Rio Tinto’s Compulsory Acquisition of ERA Shares Faces Court Approval

Energy Resources of Australia Class A ( (AU:ERA) ) has issued an update.

Energy Resources of Australia Ltd (ERA) announced that Rio Tinto has lodged a notice for the compulsory acquisition of the remaining shares in ERA that it does not own, priced at $0.002 per share. With 43% of the shares covered by the notice objected to the acquisition, the process now requires court approval to proceed. This development could significantly impact ERA’s operations and its stakeholders, as it transitions from uranium production to rehabilitation projects.

More about Energy Resources of Australia Class A

Energy Resources of Australia Ltd (ERA) has been a significant player in the uranium industry, known for operating Australia’s longest continually producing uranium mine until the closure of the Ranger Mine in 2021. The company is now focused on sustainable rehabilitation of former mine assets, particularly the Ranger Rehabilitation Project, which is located on Aboriginal land near Kakadu National Park in Australia’s Northern Territory.

Technical Sentiment Signal: Sell

Current Market Cap: A$810.8M

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