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ERA, Flagstaff drag investors kicking and screaming into $300m raising

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There’s a stink brewing at Rio Tinto-controlled uranium miner Energy Resources of Australia.

, serious questions are being raised about how its board can ask shareholders throw good money after bad into what looks like a sinking ship.

Meanwhile, ERA has stopped mining at Ranger and is running short on cash. It had $144 million on hand at May 31, and another $535 million locked up in a Ranger Project rehabilitation trust. There’s no investor marketing, no analyst coverage, no talk about increasing liquidity, spinning off potentially valuable uranium assets or anything else that could help the dwindling share price.

 

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