By Ross Kelly
SYDNEY--Energy Resource of Australia Ltd. (ERA.AU) 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. (RIO.AU) 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.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires