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ERAAustralia's Energy Resources Full-Year Profit Lifts 23% On Uranium Sales

  • Uranium miner Energy Resources of Australia Ltd (ERA) has posted a 23 per cent rise in annual profit on the back of higher revenue from sales of the mineral.

    ERA, majority owned by Rio Tinto Ltd, said the outlook for the uranium market remained bright due to sustained government interest around the world in nuclear energy as a viable source of power.

    It said production and sales in 2010 are likely to be broadly similar to previous years, albeit weighted to the second half.

    Net profit for calendar 2009 was $272.6 million, up from $221.8 million in 2008, after sales of uranium oxide lifted revenue by 55 per cent to $767.8 million.

    ERA says sales revenue rose mostly due to an increase in the average realised sales price.

    It realized an average sales price of uranium oxide of $US50.84 per pound in the year, up from $US32.53 per pound in the previous year.

    LINK: http://australianuraniumquicksearch.blogspot.com/

    Cheers from tturaniuminvest :)

    .

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