New energy resources company Resource Generation (RSG) on Wednesday announced that it expected to deliver around 6 million tons per annum of saleable coal production at its Boikarabelo coal mine in the Waterberg region‚ which it is currently developing.
The miner said that there are probable reserves of 744.8 million tons of coal on 35% of the tenements under its control.
It also announced that a financing syndicate had been mandated to provide around US$400 million by way of a project finance facility for the development of the mine.
“Assuming project finance is achieved‚ the company will progress to an equity raising for the balance of the funds needed to develop the mine‚” Resource Generation said.
The miner said that if the funding is completed by the end of the year‚ construction of the mine‚ its infrastructure and the rail link is expected to take 24 months. - I-Net Bridge