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

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(RTTNews) - Rio Tinto said it will hold over 98% of Energy Resources of Australia's shares as a result of taking up its pro rata entitlements in entitlement offer and the level of participation by other ERA shareholders. Rio Tinto plans to proceed with the compulsory acquisition of all remaining ERA shares that it does not currently own. It is proposing to do so at A$0.002 per ERA share, the same price as the entitlement offer. If compulsory acquisition is completed, Rio Tinto has no intention to invest in mining or development of the Jabiluka deposit.

Rio Tinto Chief Executive, Australia, Kellie Parker said: "We remain committed to the successful rehabilitation of the Ranger Project Area to a standard that will establish an environment similar to the adjacent Kakadu National Park, a World Heritage site."