By Ross Kelly

SYDNEY--A new underground uranium mine alongside Energy Resources of Australia Ltd.'s (ERA.AU) recently-depleted Ranger pit will cost at least 175 million Australian dollars (US$182.3 million) to build, Chief Executive Rob Atkinson said in an interview Friday.

ERA has already committed A$120 million to evaluate the potential of the Ranger 3 Deeps prospect. It wants to decide on whether to build a new mine by mid-2014, in time to start producing uranium oxide by late 2015.

Write to Ross Kelly at ross.kelly@wsj.com

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