2nd Feb 2022 09:32
(Alliance News) - Rio Tinto noted on Wednesday that Energy Resources of Australia Ltd has released the preliminary findings from its re-forecast of the cost and schedule for its Ranger mine rehabilitation project in Australia's Northern Territory.
The London-based metals and mining company explained that this follows previous announcements by Energy Resources of Australia, in which the company forecast cost and schedule overruns for the environmental rehabilitation project.
Energy Resources of Australia is a 86% owned subsidiary of Rio Tinto. The rehabilitation project follows the closure of the Ranger uranium oxide mine, which ceased all mining and processing activities in January.
Rehabilitation of the mine was originally expected to be completed in January 2026 at a cost of USD973 million.
The revised total cost of completed in the rehabilitation is now forecast to be between USD1.6 billion to USD2.2 billion, according to Energy Resources of Australia. The revised date for completion is between the fourth quarter of 2027 and the fourth quarter of 2028.
Rio Tinto said it is reviewing the preliminary findings of this re-forecast and has told Energy Resources of Australia that it is committed to working with the company to ensure the rehabilitation of the Ranger project area.
Rio added that it wants Ranger project area rehabilitated to the standard of nearby Kakadu National Park.
Shares in Rio Tinto were up 1.3% at 5,420.62 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Rio Tinto