FX.co ★ Rio Tinto To Hold Over 98% Of ERA's Shares; To Proceed With Compulsory Acquisition

Rio Tinto has announced that it will control over 98% of Energy Resources of Australia (ERA) shares after participating in its pro rata entitlements during the entitlement offer, alongside the level of involvement from other ERA shareholders. The company intends to initiate a compulsory acquisition of all remaining ERA shares it does not yet own, offering A$0.002 per share, consistent with the entitlement offer price. Should the compulsory acquisition proceed, Rio Tinto has made clear it has no plans to invest in the mining or development of the Jabiluka deposit.

Kellie Parker, Rio Tinto's Chief Executive in Australia, stated: "We are dedicated to the effective rehabilitation of the Ranger Project Area, aiming to restore it to a condition comparable to the neighboring Kakadu National Park, a recognized World Heritage site."