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Rio Tinto Considers Options After Takeovers Panel Ruling On ERA

Rio Tinto plc (RTPPF.PK,RIO.L,RIO,RTNTF.PK) is considering its options after the Takeovers Panel ruled that Rio Tinto can't use its funding of a clean up of a NT uranium mine to buy a partially owned subsidiary.

Rio Tinto said it acknowledges the findings of the Takeovers Panel in relation to Energy Resources of Australia Limited's (ERA) renounceable entitlement offer to raise $324 million or A$476 million for the rehabilitation of the Ranger Project Area in Australia's Northern Territory.

"While the Panel has made a declaration of unacceptable circumstances and has made orders, the Panel has allowed the Entitlement Offer to proceed," Energy Resources of Australia said.

"ERA rejects any suggestion that potential conflicts of interest have not been sufficiently managed at any time during the process of developing a funding solution. However, ERA does not intend to seek a review of the Panel's decision on the basis that the Entitlement Offer is proceeding," ERA said.

Rio Tinto group executive Energy & Minerals Bold Baatar said "We will now consider our options in light of the Panel's orders so that ERA can fulfil its important rehabilitation obligations and commitments to the communities in which it operates and relevant authorities."

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.

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