Energy Resources Of Australia 4Q Uranium Output Up 5% On Year

Energy Resources of Australia Ltd. (ERA.AU) said Wednesday its uranium production for the fourth quarter rose 5% on year to 1,634 metric tons.

The Darwin-based miner said production from its Ranger mine in Australia's Northern Territory for 2008 was 5,339 tons, roughly in line with company guidance and down 1% on 2007.

The miner said its average realized price for 2008 was US$32.53 per pound, up from US$25.06 per pound in 2007 but still below the spot price, which it said was US$52.50 a pound at the end of December.

ERA, a Rio Tinto Ltd. (RTP), subsidiary, sells the bulk of its uranium into long term contracts, meaning its realized price is well below spot prices due to legacy contracts signed when prices were lower.

-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313; [e-mail]

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