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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005970/en/
Contact
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
