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Long term uranium market outlook remains encouraging, says Australia's ERA

SYDNEY, July 26 — Energy Resources of Australia, the world's fourth largest uranium producer, said Thursday the long term outlook for the uranium market remains encouraging for established producers, despite short term market conditions remaining challenging.

ERA Thursday reported a net loss of 59.86 million AU dollars (61.75 million U.S. dollars) for the half-year ended June 30, 2012.

ERA's net losses shrank by more than 50 percent in the first half of 2012, while its revenues from sales of uranium oxide fell by 37 percent, to 148 million AU dollars, compared to the previous corresponding period.

ERA said the uranium market would continue to be challenging in the short term with utilities well supplied and post Fukushima uncertainty remaining in the Japanese market.

However, ERA said demand in China continued to grow with 26 nuclear reactors currently under construction.

"Despite some slower growth in the medium term as China transitions to an increased reliance on improved nuclear power generation technology, ERA expects that the country will be one of the largest uranium consumers within the decade," the company said in its half-yearly report.

ERA said it expected its 2012 production of uranium oxide to be between 3,200 and 3,700 tones, as previously announced. (PNA/Xinhua)

hbc/ebp

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