Resource Generation Banks evaluate coal mine project

280509 Afgri.photo supplied 57665

280509 Afgri.photo supplied 57665

Published Aug 1, 2012

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Resource Generation (Resgen), which has secured regulatory approval and transport contracts for the development of its Boikarabelo mine on one of South Africa’s largest remaining large coal deposits, confirmed yesterday that banks were undertaking due diligence before offering terms for project finance for the mine’s stage one development. Resgen said that it was developing the coal mine in the Waterberg where there were probable reserves of 744.8 million tons of coal on 35 percent of the tenements under its control. Stage one of the mine development targets saleable coal production of 6 million tons a year. Resgen shares remained unchanged at 10c after trade on the JSE yesterday. – Staff Reporter

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