Energy Resources of Australia (ASX: ERA) has provided an operational review and business update for the March 2026 quarter, highlighting ongoing rehabilitation efforts and the pending outcome of a significant legal process. ERA is an Australian uranium mining company, primarily focused on the rehabilitation of the Ranger Project Area following the cessation of uranium mining activities. The company reported holding $211.5 million in cash and cash equivalents and $338.5 million in other financial assets as of 31 March 2026, with no mining, production, or development expenditure incurred during the period.
A central aspect of the update relates to the compulsory acquisition process initiated by Rio Tinto, which holds over 98% of ERA shares. Following objections from approximately 43% of the shares subject to acquisition, court approval is now required for the process to proceed. The hearing in the Federal Court of Australia concluded in February 2026, with the decision currently pending. Furthermore, legal proceedings concerning the decision not to renew the Jabiluka Mineral Lease remain in abeyance, contingent on the outcome of the compulsory acquisition decision.
Rehabilitation of the Ranger Project Area continued throughout the quarter, with approximately $47 million expended on these activities. The capping of Pit 3 remains a critical focus, though its design and methodology are still under review, with construction trials delayed by seasonal road closures and the suspension of heavy equipment permits. The company also noted higher than forecast rainfall during the 2025/26 wet season, leading to an assessment of its longer-term water balance. Despite this, targeted interception and diversion works performed well, helping to mitigate impacts and reduce treatment needs. No material environmental incidents or recordable injuries were reported during the period. Fuel costs have seen an immediate increase due to global supply chain disruptions.
