Uranium miner Energy Resources of Australia Ltd. (ERA.AU) on Tuesday said it expects to post a sharp fall in annual profit after lower ore grades cut output.

The Rio Tinto Ltd. (RIO) unit said net profit for the year to Dec. 31 is expected to fall to A$45 million-A$55 million, from A$272.6 million in 2009.

ERA booked a first half net profit of A$22.7 million.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com
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