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 totalling 267-million tonnes.
The move has been taken in light of the current Covid-19 pandemic.
In light of these circumstances, Resgen confirmed on April 30 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 had been extended to an additional $2.2-million, which was to be made available to facilitate the satisfactory completion, or waiver, of conditions precedent for the mine funding package by June 30.