News Column

Energy Resources of Australia Ltd. - Recommencement of Processing Operations and Earnings Guidance

June 6, 2014



ENP Newswire - 06 June 2014

Release date- 05062014 - Following its announcement earlier today, ERA advises that it has received written approval to recommence processing operations from the Northern Territory Department of Mines and Energy and the Commonwealth Minister for Industry.

ERA is now in receipt of all necessary regulatory approvals to resume processing operations at the Ranger mine. The progressive restart of processing operations will commence on 5 June 2014.

The approvals follow investigations conducted by Northern Territory and Commonwealth regulators into the integrity of the Ranger processing plant and related maintenance and safety systems. ERA has co-operated fully with these investigations and with the Government-appointed taskforce charged with overseeing the regulatory response to the leach tank incident.

As previously announced, ERA commissioned parallel independent investigations into the root cause of the failure of Leach Tank 1 and the integrity and maintenance of the Ranger processing plant. The findings of these investigations formed the basis of ERA's restart readiness plan, which was approved by the Board of ERA and announced on 9 April 2014.

With the progressive restart of processing operations to occur throughout the second and third quarters of 2014, ERA's 2014 production of uranium oxide is expected to be between 1,100 tonnes and 1,500 tonnes.

ERA's 2014 first half earnings will be impacted by additional costs associated with the suspension of processing operations. Earnings guidance for the first half of 2014 is a loss of between $120 million and $140 million.

Media Contact:

Carl Kitchen

Tel: +61 (0) 8 8924 3550

Mobile: +61 (0) 401 691342

Email: carl.kitchen@era.riotinto.com

Dan Hall

Tel: +61 (0) 8 8924 3514

Mobile: +61 (0) 457 532 270

Email: daniel.hall@era.riotinto.com

Investor Contact:

Chris Maitland

Tel: +61 (0) 3 9283 3063

Mobile: +61 (0) 459 800 131


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Source: ENP Newswire


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