Rio Tinto Plc to support ERA’s fund rehabilitation plan

  • Nov 15, 2019 GMT
  • Team Kalkine
  • Rio Tinto Plc (RIO) has expressed its support for the ERA’s (Energy Resources of Australia Limited's) plans to raise funds for rehabilitation of Ranger Project Area.
  • ERA is planning to a renounceable claim offer to raise $324 million or A$476 million for the rehabilitation of the project situated in Northern Territory. It is required to end mining and processing activities at Ranger by the first month of 2021 and complete the final restoration by the first month of 2026.
  • The company in view of ERA's inability to obtain third-party underwriting support has also agreed to fully underwrite the offer to ensure ERA has the funds it needs to meet its present restoration commitments.

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