Thursday, 1 February, 2007

ABC NT Local News

Uranium producer Energy Resources of Australia (ERA) has posted a modest rise in annual profits but has so far missed out on the big increase in world uranium prices.

ERA has announced an after-tax profit of $43.6 million for 2006, which is up just over 7 per cent on 2005.

Shareholders will receive a final dividend of 11 cents per share.

Because of its locked-in contracts, ERA was selling uranium oxide at $US18.36 a pound compared with the spot market price in December of $72.

Last month, the company said it would go ahead with a feasibility study on the possible expansion of its operating pit at the Ranger Mine in the Northern Territory.