Rio Tinto Raises Stake in ERA, Plans Full Acquisition

Energy Resources of Australia Ltd. Class A (AU:ERA) has released an update.

Rio Tinto has significantly increased its stake in Energy Resources of Australia Ltd (ERA) to over 98% following its full participation in ERA’s recent rights issue, which raised A$766.5 million for the rehabilitation of the Ranger Project Area. The company plans to proceed with the compulsory acquisition of the remaining shares, emphasizing its commitment to the environmental restoration of the area. This move highlights Rio Tinto’s strategic focus on rehabilitation rather than further mining development at the site.

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