[miningmx.com] – RESOURCE Generation, the Sydney- and Johannesburg-listed coal development company, said it had sold 15% of the firm’s equity by way of a placement to Singapore-based investment entity Blumont, equal to be between $20m and $30m.
“We are pleased to welcome Blumont, a global institutional investor focussed on strategic long term investments in the resources sector, onto our share register,” said Resource Generation MD, Paul Jury.
“We will be detailing our positive recommendation to shareholders in the notice of annual general meeting in due course, but together with the leveraged funding alternatives we are vigorously pursuing, the extended equity placement to Blumont minimises any further equity requirements for the development of the
Boikarabelo mine,” he said.
Resource Generation is building the Boikarabelo thermal coal mine that will supply Eskom and export markets.
