StockMarketWire.com - Rio Tinto said it would support Energy Resources of Australia's $324m capital raising to rehabilitate the Ranger project area in Australia's Northern Territory.

Rio Tinto currently had a 68.4% shareholding in the uranium miner and said it would subscribe for its full entitlement under the offer of around $221m.

Given ERA's inability to secure third-party underwriting support, Rio Tinto had also agreed to fully underwrite the offer.

'We take mine closure very seriously and ensuring ERA is able to fund the closure and rehabilitation of the Ranger project area, through participating in this entitlement offer, is a priority,' minerals and energy head Bold Baatar said.



Story provided by StockMarketWire.com