Uranium miner loses CEO to Rio Tinto

Energy Resources of Australia CEO Andrea Sutton is resigning from the ASX-listed uranium miner after three-and-a-half years in the role, to join Rio Tinto.

Energy Resources of Australia's chief executive Andrea Sutton is stepping down from the uranium miner to join parent company Rio Tinto.

ERA on Friday said Ms Sutton, who took over the role of managing director and CEO in September 2013, had informed the board of her intention to resign in order to accept a role within Rio Tinto.

The company did not provide details of her new position.

ERA said a search for her replacement will start immediately, while Ms Sutton will work with the board to ensure a smooth transition to her successor.

The miner last year outlined its plan to produce uranium only from stockpiled ore at its Ranger mine in the Northern Territory after Aboriginal land owners refused to back the renewal of its mining authority beyond 2021.

The ore stockpile is due to run down by the end of 2020, and ERA is using sales to raise cash for funding the rehabilitation of the Ranger mine, which is surrounded by the World Heritage-listed Kakadu National Park.

ERA has estimated a $507 million bill to clean up the site, which Rio has offered to cover in case of any shortfall.

Rio Tinto, which owns majority stake in the company, in 2015 declined to invest in studies for an underground expansion of the Ranger mine, amid a slump in uranium prices.

At 1552 AEDT, ERA shares were up 2.9 per cent at 72 cents each.


Share
2 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world
Uranium miner loses CEO to Rio Tinto | SBS News