ERA to concentrate on existing projects -

Uranium miner Energy Resources of Australia Ltd (ERA) says it is too early to tell whether the life of its flagship Ranger project can be extended beyond its 2014 use by date.
But despite the uncertainty, the world's third biggest uranium miner has suggested it won't be acquiring any junior miners.
ERA, which is majority owned by mining giant Rio Tinto, has been extending its exploration program at Ranger in the face of dramatic growth in uranium demand.
"It's very early days," ERA chief executive officer Harry Kenyon-Slaney said of the new drilling on ABC Television.
"We've spent quite a bit of money last year and more this year and I think time will tell,"
"Our exploration program is stepping up and we will have, by the end of this dry season, completed most of the drilling work around the edge of the Ranger pit," he said.
ERA currently has projects in two locations, the Ranger Operation and the Jabiluka project, but the large ore body at the Jabiluka project cannot be mined until ERA receives permission from the traditional owners.
"I believe Jabiluka is a valuable asset to us. We have been very open in stating that. We would like to develop it but we will not do so without the support of the traditional owners," Mr Kenyon-Slaney said.
As for the possibility of acquiring a junior uranium miner, Mr Kenyon-Slaney said shareholder's money would be better spent on extending ERA's current projects.
Shares in ERA fell six per cent last Wednesday after it flagged a fall in annual production, which was hit in the first half by wet weather caused by cyclone activity.
At the time of the announcement ERA said it would not feel the full benefit of surging global uranium demand until new contracts come into effect.
ERA currently has contracts worth around $US16.50 a pound compared to the spot price of uranium of around $US46.00.
"You will see a steady roll off in those old contracts and in place we'll be letting new contracts at the long term market price which is slightly above the current spot price," Mr Kenyon-Slaney said.
The ERA head also praised the Federal Opposition's move last week to aim to scrap its ban on new uranium mines, describing it as a "courageous move".
Mr Kenyon-Slaney said there was a possibility Australia could miss the boat on uranium mining, and decried the fact that Australia only produces 20 per cent of the world's uranium while possessing 40 per cent of the world's low cost uranium resources.
But he said a policy change allowing new mines would have no immediate effect on ERA because it was focused on its existing projects at the Ranger Lease and the Jabiluka project.
"We've been working there for many years now and that's the focus of operations," he said.
© 2006 AAP