Fleeing Jabiluka

Shareholders in North Ltd or Energy Resources of Australia (ERA) have 
been told many times that their investments are risky. It appears that some 
are taking notice of this advice.

The possible sale by James Cook University of 47,000 shares in North Ltd is 
the latest in a rush of investors fleeing the Jabiluka project, according 
to The Wilderness Society.

James Cook University is under pressure to join major shareholders NRMA, 
Catholic Church Life Insurance, Sydney University and many smaller 
shareholders in showing their displeasure by selling their shares.

At least two and a half million dollars worth of shares have been sold so 
far. NRMA has revealed that it sold its shares over concerns about the 
Jabiluka mine. NRMA said it viewed the project as much too risky 
financially, politically and environmentally and that ERA's management is 
poor. NRMA was ERA's 11th largest shareholder with over 170,000 shares.

The Catholic Church, whose Life Insurance branch sold 328,000 North Ltd 
shares in the last month, has also expressed support for the Mirrar people 
in their opposition to the mine.

ERA's share price has dropped from over $6 eighteen months ago to $1.75 
last week. ERA's contribution to North Ltd's earnings has dropped from 19 
per cent last financial year to 9 per cent this year.

Chris Doran, a Wilderness Society Kakadu campaigner, said that "Jabiluka is 
sending ERA broke and taking North Ltd with it. Investor confidence and 
shareholder support are just not there. It's an ethical matter, it's a 
financial matter and a question of our international reputation".

Mineral Policy Institute research coordinator, Sarah Wright was even 
blunter in her comment:

"It is clear that this is one project that nobody wants to touch. No 
investor with a public profile wants to be associated with a project that 
is impacting on Australia at the highest international levels. North Ltd's 
involvement in this hugely unpopular project is translating into a major 
loss of investor confidence".

The Jabiluka campaign will continue targeting other major investors and 
focus on Westpac which is helping to finance the project.