Uranium miner ERA posts new profit losses

Energy Resources Australia has posted a loss on net profits for the fourth year running, as the company moves closer to first ore from the Ranger 3 Deeps project.

The ERA full year report for 2014 shows sales revenue up from $356.1 million in 2013 to $379.2 million, however nets profits have dropped from -$135.8 million to -$187.8 million.

Production has copped a beating as the Ranger begins to reach the end of its mine life, down to 1165 drummed tonnes in 2014, compared to 2960 in 2013 and 3710 in 2012.

The Ranger mine will continue mining until 2021, with full rehabilitation required by 2026, and has spent $378 million on rehab and water management over the past 2 years.

ERA has said Ranger 3 Deeps is on budget and on schedule, with first development ore anticipated in 2016.

ERA chairman Peter MacMahon said the new underground project would position the company well to take advantage of a projected recovery in uranium ore commodity prices.

ERA also recorded a new high for the All Injury Frequency rate, 1.27 per 200,000 hours worked, a jump of around 150 per cent since 2012, when the rate was 0.52.

Image: ABC

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