Energy Resources of Australia’s Limited (ASX:ERA)
Ranger uranium mine will not be allowed to function again until federal agencies are satisfied it is safe, after Industry Minister Ian Macfarlane imposed a formal suspension on the controversial mine.
Mr Macfarlane's move came after a briefing with ERA's new chief executive, Andrea Sutton, where the pair discussed the recent leakage of radioactive uranium particles and industrial acids at the mine.
ERA shares sank more than 12 per cent yesterday, before Mr Macfarlane clarified his stance in a statement.
The Northern Territory arm of Worksafe is understood to be launching an investigation into the incident, and a co-operative taskforce has been set up between the federal and territory agencies that are investigating the spill.
ERA, which is majority-owned by Rio Tinto Limited (ASX:RIO)
, had already indicated that processing would be stopped for an indefinite time.
ERA booked a net loss of $53.5 million in the first half of fiscal 2013.