ERA Resources says it needs to raise a significant sum for the Jabiluka remediation as money is quickly running out

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Cottesloe-based fund manager Willy Packer is facing a major dilemma after Energy Resources of Australia warned it would run out of cash by the end of the year, reducing the value of its key asset to zero.

ERA recorded an $89.8 million impairment on the Jabiluka uranium deposit near Kakadu National Park in the Northern Territory, wiping out the entire value of the company's core assets.

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