ERA hopes to raise $369 million to continue rehabilitation of Ranger uranium mine in Kakadu

The operator of a decommissioned uranium mine in Kakadu National Park is hoping to raise $369 million to continue paying for rehabilitation, with its current funds due to be exhausted by the end of September.

Energy Resources Australia (ERA) has been trying to find enough money to return the Ranger uranium mine, 250 kilometres east of Darwin, to its pre-mining state, after operations shut in January 2020.

The company has spent about $524 million on rehabilitation works, the total bill for which was estimated at between $1.6 billion and $2.2 billion — a figure that is being revised.

With no revenue stream, ERA turned to a share offer to raise money for the mine clean-up.In an announcement to the ASX today, ERA said it would offer its shares for $0.02 — a 90 per cent discount on its five-day average price.ERA’s major shareholder, global mining giant Rio Tinto, has made a binding […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet