Rio Tinto PLC Rehabilitation of Ranger Project Area (5021T)
November 15 2019 - 02:00AM
UK Regulatory
TIDMRIO
RNS Number : 5021T
Rio Tinto PLC
15 November 2019
Rio Tinto supports ERA's plans to raise funds for rehabilitation
of Ranger Project Area
15 November 2019
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 today, Ranger rehabilitation expenditure is
not expected to generate any direct financial return for ERA.
Contacts
media.enquiries@riotinto.com
riotinto.com
Follow @RioTinto on Twitter
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===================================== ================================
Investor Relations, United Kingdom Investor Relations, Australia
Menno Sanderse Natalie Worley
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David Ovington
T +44 20 7781 2051
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===================================== ================================
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 7, 360 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
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