A DECISION won't be made on mining an estimated 34,000 tonnes of uranium at a new Territory resource until 2014, uranium miner Energy Resources of Australia has said.

Shareholders caught a ray of hope at ERA's annual general meeting at SkyCity Casino yesterday after a gloomy 2011 where the company lost $154 million and halted dividends.

Chief executive Rob Atkinsons said the company is on the cusp of a new mining agreement with the GAC, the Northern Land Council and the Commonwealth Government which has been in the works for years, he said.

The agreement would not cover the estimated 34,000 tonne Ranger 3 Deeps ore body but would formalise relations between the traditional owners and the company, and create a socio-economic fund for the region.

The company will begin extensive mapping of the new find this year with construction to begin on a $120 million exploration decline on May 1.

Mr Atkinson said no decision on mining it would be considered for two years.

"2014 is to be the year of decisions," he said.

ERA to wait two years on new uranium