ERA warns of impairment on Ranger 3 Deeps delay
PERTH (miningweekly.com) – Uranium miner Energy Resources of Australia (ERA) on Wednesday warned shareholders of a A$190-million to A$200-million impairment charge following the deferral of the Ranger 3 Deeps underground project.
In June, ERA reported that a feasibility study on the Ranger 3 Deeps underground mine, in the Northern Territory, would not proceed, owing to the economic challenges faced by the resources industry and uncertain market conditions.
First production from the mine had initially been targeted for late this year.
ERA said on Wednesday that the write-down on the deferral would be a noncash item and would not have an impact on the company’s cash flow or existing operations, nor would it impact ERA’s ability to use available tax losses in future periods.
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