https://www.miningweekly.com

Resgen seeks additional funding while Boikarabelo delay continues

4th June 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Resource Generation (Resgen) will, this month, table a submission with international commodities group Noble Resources, for the provision of additional funding for the anticipated working capital requirement arising from the development delay in Resgen’s six-million-tonne-a-year Boikarabelo coal mine.

Resgen, in March, borrowed another $2.5-million from Noble, bringing the total facility made available to the company to $34.7-million.

The company is, additionally, continuing to progress the development of measures to address the previously disclosed concerns of a bilateral senior loan facility between the Industrial Development Corporation (IDC) and Resgen subsidiary Ledjadja Coal.

The IDC in April approved Resgen’s request for R540-million in funding.

The company continues to engage with a number of interested parties, of which the IDC is the first, in funding the rail link required for the Boikarabelo mine.

With the support of the board, the energy resources company is working through mitigation and response options to ensure that the proposal delivered to the lender will be sufficient to support completion of its credit approval process.

Resgen further noted on Monday that while satisfactory progress is being made, and a meeting with the lender is contemplated within the next fortnight, the board will not be publishing further key dates relating to the credit approval process at this time.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Alco-Safe
Alco-Safe

An unmanned breathalyser that is made to be tough and simple to use. Can be used in any environment for operator-free breathalyser testing.

VISIT SHOWROOM 
Magni SA
Magni SA

Magni SA is committed to developing the safest Telehandlers available to our customers for underground and surface mining, construction, forestry,...

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:0.141 0.174s - 107pq - 2rq
Subscribe Now