Lower sales prices affect ERA
PERTH (miningweekly.com) – Uranium miner Energy Resources of Australia (ERA) reported this week that sales revenue for the first six months of 2013 had decreased by 8%, despite an increase in production.
The ASX-listed ERA reported that sales of uranium oxide had decreased to $136-million, from $148-million in the previous corresponding period, owing to lower average realised sales prices.
This was, however, partially offset by lower A$/US$ exchange rates, as sales were denominated in US dollar.
Uranium oxide production for the half year reached 1 847 t, compared with the 1 244 t produced in the corresponding 2012 period, as production levels benefited from higher-grade ore, which was stockpiled prior to the completion of Pit 3 in November of last year.
Until the start of production from the Ranger 3 Deeps mine, which still remained subject to board approval, the mill would be fed with lower-grade stockpiled material.
As such, ERA expected that the head mill grade in the second half of the year would be similar to that achieved in the first half of 2012.
ERA has forecast a production of between 2 700 t and 3 000 t during the full 2013, with sales expected to be in line with production and weighted towards the second half of the year.
Meanwhile, ERA this week announced that CEO Rob Atkinson would resign from the company, accepting a role in diversified miner Rio Tinto.
Atkinson was appointed CEO in September 2008, and would work with the board to ensure a smooth transition. No successor has been appointed.
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