Energy Resources of Australia (ERA) is reviewing all available options to ensure that the forecast increase in the cost of rehabilitation of its Ranger uranium mine in the Northern Territory will be adequately funded.
In January 2021, ERA – in which Rio Tinto holds 86.3 per cent shares – ceased all mining and processing activities at Ranger after 40 years of operation. It was Australia’s longest continually operating uranium oxide producer.
ERA said it was committed to delivering a positive legacy for Traditional Owners and for all Australians for the future, with its closure plan outlining the path for progressive rehabilitation, which began in 1981, with final rehabilitation to be completed by January 2026.
But given ERA’s current cash on hand position, it said an urgent interim funding solution was required.
The company is engaging with its substantial shareholders in relation to a potential interim entitlement offer to raise ongoing funding for the rehabilitation of the project, the size, price and structure of which are still to be determined.
The operations of ERA are located on Aboriginal land and surrounded by, but separate from, Kakadu National Park. ERA respectfully acknowledges the Mirarr, Traditional Custodians of the land on which the Ranger project area is situated.
During its lifetime, Ranger produced in excess of 132,000 tonnes of uranium oxide.