Rio Tinto's listed uranium subsidiary, Energy Resources of Australia, says low uranium prices and the effects of the financial crisis are hampering global mine development, setting the scene for a uranium shortage further out.

ERA chief executive Rob Atkinson said current spot prices of $US45 a pound did not appear to factor in coming demand and current supply issues.

A number of developing mines around the world (not ERA's) were "very much" greenfield sites, Mr Atkinson told The Australian.

"With the very weak American dollar, and also with the difficulties still in getting capital, there is a high likelihood a number of these projects won't get up."

Uranium prices have hovered between $US40 and $US50 a pound for most of the year after a steady slide from a 2007 record high of almost $US140.

"Given production issues that are going on across the world and the (longer-term) demand from power stations, spot prices seem a bit out of kilter at the moment, " Mr Atkinson said.

"I would have expected them to be a bit higher."

ERA shone a spotlight on the controversial Jabiluka mine in presentation slides this week, reminding investors that the company was sitting on one of the world's biggest undeveloped uranium deposit.s

While ERA stressed that development would only take place with the consent of the traditional owners, the Mirarr people, a full slide was devoted to the mothballed project.

It was the first time ERA has done so since July 2007, just after Rio, which owns 68 per cent of ERA, had upset the Mirarr people by saying opposition to the mining of Jabiluka could be softening. Jabiluka, which is in Kakadu National Park, was mothballed in 1999 midway through development after opposition from the Mirarr.

"Nothing has changed, it (the slide presentation) is just acknowledging that Jabiluka is an important asset," Mr Atkinson said. It is understood no approach to mine at Jabiluka has been made by ERA.

Under a 2005 agreement, the Mirarr can initiate discussion, but if ERA makes an approach and it is knocked back, another cannot be made for four years.

Neither ERA nor the Mirarr will discuss the terms of the agreement, but it is believed there is legal uncertainty about whether ERA is clear to make an approach at the moment.