Global miner Rio Tinto Limited (ASX:RIO) has inked a new sales and marketing deal with its 68 per cent majority owned Energy Resources of Australia Limited (ASX:ERA).
Under the agreement Rio Tinto will buy uranium oxide produced from Energy Resources of Australia’s Ranger mine in the Northern Territory.
Rio will then pool it with uranium oxide produced from the Rossing mine in Namibia which will be sold by Rio to global uranium customers.
Energy Resources says the deal will give its customers the benefit of multi-sourced supply.
While the deal is subject to export and regulatory approvals it has no fixed term and is expected to start on July 1, 2014.
Rio Tinto swung from an annual loss to a profit of $1.2 billion in the 2013 calendar year.