ERA announces management change in the course of the takeover of Rio Tinto announced $ERA
$RIO (-0.87%)

Energy Resources of Australia (ERA) has announced leadership changes to manage the transition following Rio Tinto's decision to compulsorily acquire the company.

CEO and MD Brad Welsh will end his secondment from Rio Tinto on December 16. Welsh, who has worked for Rio Tinto in various senior roles since 2011, will also leave the mining giant when his ERA secondment ends.

To ensure continuity during the acquisition process, Welsh will remain in his role as CEO and managing director of ERA under a consultancy agreement.

In addition, Richard Prest, CFO and co-secretary of the company, will step down on December 16, 2024. Prest will be replaced by David Pritchard-Davies, ERA's current Senior Finance Manager.

Rio Tinto is acquiring full control of ERA to support the successful redevelopment of the decommissioned Ranger uranium mine adjacent to Kakadu National Park.

ERA also owns the Jabiluka project, but its mining permit was revoked earlier this year as part of plans to integrate the area into Kakadu National Park. Rio Tinto had previously emphasized that it had no intention of investing in the mining or development of the Jabiluka deposit.