Rio Tinto to support ERA’s entitlement offer to raise funds for Ranger rehabilitation

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 Australia’s Northern Territory to the end of Q2 2024.

Rio Tinto, which owns 86.3% of ERA’s 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 People’s opposition to further uranium mining on their land. This was a relevant factor in Rio Tinto’s recent decision to no longer report the Jabiluka deposit as a mineral resource. Rio Tinto also recognises that the Mirarr People’s 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

6 St James’s Square

London SW1Y 4AD

United Kingdom

T: +44 20 7781 2000

Registered in England

No. 719885

Rio Tinto Limited

Level 43, 120 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.

riotinto.com

Category: ERA

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.