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ERA's profits fall after close

28th July 2021

Creamer Media Senior Deputy Editor: Australasia

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PERTH (miningweekly.com) – Uranium miner Energy Resources of Australia (ERA) has reported a net loss of A$5.2-million for the half-year ended June, as a result of lower sales volumes reported during the period under review, and long-term sales contracts concluded in 2021.

The miner produced some 34 t of uranium from stockpiled ore, before production ceased in January this year, generating revenues of A$53.4-million, down from the A$168.1-million reported in the previous corresponding period.

Sales volume for the period was 351 t, compared to 1 044 t for the June 2020 half-year. The average realised sales price on contracted sales in the June 2021 half-year was $54.31/lb compared to $52.99/lb in 2020.

Net profits for the half-year were down 113%, from a profit of A$40.2-million to a net loss of A$5.2-million.

ERA incurred a cash outflow from operating activities of A$13-million for the half-year ended June compared to positive cash flow of A$25-million for the same period in 2020. Cash rehabilitation spend for the half-year ended June was A$70-million compared to A$38-million for the same period in 2020.

Production at the Ranger mine, in the Northern Territory 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.

Edited by Creamer Media Reporter

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