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Resource Generation rejects funding terms

March 20 2013 at 08:00am

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Resource Generation was considering alternative sources of funding to construct its Boikarabelo mine in the Waterberg after receiving credit-approved offers of project finance that deviated from the agreed terms, the Sydney- and JSE-listed coal developer said yesterday. The company said the credit approvals received from its mandated debt financiers included commercial conditions that were unacceptable. Negotiations on these conditions were continuing, but parallel discussions were at an advanced stage with existing and potential customers that had expressed interest in providing equity funding to enable major construction to begin. Capital expenditure was estimated at $530 million (R4.9 billion). – Staff reporter


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