Energy Resources Of Australia Fiscal Year Profit Rises To A$221.8 Million
January 29 2009 - 6:33PM
Dow Jones News
Uranium miner Energy Resources of Australia Ltd. (ERA.AU) said
Friday its net profit for the year ended Dec. 31 more than doubled
to A$221.8 million.
The Rio Tinto Ltd. (RTP) subsidiary said it expects its sales of
uranium in 2009 to be slightly higher than the 5,272 metric tons it
sold in 2008 and that there could also be a modest replenishment of
its inventory.
The miner said the outlook for uranium mining continues to be
positive and it is positioning itself to benefit by boosting its
output.
ERA said initial production from its laterite and radiometric
sorting plants will occur in 2009 and it also expects to complete a
feasibility study within six months into the development of a heap
leach facility with capacity of between 15,000 and 20,000 tons of
uranium.
Revenue for the year rose 39% to A$495.6 million and the miner
posted a final dividend of 20 cents per share, in line with the
previous year.
-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313;
alex.wilson@dowjones.com
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