https://www.miningweekly.com

Resgen secures funding for mobile fleet

Resgen secures funding for mobile fleet

Photo by Bloomberg

20th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – South Africa-focused Resource Generation (Resgen) has secured a loan facility of up to $113-million for the mobile equipment fleet with Komatsu Financial, for its Boikarabelo coal project, in the Waterberg.

“This agreement represents several important elements for the project.  It not only secures the funding required for the mining fleet for Stage 1 of the Boikarabelo mine development, but also establishes a key partnership for further mine expansion to occur,” said Resgen MD Paul Jury.

“The transaction clears the way for final infrastructure designs and refines training and maintenance processes. In addition, it provides clarity in relation to negotiations for remaining debt.”

The loan facility, which would run for five years, would see Resgen purchasing the fleet equipment from Komatsu Southern Africa.

There were a number of conditions precedent for the loan including signing of the sale agreement for the equipment, registration of security over the equipment and the signing of the balance of the debt required to complete project construction.

Stage 1 of the project would deliver a six-million-tonne-a-year operation. First production was delayed by between three and six months to the first half of 2016, after the sudden shutdown of the project's earthworks contractor Protech Khuthele.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.063 0.096s - 88pq - 2rq
Subscribe Now