The company noted that it will continue to process its stockpiles and meet obligations to its customers.
ERA’s decision was based on the uncertainty over the uranium market’s direction in the immediate future as the market was not improved as per its expectations.
The company has engaged with its major shareholder, Rio Tinto, with respect to funding support for rehabilitation, if further funding is needed.
ERA is negotiating with representatives of the Traditional Owners and the Commonwealth Government on a potential extension to the Ranger Authority.
The company said it will continue to conserve cash until it has better certainty in relation to the Authority extension, enabling it to revisit the project’s economics over time.
Ranger mine is situated 8km east of Jabiru and 260km east of Darwin, located in Australia’s Northern Territory.
Uranium has been mined at the facility for thirty years. The plant is one of only three mines in the world to produce more than 110,000 tonnes of uranium oxide.
