ERA draws down funding as it flags entitlement offer

ASX-listed Energy Resources of Australia (ERA) will draw down the full A$100-million from the revised credit facility agreed with mining major Rio Tinto last year, to provide the company with additional liquidity while it progresses the rehabilitation of the Ranger uranium project, in the Northern Territory.

The two companies last year entered into an amended A$100-million loan agreement, which ERA said at the time would provide the company with additional time to negotiate and implement a future funding solution and offers additional assurance to the company’s stakeholders that rehabilitation of the Ranger Project Area will continue to be funded.