Energy Resources of Australia Ltd (ASX:ERA) has maintained that it is hopeful of developing an underground extension at its Ranger mine in the Northern Territory.
However, CEO Rob Atkinson has told The Australian Financial Review that the company will not proceed with the project if it can’t get strong stakeholder support.
Yesterday shares in Rio Tinto Ltd's (ASX:RIO) 68 per cent owned subsidiary fell after it announced it would extend the closure of the Ranger mine after extreme rainfall and widespread flooding in the region.
The news coincided with a warning that the uranium producer expects to post a first half loss after reporting a 42 per cent fall in output in the March quarter.
Yesterday shares in Energy Resources shed 10.88 per cent to close at $6.88.
In the 2010 calendar year Energy Resources of Australia generated a net profit of $47 million
