ERA writes down tax assets

Embattled uranium miner Energy Resources Australia (ERA) declared it will write down its declared tax assets by up to $200 million as a result of the stalled Ranger 3 Deeps project.

Last month ERA revealed the R3CDeeps project would not progress to the Final Feasibility Study, which was reinforced by the withdrawal of support for the project by majority shareholder Rio Tinto.

ERA has said the criteria under Australian Accounting Standards for the recoverability of carried forward tax losses were no longer satisfied.

As such the company expects to write down deferred tax assets in the 2015 half yearly results by an amount between $190 million and $200 million.

ERA said it was not anticipated that there would be any further impairments recorded at the half year.

Final results for the 2015 half year will be released to the ASX on 30 July.

The company also said it was still undertaking discussions with Commonwealth and Mirrar traditional owners to negotiate an extension to their mining authority, which would enable development of R3Deeps.

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