UPDATE:Energy Resources 3Q Output Up, On Track For Fiscal Year Target
October 13 2009 - 11:09PM
Dow Jones News
Uranium producer Energy Resources of Australia Ltd. (ERA.AU)
said Wednesday its third quarter production rose 4% on year to
1,405 metric tons and it remains on track to meet full-year output
guidance.
The production was 5% lower than in the second quarter due to
interruptions to operations to allow extra monitoring of an area of
instability in the southern wall of the pit at the company's Ranger
mine in Australia's Northern Territory.
The Rio Tinto Ltd. (RTP) subsidiary said precautionary work to
stabilize the area should be completed by the end of the year and
was not expected to impact full year output.
"It is a routine part of business in an open-cut mine that there
can be areas of instability and we have a plan to deal with that
now," said ERA general manager of external relations David
Paterson.
The company still expects to achieve production at a normal
rate, roughly in line with that achieved in the past two years, he
said.
ERA produced 5,339 tons of uranium at Ranger in 2008 and 5,412
tons in 2007.
Uranium production for the first three quarters of 2009 stands
at 4,100 tons, up 11% on the same period in 2008.
Paterson declined to comment on the prices ERA is achieving for
its product, but said the global outlook for nuclear energy remains
strong.
"We continue to operate in a carbon-constrained world and we are
seeing news around the world of countries that are either looking
to extend the life of reactors or to construct new reactors, so the
demand for our product remains strong," he said.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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