ERA's business up for review

ENERGY Resources of Australia is undertaking a review of its business operations after last year’s announcement that the Mirarr traditional owners would not support an extension to the Ranger Authority beyond 2021.

In its statement to the market, ERA said it expected to provide an update to the strategic review in the March 2016 quarter.

The uranium miner posted a $275 million full year loss in its 28 January announcement to the ASX.

This is significantly larger than the $188 million loss in 2014, due mainly to a $197 million writedown of deferred tax assets during the first half.

Net cash flow of $72 million in 2015 increased ERA’s total cash resources to $433 million at 31 December 2015.

Processing operations are continuing at Ranger, with a solid performance producing 2005 tonnes of uranium oxide.

The company regards the processing of stockpiled ore regarded as economically viable until late 2020.

The fourth quarter saw record figures at the mine, with the best ever total mill throughput of 754, 465 tonnes.

ERA Manager Plant Operations Rodney Moore said the throughput achievements were thanks to good communication and collaboration as well as maintenance improvements.

“We saw excellent results throughout Q4 but more importantly we had a very good run in safety during the same period,” Mr Moore said.

Ore Reserves in the Ranger stockpiles have been upgraded to 10,383 tonnes of uranium oxide.

ERA has $509 million earmarked for rehabilitation of the site at 31 December 2015.