[miningmx.com] – RESOURCE Generation, the Sydney- and Johannesburg-listed coal development firm, unveiled details of plans to fund the $400m balance of its Boikarabelo mine in South Africa’s Limpopo province.
Following “numerous recent enquiries”, the company said the club of financiers with which it was discussing mine funding were South Africa’s Rand Merchant Bank, HSBC and state-owned Industrial Development Corp. and Public Investment Corp.
Noble Resources International and Export Finance & Insurance Corporation were also part of the club with which Resgen was talking.
“Negotiations have reached a mature stage and a term sheet is being finalised,” Resgen MD, said in an announcement. “Consequently, if the proposed facility is made available, the Company does not envisage the need for an associated equity raising.
“If the proposed facility is not made available, the Company will continue to explore alternative funding arrangementPaul Jury,” he said.
