dependent on the outcome of further work, and subject to board and regulatory approvals, first development ore for Ranger 3 Deeps is now expected to be in 2016,” the report said.
It also said that ERA was likely to require further investment for the expansion to go ahead.
The knock-on effects from the failure of a leach tank in 2013 continued to be felt until mid-2014, as the company was forced to purchase, and then onsell, uranium in order to meet its prearranged sales contracts.
The delay has pleased environmental groups, who have long objected to Ranger 3, with the Environment Centre NT and the Australian Conservation Foundation labelling the expansion plans “unviable”.
The Environment Centre NT’s Lauren Mellor said: “The delay on investment in the Ranger 3 Deeps project is a major setback for both Rio and ERA, with costs continuing to blow out and time running out for this short-term, high-risk venture.”………
- In light of the losses and the investment required in Ranger 3, the company’s directors have not issued a dividend.
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