HomeNewsResgen financiers to secure R5.52Bn to complete Boikarabelo construction

Resgen financiers to secure R5.52Bn to complete Boikarabelo construction

Through its BEE subsidiary, Ledjadja Coal, Resgen has agreed the commercial terms on which the below entities (financing syndicate) will seek their requisite approvals in order to secure funding of R5.52 billion (A$515 million) to complete the construction of the Waterberg-based Boikarabelo coal mine.

The entities include:

  • FirstRand Bank, acting through its Rand Merchant Bank division (RMB);
  • Industrial Development Corporation of South Africa (IDC);
  • Public Investment Corporation SOC (PIC); and
  • Noble Resources International (Noble).

Commenting on the agreement of commercial terms Resgen CEO Rob Lowe, states, “This is an extremely important milestone towards the construction and commissioning of the mine, which will be the second largest in the Waterberg region and will have a marked impact on the opening up of the Waterberg coal field.”

“Transnet Freight Rail has also worked supportively with us in order to develop a viable logistics solution for the transportation of our domestic and export coal production. This is a major contribution towards the realisation of Strategic Infrastructure Project (SIP 1) under the National Development Plan, by providing for the unlocking of the northern mineral belt using the Waterberg as a catalyst,” Lowe concludes.