PERTH (miningweekly.com) - Uranium miner Energy Resources of Australia (ERA) has widened its net loss for the full-year as uranium prices continued to decline.

The miner said this week that net loss after tax for the year ended December was $219-million, compared with the net loss of $154-million booked in 2011. Underlying earnings for 2012 were a loss of $151-million, compared with an underlying loss of $54-million in the previous financial year.

ERA noted that the company had also reported a noncash impairment charge of $68-million, as a result of the decline in the spot and long-term uranium price during the second half of the year, coupled with the continuing strength of the Australian dollar.

Revenue for the full-year was also down to $395-million, compared with the $649-million achieved in 2011, with ERA adding that the sale of uranium oxide reached 3 223 t, down from the 5 167 t sold in 2011.

The miner’s sales strategy focused on ensuring a long-term reliable supply of uranium oxide, with a corresponding pricing strategy that focused on the long-term price, rather than the spot price, ERA said.

During the year under review, ERA’s Ranger mine, in the Northern Territory, produced some 3 710 t of uranium oxide, compared with the 2 641 t produced in 2011.

Production during the second half of the year benefited from access to higher-grade ore, located at the bottom of the pit, which ERA said helped to maintain higher mill head grade. Full mill throughput and plant utilization achieved record levels in 2012.

Looking ahead, ERA expected that the uranium market would remain challenging in the near-term, however, the company noted that the long-term outlook for yellowcake was still encouraging for established producers.

For the full 2013, ERA was expecting to produce between 2 700 t and 3 300 t of uranium oxide, and was expecting sales to be in line with production.

During the year, the miner would also focus on reducing the costs at its operations to reflect the expected production levels, while also pursuing the continued exploration of underground resources and development opportunities.