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Old 01-20-2010, 05:29 AM
Sparty Sparty is offline
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Default Uranium SET to BOOM - ERA

ENERGY Resources of Australia fetched record prices for its uranium last year while tonnages sold were the third highest in the 30-year-old Rio Tinto subsidiary's history.


Sales of uranium oxide from ERA's Ranger mine in the Northern Territory for 2009 totalled 5497 tonnes, up from 5272 tonnes in 2008.
Total sales of uranium oxide from the project, since mining began in 1980, have eclipsed 100,000 tonnes, an achievement that is only shared with one other uranium mine, Rio Tinto's Rossing in Namibia.


The average realised sales price achieved by ERA in 2009 was $US50.84 a pound, a 56 per cent jump on 2008 prices of $US32.53a pound.
The mill head grade fell, but chief financial officer and acting chief executive Steeve Thibeault said this was coming from a high base in 2008.


"We're very proud and very happy with this exceptional year," Mr Thibeault said.


"We had excellent production and that's due to the significant improvement that we had in our operations and the operation of the processing plant."
The increase in price to $US50.84 represents a record for ERA.
Mr Thibeault said the outlook for the uranium market was very positive, with demand currently outstripping supply.


"We're all seeing the uranium renaissance that we have due to the carbon emission constraints in the world and uranium is in the center of options to reduce these emissions," he said.



"So ERA sees that there is a very good outlook for our product in future years."


Uranium consumption was poised to jump, with China planning to develop many new nuclear power plants to meet its future energy needs, he said.
ERA is advancing its mine expansion project, which is focused on exploiting the Ranger 3 Deep's orebody.


Evaluation is expected to finish about mid-2010, with a decision on the development of an exploration decline to be taken after that.
The Ranger mine is expected to continue producing until 2020.

Uranium set to boom
January 20th, 2010
Ends


View a summary of ERA on www.australian-shares.com and learn about Australian Uranium companies on http://australianuranium.com.au/

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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