Rain forces Australia’s ERA to suspend uranium plant

Reuters reports Energy Resources Australia (ASX:ERA) suspended uranium processing at its Ranger mine in Australia’s Northern Territory.

The market news is quoted as saying:

The 68 percent-owned subsidiary of Rio Tinto , which also posted an 87 percent fall in 2010 net profit, said the suspension was likely to last 12 weeks.

The news drove ERA’s stock down more than 14 percent, far outpacing losses in the overall market

“The La Niña weather pattern, which has brought extensive flooding to the eastern states of Australia, has also brought significantly higher than average rainfall to Ranger mine since October 2010,” the company said.

Click here to access the entire news.