• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 5 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 8 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 20 hours Cheermongering about O&G in 2019
  • 1 day Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 12 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 3 hours Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 1 day North Sea Rocks Could Store Months Of Renewable Energy
  • 4 hours Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 2 days Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
Hitachi Halts Nuclear Megaproject In The UK

Hitachi Halts Nuclear Megaproject In The UK

In what could be another…

The Tech Transforming The Energy Industry

The Tech Transforming The Energy Industry

Decentralized energy solutions are sprouting…

Energy Resources of Australia Uranium Reserves Cut 46 Percent

Since the 11 March Fukushima catastrophe, nuclear energy companies worldwide have been pummeled by the new market realities, as more and more countries turn away from nuclear power.
 
Australia's uranium reserves are the world's largest, with 23 percent of the global total. Australia, Kazakhstan and Canada are the world’s top three producers, together accounting for 63 percent of world uranium production.

Rio Tinto's locally listed uranium subsidiary, Energy Resources of Australia, has slashed uranium reserves by 46 percent and shelving a planned expansion, The Australian newspaper reported.

The Darwin-based ERA has also reported a January-June 2011 net loss of $121.75 million, down from a $22.7 million profit a year earlier. Contributing factors for the loss include disappointing first-half production figures from its Ranger uranium mine after heavy rains stopped operations as well as uncertainty over the immediate future of uranium markets in the wake of the Fukushima nuclear disaster.

ERA’s share price fell sharply to its lowest close since 2004 following its downgrading of estimated reserves at its key Ranger uranium mine in the Northern Territory from 29,800 tons to 16,000 tons, which wiped $99 million of inventory value from ERA's balance sheet.
ERA stock has fallen 70 percent in the past year, representing a $1.3 billion loss for Rio, which has a 68.4 percent stake in ERA.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News