Energy resources woes rise as uranium reserves tumble

The Darwin-based ERA has also reported a first-half net loss of $121.75 million, losing from a $22.7m profit a year earlier the loss integrated a $99.4m inventory writedown because of the shelved project, which would include processed stockpiles through acid-leaching, and a surprise reduction in grades of extra stockpiles that ERA had planned to process.

The woes add to ERA's dismal first-half construction from its Ranger uranium mine after heavy rains stopped its plant, as well as to an ailing viewpoint for uranium markets in the wake of the Fukushima nuclear disaster, In response in the direction of yesterday's result, ERA's shares slumped 42c, or 10 per cent, to a seven-year low of $3.92, despite the original loss of $22.3m beating analysts' forecasts and the support of the $120m underground Ranger Deeps exploration decline.

The stock is now down 70 per cent in the long-ago year, representing a $1.3 billion loss for Rio, which has a 68.4 per cent stake in ERA.ERA chief executive Rob Atkinson said he thinking yesterday's excellent news outweighed the bad,"The good news for ERA is the looking at decline being approved and the very great exploration program we are going to embark on," he said,"Even on the downside issues, those are significant business elements, and as we increase our knowledge we do get superior levels of comfort."