ERA warns of 'material' cost overruns at Ranger
PERTH (miningweekly.com) – ASX-listed Energy Resources of Australia (ERA) have warned of "material" cost and schedule overruns in the rehabilitation of its Ranger uranium project, in the Northern Territory.
Production at the Ranger mine ceased, in accordance with the Ranger Authority, on January 8, concluding processing activity on the Ranger project area after 40 years of operation, during which time more than A$500-million of royalty payments have been made to governments and Indigenous interests.
ERA in September warned of cost overruns, saying on Friday that since the initial announcement had been made, the company had continued work on the forecast for both the cost and schedule data for the rehabilitation provision of the Ranger project area.
“While ERA is not yet in a position to provide estimates with an acceptable degree of confidence, it has become apparent that the cost and schedule overruns will be material. The exercise is complex and is being undertaken as a matter of priority. ERA will update the market when the reforecast cost and schedule reach an acceptable degree of confidence,” the company said in a statement.
“ERA remains committed to the successful rehabilitation of the Ranger Project Area in accordance with its environmental obligations,” it added.
Paul Arnold earlier this month resigned as CEO and MD of the company, taking leave for personal reasons, and announcing his return to diversified miner Rio Tinto, to assume a new role.
While a recruitment process was under way to replace Arnold, Brad Welsh has been appointed as acting CEO with immediate effect. Welsh has been seconded from Rio under an agreement between the two companies.
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