MELBOURNE, Australia–(BUSINESS WIRE)–Rio Tinto will support Energy Resources of Australia Ltd�s (ERA) recently disclosed plans for an Interim Entitlement Offer (IEO), which seeks to raise up to A$369 million to address funding requirements for the Ranger Rehabilitation Project in Australias Northern Territory to the end of Q2 2024.
Rio Tinto, which owns 86.3% of ERAs shares, has pre-committed to subscribe for its full entitlements under the terms of the IEO, at a cost of A$319 million.
Rio Tinto Chief Executive, Australia, Kellie Parker said We are committed to ensuring the critical rehabilitation of Ranger is completed to a standard that will establish an environment similar to the adjacent Kakadu National Park.
Rio Tinto notes that ERA has, in the IEO offer material, recognised the Mirarr Peoples opposition to further uranium mining on their land. This was a relevant factor in Rio Tintos recent decision to no longer report the Jabiluka deposit as a mineral resource. Rio Tinto also recognises that the Mirarr Peoples continued involvement in and support of the Ranger Rehabilitation Project is critical for its timely completion and success.
As announced by ERA today, funds from the IEO are not expected to generate any financial return and will be dedicated strictly to the Ranger Rehabilitation Project and repayment of the credit facility.
Funds raised from this IEO will be partly used to repay a A$100 million credit facility provided by Rio Tinto to assist ERA with its management of immediate liquidity issues.
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, UK
Matthew Klar
M: +44 7796 630 637
David Outhwaite
M: +44 7787 597 493
Media Relations, Americas
Simon Letendre
M: +1 514 796 4973
Malika Cherry
M: +1 418 592 7293
Media Relations, Australia
Matt Chambers
M: +61 433 525 739
Jesse Riseborough
M: +61 436 653 412
Alyesha Anderson
M: +61 434 868 118
Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178
David Ovington
M: +44 7920 010 978
Clare Peever
M: +44 7788 967 877
Investor Relations, Australia
Tom Gallop
M: +61 439 353 948
Amar Jambaa
M: +61 472 865 948
Rio Tinto plc
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This announcement is authorised for release to the market by Steve Allen, Rio Tintos Group Company Secretary.
riotinto.com
Category: ERA
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