Energy Resources Records Loss of AU$127.2 Million for H1

Mining Weekly reported that Energy Resources of Australia Ltd. (ASX:ERA) reported a 138-percent fall in net profits for the first six months of 2014. That translates to a loss of AU$127.2 million.

As quoted in the market news:

This was compared with a net loss of A$54-million during the previous comparable period, as no uranium oxide was produced during the period under review, after operations at its Ranger mine, in the Northern Territory, were suspended in December last year.

A progressive restart of the Ranger processing plant started in early June, following the receipt of written approval from the Commonwealth and state governments. Plant operations at the Ranger mine were suspended after a mixture of slurry moved outside the containment area, following the failure of a leach tank.

ERA has previously reported that full processing capacity would be reached during the September quarter.

Click here to read the full Mining Weekly report.