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Rio Tinto Supports ERA's Plans To Raise Funds For Ranger Uranium Rehabilitation

Rio Tinto (RTPPF.PK,RIO.L,RIO,RTNTF.PK) said that it will support the uranium producer Energy Resources of Australia Limited's or ERA plans for a renounceable entitlement offer to raise $324 million or A$476 million for the rehabilitation of the Ranger Project Area in Australia's Northern Territory.

Rio Tinto, which has a 68.4% stake in ERA, will subscribe to its full entitlement of about $221 million or 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.

As per 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.

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