Energy Resources of Australia Ltd (ASX:ERA) has outlined plans to cut costs at its Ranger uranium mine and extend the lease past 2021.
Rio Tinto’s 68 per cent owned subsidiary has faced a number of hurdles at the Ranger mine in the Northern Territory.
Extreme weather conditions have forced the miner to suspend ore processing until July and consequently cut its production and profit guidance.
Speaking at an analyst briefing CEO Rob Atkinson advised that the KPMG has been employed to facilitate an internal business review, including exploring methods of reducing costs in the short term.
Energy Resources of Australia generated a net profit of $47 million in the 2010 financial year.
