“You would need to have read almost nothing about the history of opposition to Jabiluka to come up with this valuation report.”

The report’s authors on Monday denied it had suggested the views of traditional owners would change, while ERA said it would honour its commitment to not developing Jabiluka without approval from traditional owners.

Rio is attempting to rebuild its public reputation and ties with First Nations groups after it attracted widespread condemnation for its decision to blow up ancient Indigenous rock shelters at Juukan Gorge in Western Australia. The destruction of the caves led to the company sacking its senior executives, including its chief executive officer, and sweeping reforms to state cultural heritage laws.

Rio is largely footing the bill for the closure of the Ranger site, which ERA said in February could blow out to $2.2 billion. It said on Monday it would give $100 million to ERA in the interim while it continues to negotiate a funding solution for the rehabilitation with minority shareholders.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.