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Rio Tinto’s ERA posts 1% fall in Q3 uranium output

Rio Tinto’s unit Energy Resources of Australia has reported a 1% fall in uranium output for the third quarter.

Posted: Tuesday , 14 Oct 2008

SYDNEY (Reuters) - 

Energy Resources of Australia Ltd, which mines a tenth of the world's uranium, reported a 1 percent fall in third quarter output on Tuesday

Despite the year-on-year decline to 1,349 tonnes from 1,363 tonnes previously, full year production was expected to approach 2007's level, the 68.4 percent subsidiary of Rio Tinto Ltd/Plc said.

Production during the last quarter took nine-month uranium output to 3,706 tonnes, which was down 4 percent from the same period in 2007, the company said.

ERA in July reached an agreement to sell uranium to China for the first time.

ERA stock was up 13.8 percent to A$11.50, with Rio Tinto up 6.4 percent and the wider SP/ASX200 5 percent higher.

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