CAPITAL MARKETS

Rio Tinto forced to back big ERA raising

Rio Tinto will bankroll a A$476 million entitlement offer for Energy Resources Australia, to fund the Ranger uranium mine rehabilitation obligations in the Northern Territory’s Kakadu National Park.

Haydn Black
 Ranger uranium mine in Australia's Northern Territory

Ranger uranium mine in Australia's Northern Territory

Rio, already ERA's largest shareholder with a 68.39% holding, is likely to have to dig deep for the 6.13:1 offer, which is unlikely to gain that much interest from the wider market, despite being pitched...

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