It made a $22.7 million profit at the same in 2010.

The crash in profits at the Ranger operation was caused by a five-month shutdown following a record wet season.

Energy Resources of Australia also told the Australian Stock Exchange that it had scrapped plans to build a heap leach plant at the mine.

It said the project was expensive and did not have the support of "stakeholders", who include indigenous traditional owners.

Environment Centre NT was delighted with the decision.

The centre's Cat Beaton said: "This is a win for the environment, a win for the local community who opposed it, this is a win for everyone."

She said the plant had been opposed by the local community, shareholders, business analysts, national environment bodies and mining and environmental experts.

"The public have made their opposition very clear on this issue," she said.