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Energy Resources of Australia

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RNS Number : 5952W
Rio Tinto PLC
12 December 2019
 

Takeovers Panel findings in relation to Energy Resources of Australia

 

12 December 2019


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

The company will consider the Panel's judgement before determining next steps.

Rio Tinto group executive Energy & Minerals Bold Baatar said "Rio Tinto agreed to fully subscribe to and underwrite an entitlement offer in the absence of any other commercially viable solution being available to ERA for the rehabilitation of the Ranger Project Area.

 

"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. 

 

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.


 

Contacts

 

[email protected] 

riotinto.com 

 

  Follow @RioTinto on Twitter

Media Relations, United Kingdom

Illtud Harri

M +44 7920 503 600

 

David Outhwaite

T +44 20 7781 1623

M +44 7787 597 493

 

Media Relations, Americas

Matthew Klar

T +1 514 608 4429

 

Media Relations, Asia

Grant Donald

T +65 6679 9290

M +65 9722 6028

 

Media Relations, Australia

Jonathan Rose

T +61 3 9283 3088

M +61 447 028 913

 

Matt Chambers

T +61 3 9283 3087

M +61 433 525 739

 

Jesse Riseborough

T +61 8 6211 6013

M +61 436 653 412

 

Investor Relations, United Kingdom

Menno Sanderse
T: +44 20 7781 1517
M: +44 7825 195 178

 

David Ovington

T +44 20 7781 2051

M +44 7920 010 978

 

 

Investor Relations, Australia

Natalie Worley

T +61 3 9283 3063

M +61 409 210 462

 

Amar Jambaa

T +61 3 9283 3627
M +61 472 865 948

 

Group Company Secretary

Steve Allen

Rio Tinto plc

6 St James's Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

 

Joint Company Secretary

Tim Paine

Rio Tinto Limited

Level 7, 360 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404




This announcement is authorised for release to the market by Rio Tinto's Group Company Secretary.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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