Rio Tinto welcomes ERA board renewal

Rhea-AI Summary

Rio Tinto has welcomed Energy Resources of Australia's announcement to renew its independent board committee, aimed at addressing cost and schedule overruns in the Ranger rehabilitation project in Northern Territory. The committee will introduce new perspectives to manage these challenges. CEO Kellie Parker reaffirmed the company's commitment to collaborate with ERA and develop a viable funding plan for increased rehabilitation costs, emphasizing the importance of the project for the Mirarr People and stakeholders. Rio Tinto has also amended a $100 million credit facility to support ERA's liquidity issues.

Positive

• Rio Tinto supports ERA's board renewal to address project challenges.
• Commitment to collaborating with ERA on a funding plan for rehabilitation costs.
• Amended $100 million credit facility to assist ERA with liquidity.

Negative

• Material cost and schedule overruns reported for the Ranger rehabilitation project.

MELBOURNE--(BUSINESS WIRE)-- Rio Tinto welcomes Energy Resources of Australia’s (ERA) announcement today that it will renew its independent board committee to introduce new perspectives to address the material cost and schedule overruns on the critical Ranger rehabilitation project in Australia’s Northern Territory.

Rio Tinto chief executive Australia Kellie Parker said “We thank Peter Mansell, Paul Dowd and Shane Charles for their contribution to ERA and wish them well for the future.

“We are committed to working with ERA to facilitate this board renewal process and urgently develop a workable plan to fund the increased rehabilitation costs.

“We restate our belief that the successful rehabilitation of the Ranger Project Area, which is of critical importance to the Mirarr People, Rio Tinto and ERA, can be achieved in a way that is consistent with the Mirarr People’s wishes. This remains our utmost priority and commitment.”

Rio Tinto has finalised work with ERA to amend an existing A$100 million credit facility to assist ERA with its management of immediate liquidity issues.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221005005402/en/

Please direct all enquiries to media.enquiries@riotinto.com

Media Relations, UK

Illtud Harri

M +44 7920 503 600

Matthew Klar

M+ 44 7796 630 637

David Outhwaite

M +44 7787 597 493

Media Relations, Americas

Simon Letendre

M +514 796 4973

Malika Cherry

M +1 418 592 7293

Media Relations, Australia

Jonathan Rose

M +61 447 028 913

Matt Chambers

M +61 433 525 739

Jesse Riseborough

M +61 436 653 412

Investor Relations, UK

Menno Sanderse

M: +44 7825 195 178

David Ovington

M +44 7920 010 978

Clare Peever

M +44 7788 967 877

Investor Relations, Australia

Tom Gallop

M +61 439 353 948

Amar Jambaa

M +61 472 865 948

Rio Tinto plc

6 St James’s Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

Rio Tinto Limited

Level 43, 120 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

riotinto.com

Category: ERA

Source: Rio Tinto

FAQ

What is Rio Tinto's role in the Energy Resources of Australia Ranger rehabilitation project?

Rio Tinto supports Energy Resources of Australia's efforts to address cost and schedule overruns in the Ranger rehabilitation project.

What financial support is Rio Tinto providing to Energy Resources of Australia?

Rio Tinto has amended a $100 million credit facility to assist Energy Resources of Australia with immediate liquidity issues.

Who is the CEO of Rio Tinto commenting on the Ranger project?

Kellie Parker is the CEO of Rio Tinto who commented on the Ranger rehabilitation project and its challenges.

What challenges is the Ranger rehabilitation project facing?

The Ranger rehabilitation project is facing material cost and schedule overruns that need to be addressed through renewed board efforts.

Why is the Ranger rehabilitation project important to the Mirarr People?

The Ranger rehabilitation project is critical to the Mirarr People, and Rio Tinto emphasizes that its successful rehabilitation aligns with their wishes.