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Energy Resources secures A$100M loan with Rio Tinto for Ranger uranium project

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Energy Resources secures A$100M loan with Rio Tinto for Ranger uranium project

EnergyResources of Australia Ltd. said April 29 that it has entered intoa A$100 million credit facility agreement with .

Under the agreement with Rio Tinto unit , the loan will be used tofulfill the additional funding requirements on the company's rehabilitationobligations on the Ranger uranium project area in Australia's NorthernTerritory, should additional funding ultimately be required.

The rehabilitation of the Ranger project area is required tobe completed by 2026.

The company said it expects to have sufficient financialresources to fully fund its rehabilitation program on its own; however, it willdraw on the facility if needed.

Energy Resources is allowed to draw down on the facility ifit has exhausted all cash reserves, monetized its assets other than the Rangerproject area and the Jabiluka mineral lease, and the company is solvent.

The company can also terminate the credit facility agreementat any time.

The facility will mature Dec. 31, 2027, and no interest ispayable on funds made available under the facility.