Delayed London Stock Exchange - 11:35 2022-11-29 am EST
5563.00 GBX +3.73%

Rio Tinto Slams Energy Resources Of Australia For Eyeing Jabiluka Mining Despite Indigenous Opposition

09/29/2022 | 05:33am
(MT Newswires) -- Rio Tinto (RIO.L) on Thursday called out Energy Resources of Australia’s (EJ7.F) plan to potentially mine the Jabiluka uranium deposit in Australia despite long-term opposition from its traditional owners, the Mirarr People.

Energy Resources of Australia on Monday published an independent report valuing Jabiluka and other nearby uranium deposits at up to $1.28 billion. The report, prepared by Grant Thornton, also suggested that the Mirarr People could change their views on mining over the next decade.

The report came as Energy Resources of Australia faces rehabilitation costs of up to $2 billion for its Ranger uranium project in the Northern Territory. In July, the company failed to secure major shareholder support for a rights offering intended to raise funds for the rehabilitation expenses.

The UK-listed mining giant, which owns 86.33% of Energy Resources of Australia, urged the latter's independent board committee to immediately come up with a "workable" funding plan for the increased rehabilitation fees in the Ranger problem.

Rio Tinto lost almost 1% on Thursday morning.

Price (GBP): £4809.00, Change: £-45.00, Percent Change: -0.93%

MT Newswires 2022
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