Australian and JSE listed Resource Generation (RSG) has moved a step closer to financing its Boikarabelo coal mine in SA’s Waterberg region‚ the company said on Friday.

The company has been working with six South African and global banks and other financiers mandated to provide project debt finance for the construction of the mine and has now agreed a terms sheet with the financiers.

“The financiers are working towards initiating their credit processes in January 2013. The company will continue to work with the Financiers to obtain a binding offer of finance as soon as possible in the New Year‚” ResGen said. - I-Net Bridge