Energy Resources Of Australia Fiscal Year Profit Rises To A$221.8 Million

Uranium miner Energy Resources of Australia Ltd. (ERA.AU) said Friday its net profit for the year ended Dec. 31 more than doubled to A$221.8 million.

The Rio Tinto Ltd. (RTP) subsidiary said it expects its sales of uranium in 2009 to be slightly higher than the 5,272 metric tons it sold in 2008 and that there could also be a modest replenishment of its inventory.

The miner said the outlook for uranium mining continues to be positive and it is positioning itself to benefit by boosting its output.

ERA said initial production from its laterite and radiometric sorting plants will occur in 2009 and it also expects to complete a feasibility study within six months into the development of a heap leach facility with capacity of between 15,000 and 20,000 tons of uranium.

Revenue for the year rose 39% to A$495.6 million and the miner posted a final dividend of 20 cents per share, in line with the previous year.

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

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