PERTH (miningweekly.com) – Dual-listed Resource Generation (ResGen) has welcomed the South African government's Public Investment Corporation (PIC) as a major shareholder, following a recent A$62.6-million capital raising to start major construction work at its Boikrabelo coal mine, in the Waterberg.
ResGen MD Paul Jury said this week that existing shareholder Noble Group had supported the raising, along with other major South African investors, including Altius Investment Holdings, which introduced PIC to ResGen’s share registry.
“To say the least, we are very excited to have the PIC as a major investor, their substantial presence on the register really will provide us with a significant qualitative message about the project and its potential,” said Jury.
The PIC is reported to have a 19.9% shareholding in ResGen.
ASX- and JSE-listed ResGen also recently sold a 15% interest in the company to Singapore-listed Blumont Group, in an investment priced at between A$20-million and A$25-million.
ResGen’s Boikarabelo mine is in the Waterberg region, which accounts for 40% of South Africa’s remaining coal resource, and has a probable reserve of 744.8-million tonnes. Stage 1 of the mine development is targeting an initial output of some six-million tonnes a year.