PERTH (miningweekly.com) – Dual-listed Resource Generation (ResGen) has voluntarily appointed an administrator to undertake an urgent assessment of the company.
ResGen has been struggling to find a development partner for its Boikarabelo coal project in South Africa’s Waterberg region, as well as securing working capital funding.
The potential of appointing administrators were raised in April this year, after lender Noble Resources International said that it would no longer be providing funding to ResGen’s partially-owned subsidiary Ledjadja Coal.
ResGen had hoped for an additional $993 000 in funding from Noble, brining its total funding facility to $51-million.
The administrators said on Tuesday that a first statutory meeting of creditors will be held within eight days of their appointment, which is July 14.