The first indications of what is now Ranger Mine were found by a joint venture of two major Australian mining companies, Peko Wallsend Ltd. and Electrolytic Zinc Co. of Australasia Ltd. in mid-1969. By 1971, sufficient ore reserves had been proven for those companies to undertake an initial process design study and market surveys for uranium concentrates. Negotiations commenced early in 1972 for the granting of a Special Mining Lease and sales contracts were made with two Japanese electric power utilities.

Development of the project was then delayed until early 1979 by a series of events: (1) the change of government in December 1972 and the evolution of a policy on federal ownership of the uranium reserves of the Northern Territory of Australia; (2) failure of the government to secure a majority in the Senate for the expropriation of those uranium reserves; (3) negotiation of a compromise with the government which led to a joint venture between the companies and the Australian Atomic Energy Commission; (4) the institution of a major environmental inquiry covering the generic issues of uranium mining and the uranium fuel cycle and the specific environmental issues of the Ranger Project; (5) the decision of the federal government in August 1977, following the report of the Environmental nquiry, to allow mining and export of uranium to proceed; (6) the passage of the Aboriginal Land Rights (N.T.) Act and subsequent agreements between aboriginal interests and the federal government on the terms under which development of Ranger would proceed; and (7) commencement of further negotiations between companies and the federal government on the terms of the joint venture.

Development of the mine and mill started in January 1979 but, in August of that year, the federal government announced its intention to divest itself of its interest in the Ranger venture. Those interests, together with the interests of Peko and EZ, were subsequently acquired by a new company, Energy Resources of Australia Ltd. A series of agreements were concluded by that company which gave assured markets for the major part of production over the first 15 years of the mine's life, provided the necessary financial backing for the development of the project, and introduced 25% foreign equity by parties who were also purchasers of uranium concentrates. The company was then floated on the Australian stock exchanges with a 15% Australian public equity: the remaining equity being held equ lly by Peko and EZ.

Production at the designed annual rate of 3,000 tonnes U₃O₈ started in October 1981, almost exactly 12 years after the initial discovery. Since that time the mine and mill have been performing at rates in excess of the design criteria and has successfully completed its first two shipments to customers. Development of the mine has led to the establishment of a major new town in the Northern Territory and has set new standards in the protection of the environment.

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