Jabiluka mine call slammed by traditional owners – by Peter Ker (Australian Financial Review – February 11, 2020)


Traditional land owners have rejected suggestions the Jabiluka uranium deposit should be developed and say they do not believe Rio Tinto has a ”secret agenda” to eventually mine the deposit.

The rare comments from the Gundjeihmi Aboriginal Corporation (GAC) counter Zentree Investments founder Richard Magides’ belief that Jabiluka’s uranium will be valuable in future amid rising demand for carbon-free electricity from nuclear power stations.

Zentree is the second biggest shareholder in ASX listed Energy Resources of Australia (ERA) and has accused the biggest shareholder, Rio, of deliberately structuring a $476 million equity raising to enable it to take 100 per cent ownership of ERA.

Mr Magides has accused Rio of having a ”secret agenda” to take full ownership of ERA’s Jabiluka and Ranger uranium assets, as well as the company’s franking credits and tax losses.

Rio says it has no plans for future mining of ERA’s assets near Kakadu National Park and the funds raised this month will be devoted to rehabilitation and closure of Ranger and the largely undeveloped Jabiluka.

For the rest of this article: https://www.afr.com/companies/mining/jabiluka-mine-call-slammed-by-traditional-owners-20200211-p53zr0

Comments are closed.