JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Resource Generation (Resgen) on Monday issued a secured debenture to Noble Resources International to raise $20-million in funding to progress the Boikarabelo coal project.
The group said in a statement that this would augment available funding and progress construction activities at its Boikarabelo coal mine, in the Waterberg, after delays in the completion of initial project debt finance.
Further, Resgen said that it had entered into an export coal offtake contract with Noble for the supply of 2.5-million tons of coal after production starts at the mine, with coal prices set to an internationally recognised index at the time of each shipment.
Resource Generation and Noble also entered into discussions for a strategic marketing alliance for Boikarabelo coal.