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ERA, ENERGY RESOURCES OF AUSTRALIA LIMITED
blacksheep
post Posted: Nov 16 2019, 07:09 PM
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Rio Tinto to pay $221m to fund Ranger uranium mine closure
Reuters | November 15, 2019
QUOTE
Rio Tinto said it will subscribe to $221 million rights shares of Energy Resources of Australia Ltd (ERA), which has been desperately seeking funds to close and rehabilitate a controversial uranium mine.

The world’s second-biggest listed miner, which has a 68.4% stake in ERA, also said it will fully underwrite ERA’s A$476 million ($326 million) equity fundraising, after the uranium miner failed to secure someone else willing to do so.

Shares of ERA slumped 22.5% to A$0.190 on Friday, their lowest in almost five months, in a broader market that was up around a percent.

ERA has been looking to raise money to fund the closure and rehabilitation of the Ranger project in Australia’s Northern Territory after it ran into controversy due to its proximity to the Kakadu National Park – the country’s largest.

The Australian Government has documented more than 200 environmental incidents at the mine between 1979 and 2003.

ERA said it has been working closely with Rio for a funding solution after flagging, earlier this year, a higher-than-expected rehabilitation provision for the Ranger project which it could not cover.

“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,” Rio’s group executive for energy and minerals, Bold Baatar, said in a statement.

ERA has until January 2021 to end mining activities, and until January 2026 to complete rehabilitation of the area. The rehabilitation work will not lead to any returns for ERA.

ERA was the target of some of the biggest environmental protests across Australia in 1998, including an eight-month blockade and 500 arrests, after the local indigenous Mirarr people opposed its planned development of the nearby Jabiluka concession on the fringe of the Kakadu rainforest.

($1 = 1.4588 Australian dollars)

(By Nikhil Kurian Nainan and Melanie Burton; Editing by Muralikumar Anantharaman and Himani Sarkar)

https://www.mining.com/web/rio-tinto-to-pay...m-mine-closure/

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
Barra
post Posted: Jun 13 2015, 08:21 AM
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In Reply To: arty's post @ Jul 12 2013, 11:16 AM

ERA down 50% y'day on news RIO no longer supports the deeps project.

Hmmm said it was a train wreck in the making this one. Should have held those shorts bought at $13! Now where do they get the funds from to finish the rehabilitation? Makes me wonder whether it isn't still a good short at 67c, reluctant to go there however as it might just cease trading one day and disappear into the ether.

From earlier post in 2013

Cash down from from $630 million to $470 million over the 2012. 2013 production is projected at 2700 to 3300 tonnes. Quite a large spread? Revenue in 2012 was $395 million on 3200 tonnes u308, so if they come in around 2700 this year they will receive about $330 million. Revenue in 2011 was $650 million.

What is it going to cost to keep the pit filling going, drill out , prove up, gain regulatory approval for the deeps, build the decline and process the stockpiled ore?

Current and non current provisions now stand at over $640 million (rehab provision up about another $80 million from 2011) and offsetting that there are non current assets ( 'undeveloped properties' and property plant and equip ) totalling $870 million. How do they value these non current assets at that ? Pit 3 is mined out and they are reliant on mostly low grade stockpiles the Ranger Deeps to come in on time and budget, if it doesn't they have $ 600 million of plant doing what?


I'm sure the Deeps will get approval as otherwise the whole box and dice implodes and a lot of people lose their jobs, but if it is anything like most other underground mines it will hit some snags along the way to commissioning.

 
arty
post Posted: Jul 12 2013, 11:16 AM
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In Reply To: arty's post @ May 29 2013, 01:23 PM

very energetic biggrin.gif

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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
Barra
post Posted: May 29 2013, 04:00 PM
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In Reply To: arty's post @ May 29 2013, 01:23 PM

Ranger3 Deeps exploration drilling should have commenced.

 
arty
post Posted: May 29 2013, 01:23 PM
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In Reply To: arty's post @ May 28 2013, 01:22 PM

Looks like it has and we are smile.gif

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Trailing Stop raised to $1.10



--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
arty
post Posted: May 28 2013, 01:22 PM
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In Reply To: arty's post @ May 27 2013, 12:09 PM

Testing the breakout of previous (FTFF) Resistance; if it proves the new support, we'll be off to the races.
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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 

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arty
post Posted: May 27 2013, 12:09 PM
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In Reply To: arty's post @ May 27 2013, 10:16 AM

more buyers waking up smile.gif
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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
arty
post Posted: May 27 2013, 10:16 AM
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JP Morgan have rerated ERA: up from Underweight to Neutral.
Some buyers are reacting early. I hold.

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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
arty
post Posted: May 21 2013, 10:26 AM
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After the first Trinity signal 2 weeks ago, price has retraced a tick lower than the "strong" levels, but the volume suggests it's well supported. I'm on with a small position.
First resistance $1.10, stop $1.03, targets up to $1.30 (see chart)

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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
arty
post Posted: May 10 2013, 09:52 AM
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In Reply To: mistagear's post @ Apr 17 2013, 05:49 PM

QUOTE
ERA has been an ok trader in the last two days

... and again smile.gif
with more to come IF it can break above $1.09.

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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
 


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