UPDATE 2-Rio's ERA Q2 uranium output up, misses forecast

* Q2 uranium oxide output up 44 pct at 1,481 tonnes

* BMO analyst says output 24 pct lower than expected

* H1 production up 14 pct at 2,695 tonnes

* Output up due to improved grades, increased milling

(Adds analyst's comment)

LONDON, July 14 (Reuters) - Energy Resources of Australia Ltd (ERA) (ERA.AX), majority owned by mining group Rio Tinto (RIO.L), has posted a 44 percent rise in second-quarter uranium oxide output, but an analyst said it was lower than expected.

ERA said in a statement on Tuesday production for the three months to end-June was 1,481 tonnes due to improved grades and higher milled volumes.

The firm, which mines a 10th of the world's uranium, said first-half output was 2,695 tonnes, up 14 percent.

But analyst Edward Sterck at BMO Capital Markets said the second quarter figure was 24 percent below its forecast.