Rio Tinto supports ERA ranger plans
(Posted on 18/11/19)
Rio Tinto will support Energy Resources of Australia Limited’s (ERA) plans for a renounceable entitlement offer to raise $324 million (A$476 million) for the rehabilitation of the Ranger Project Area in Australia’s Northern Territory.
As a 68.4 per cent shareholder in ERA, Rio Tinto will subscribe to its full entitlement of approximately $221 million (A$326 million). Given ERA’s inability to secure third-party underwriting support, Rio Tinto has also agreed to fully underwrite the offer to ensure ERA has the funds it needs to meet its current rehabilitation obligations.
Rio Tinto group executive Energy & Minerals Bold Baatar said “We take mine closure very seriously and ensuring ERA is able to fund the closure and rehabilitation of the Ranger Project Area, through participating in this entitlement offer, is a priority.
“We have committed to supporting this offer with the objective of ensuring ERA is in a position to rehabilitate Ranger to a standard that will establish an environment similar to the adjacent Kakadu National Park.”
Under the terms of its mining approvals, ERA is required to end mining and processing activities at Ranger by January 2021 and complete final rehabilitation by January 2026.
On 8 February 2019, ERA finalised its closure feasibility study for Ranger Project Area rehabilitation, resulting in a material increase in anticipated rehabilitation costs. Following this increase, ERA advised it needed extra funding to meet its rehabilitation obligations to the Commonwealth Government, Northern Territory Government and Traditional Owners.
As announced by ERA, Ranger rehabilitation expenditure is not expected to generate any direct financial return for ERA.
Latest News
Cargill surpasses one million enrolled acres in Cargill RegenConnect
(Posted on 20/11/24)Cargill RegenConnect has surpassed one million enrolled acres for the 2025 U.S. planting season, a milestone... Read more
Agreements to accelerate decarbonisation of steelmaking in Europe
(Posted on 20/11/24)Rio Tinto has entered into definitive agreements with GravitHy, an early-stage industrial company, to... Read more
Partnership to trial battery swap technology in mine operations
(Posted on 12/11/24)Rio Tinto will partner with China’s State Power Investment Corporation (SPIC) to demonstrate battery... Read more
Colombian nature-based carbon removals project is expanded
(Posted on 12/11/24)Trafigura Group, a market leader in the global commodities industry, has announced a significant expansion... Read more
Rio Tinto completes acquisition of Sumitomo stake in NZAS
(Posted on 04/11/24)Rio Tinto’s previously announced acquisition of Sumitomo Chemical Company’s (SCC’s... Read more
Vale and Jinnan announce investment in Oman iron ore concentration plant
(Posted on 31/10/24)Vale and Jinnan Iron & Steel Group, a renowned Chinese steelmaker, have announced a joint partnership... Read more
Canadian tariffs on Chinese steel and aluminium products enter into force
(Posted on 26/10/24)Tariffs on Chinese steel and aluminium products have entered into force following rigorous examination... Read more
Increased copper and iron ore production for BHP
(Posted on 19/10/24)BHP have released their operational review for the quarter ended 30 September 2024.BHP Chief Executive... Read more
Safety a priority as Rio Tinto releases Q3 production results
(Posted on 18/10/24)Rio Tinto is continuing to prioritise learning from safety incidents to improve the effectiveness of... Read more
IFA and Proba launch global programme for GHG emissions reduction
(Posted on 14/10/24)The International Fertilizer Association (IFA) is partnering with supply chain decarbonization startup... Read more
