Uranium miner ERA posts $131 million 6 month loss

By: Associate Press
By: Associate Press

SYDNEY (AP) -- Uranium miner Energy Resources of Australia Ltd.
has blamed extraordinarily heavy rain across northern Australia for
a 122 million Australian dollar ($131 million) loss in the first
half of 2011.

The result for the Rio Tinto Ltd. subsidiary better known as ERA
announced Thursday is a major turnaround from the AU$23 million
profit posted in the six months through June last year. Shares
slumped more than 5 percent to AU$4.11 immediately after the news.

Heavy rain during the summer caused record flooding in
Australia's north and east and caused the economy to shrink in the
first three months of 2011.

Darwin-based ERA says in a statement that the latest result was
"significantly impacted" by the suspension of processing
operations at its Ranger Mine in the Northern Territory announced
on Jan. 28.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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