Shares in Energy Resources of Australia Limited (ASX:ERA) rose yesterday after the uranium producer finalised a deal with the traditional owners of the Ranger uranium mine in the Northern Territory.
The landmark agreement with the Mirarr traditional owners comes following more than a decade of negotiations and facilitates the company’s plans to extend the project.
The deal includes the federal government and the Northern Land Council and will see the Mirarr traditional owners receive greater financial benefits from the Ranger mine.
The Mirarr traditional owners will also benefit from a sustainability trust to deliver social initiatives and plans to boost local Aboriginal participation.
Energy Resources CEO Rob Atkinson says the negotiations have taken many years and the company now looks forward to getting on with implementation.
Global miner Rio Tinto Limited (ASX:RIO)
holds a 68.4 per cent stake in Energy Resources of Australia.
Energy Resources of Australia reported a net loss of almost $60 million in the first half of the 2012 financial year.