ERA mining down over 20% in Q4
Energy Resources Australia (ERA) this morning released it quarterly report for December last year, showing a 22% and 20% slump in the amount of material mined against Q4 2008 and Q3 2009 respectively. The uranium specialist attributed the decline to maintenance and safety work carried out on the south wall of the Ranger mine.
Meanwhile the company reported a 71% drop in ore mined from Q3 2009 ‘primarily due to the effect of mine sequencing around the removal of waste and ore,’ the company reported.
However, ERA said that it was expecting improved head grades in the second half of the year.
The miner produced 11.5 million pounds of uranium oxide in 2009, a more modest drop 2% from 2008, though in the fourth quarter production was down 30% from the previous corresponding quarter.
At 1039 AEDT, ERA shares were trading down 66c to $22.25 per share.
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