Resgen making slower-than-expected progress in securing Boikarabelo funding
JOHANNESBURG (miningweekly.com) – Dual-listed Resource Generation (Resgen) on Thursday said it continued to make progress on its funding plans for the Boikarabelo coal mine, in the Waterberg, but conceded that this was taking longer than anticipated.
“In particular, numerous hurdles have been cleared with the various proposed lenders’ internal credit approval processes and the proposed lenders have now notified the company of specific dates on which they expect to have received their respective full credit committee and board approvals for the funding package,” the coal miner said in a statement.
The last of these was scheduled to be received by the company during the first week in April.
The Resgen board is currently scheduled to meet on April 11 to consider a recommendation regarding the lenders’ credit approved term sheets.
As a further positive sign in progressing the mine development funding proposal, some of the proposed lenders have requested that the company enter into bilateral loan agreements before March 31.
These agreements would remain conditional upon various conditions precedent being satisfied, including final shareholder approval to be sought at an extraordinary general meeting.
Based on the timing notified by the proposed lenders, the company is now targeting an extraordinary general meeting towards the end of June.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
REELIN is Currently the largest supplier of Bearings to Transnet. We have contracts to supply bearings, draft gears slackadjusters and other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
