November 15, 2019 / 1:03 AM / a month ago

Rio Tinto to invest $221 mln in Energy Resources to help mend uranium mine

Nov 15 (Reuters) - Rio Tinto said on Friday it will invest $221 million to subscribe to rights shares of majority-owned Energy Resources of Australia Ltd (ERA), which has been desperately seeking funds to rehabilitate a controversial uranium mine in Australia.

Rio, the world’s second-biggest listed miner, also said it will fully underwrite ERA’s A$476 million ($326.30 million) equity fundraising, after the uranium miner failed to secure someone else willing to do so.

ERA has been looking to raise money to fund the closure and rehabilitation of the Ranger project in Australia’s Northern Territory after it ran into controversy due to its proximity to the Kakadu National Park - the country’s largest.

$1 = 1.4588 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Muralikumar Anantharaman

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