UPDATE 1-Australian uranium miner ERA to raise $500 mln to solve water dilemma
| Reuters
1. UPDATE 1-Australian uranium miner ERA to raise $500 mln
to solve water dilemma | Reuters
* Deeply discounted rights issue
* The Majority Of in the funds pertaining to expanded drinking water treatment
* Parent Or Guardian Rio Tinto to consider up full entitlement
SYDNEY, Oct 12 (Reuters) - Main uranium miner Energy
Resources involving Australia (ERA) unveiled a $500 million
rights issue about Wednesday to help solve a waste-water problem
that had forced it for you to sharply cut production with its only mine
and shelve an expansion project.
ERA offers struggled since heavy rains swamped north Australia
early this year, flooding the actual Distilled Water pits in its Ranger mine, raising
2. fears of the spill associated with contaminated drinking water to the World
Heritage-listed tropical wetlands in which surround it.
ERA, owned 68 % by simply Rio Tinto but
separately listed, mentioned it could issue 12 new shares with regard to every
seven held with A$1.53 each, less than half their own last-traded
price associated with A$3.29 as well as completely underwritten. Rio Tinto would take up
its complete entitlement and also stand as a sub-underwriter.
About $270 million of the cash will be utilized to fund an
expansion associated with waste-water therapy at mine, such as any brine
concentrator which usually evaporates drinking water that's then condensed and
discharged as distilled water.
The rest associated with the funds would even be used to fund exploration
around the mine, which sits inside your world Heritage-listed
Kakadu National Park. started in 1981, Ranger typically supplies
about 10 % of the world's uranium and also may be dogged for
years by controversies over leaks as well as spills.
"ERA requires water management very seriously," Chief Executive
Rob Atkinson said in the statement.
 Continued...
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