Rio gets its way in deal with ERA

ASX-listed Energy Resources of Australia (ERA) has entered into an amended A$100-milion loan agreement with mining major Rio Tinto, with ERA’s independent directors, including its chairperson Peter Mansell, stepping down.

Rio at the start of the week called for Mansells’ resignation just days after trashing an independent valuation of ERA, saying it failed to recognise opposition to the development of the Jabiluka uranium deposit.