MINING at the Territory's only uranium mine could be extended.

Ranger is due to close in 2021 and a five-year land rehabilitation program started.

But UBS analyst Glyn Lawcock said mining could go on "to 2025 and beyond" if the 3 Deeps deposit proved to be economically viable.

Traditional owners would also have to agree to an extension.

Energy Resources of Australia is to seek $500 million from shareholders to pay for development of 3 Deeps.

Shareholders will be offered 12 shares for every seven they already own, at $1.53 per share.

 

The money will be used to dig a 2km-long, 400m-deep decline to access high-grade uranium oxide and to fund other exploration projects.

ERA expects Ranger to make a profit every year until at least 2015.

"We don't believe this is achievable, given the requirement to depreciate fixed assets over the reduced reserve life," Mr Lawcock said.

ERA has endured a terrible year.

It was forced to shut down for five months earlier this year after a record wet season.

Its woes continued as it recorded a loss of nearly $122 million in the first half of 2011, compared with a $22.7 million profit at the same time in 2010.

Plans to spend hundreds of millions of dollars on a heap leach plant were scrapped after opposition from traditional owners.

And the cost of rehabilitating the land by 2026 was reassessed from $314 million to $550 million.

ERA reported year-to-date uranium production of 1611 tonnes, down 39 per cent on last year.