Australian uranium miner ERA posts record Q1 profit
03 Aug 2009
Energy Resources of Australia(ERA) has announced a record first-half profit from higher production and uranium oxide sales.
Energy Resources of Australia, is Rio Tinto's uranium subsidiary and its record first-half profits have come as the company focuses on strengthening relationships with China. ERA was the first Australian miner to ship uranium to China last year
ERA exports uranium oxide to nuclear utilities in Asia, Europe and North America. The company posted a net profit of $127.6 million for the six months to 30 June up from $38.9 million in the prior corresponding half.
Chief executive Rob Atkinson described it as a record result in terms of profit and realised price from uranium oxide.
The company's uranium oxide production rose to 2,695 tonnes in the first half up 14 per cent on the corresponding period last year.
Uranium oxide sales were up 31 per cent at 2280 tonnes as compared to the prior corresponding half.