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 […]

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