https://www.miningweekly.com

Resgen continues engagement on mine funding package for Boikarabelo mine

30th April 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Emerging ASX- and JSE-listed energy company Resource Generation (Resgen) is securing the required regulatory approvals and translating the Mine Funding Package arrangement into a further amendment to the facility agreement for its Boikarabelo coal mine, in South Africa.

Boikarabelo's resources total 995-million tonnes, with coal reserves totaling 267-million tonnes.

The move follows in light of the current Covid-19 pandemic, where the virus has resulted in governments introducing significant physical distancing and travel restrictions creating significant economic uncertainty.

In light of these circumstances, Resgen on April 30 confirmed that it continued to engage with the mine funding package lenders to ensure continued commitment and support for the development of its coal mine.

Resgen also noted that its facility agreement was extended to an additional $2.2-million, which is to be made available in order to facilitate the satisfactory completion, or waiver of conditions precedent, for the mine funding package by June 30.

The first date for repayment of the facility agreement was amended to July 31, from March 31, and the terms of the Valu offtake agreement now need to be renegotiated to reflect the current market norms.

Further, Brian Harvey will join the company as CFO of Resgen and Ledjadja Coal as of June 1.

Ledjaja is Resgen’s fully empowered operating subsidiary.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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